Labaton Sucharow served as liaison counsel in an Australian class action on behalf of former Zinifex Limited (Zinifex) shareholders against OZ Minerals involving the merger of mining companies Zinifex and Oxiana Limited (Oxiana) in 2008, which created OZ Minerals. The action alleged that Oxiana failed to timely disclose information to the market an unfavorable refinancing of debt. This non-disclosure caused Zinifex shareholders to vote to approve the merger based on incomplete information. In the months following the merger, OZ Minerals’ share price fell in value, and it was suspended from official quotation pending full disclosure of debt position.
The parties settled this action for AU$32.5 million in August 2016. The Federal Court in Melbourne approved the proposed settlement and also approved a plan to distribute the settlement funds to registered group members.
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