Wednesday, May 19, 2010

Boot on the other foot?

Company, IMF Australia has told the ASX it proposes to fund class action by Gunns investors alleging misleading and deceptive conduct by Gunns directors.

Late today Maurice Blackburn Lawyers also announced potential shareholder action against Gunns Ltd

It is proposed that a representative or class action proceeding be instituted against Gunns Limited (Gunns) as a result of its alleged failure to disclose material information to the Australian Securities Exchange (ASX) concerning its performance during the six month period ended on 31 December 2009 (1H2010).

Gunns shares closed down 9% today to 40.5cents.

See links below

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