Shine Lawyers is seeking justice on behalf of investors who suffered losses as a result of Iluka’s alleged failure to inform shareholders of its inability to achieve sales forecasts, and provide reliable forecasts for the 2012 calendar year.
If you were an Iluka investor during 2012, you may be eligible to join this class action.
What is the Iluka Class Action about?
Shine Lawyers is seeking compensation on behalf investors who invested in Iluka (ASX: ILU) and suffered loss as a result of alleged failure to:
- Inform shareholders of its inability to achieve sales forecasts, and
- Provide reliable forecasts for the 2012 calendar year.
The class action alleges that in the period from 12 April 2012 to 9 July 2012, Iluka ought to have been aware that it would not achieve its zircon and titanium dioxide sales forecasts for 2012. This information, had it been made public, would have a material effect on the price for Iluka shares.
It is further alleged that, in the period from 12 April 2012 to 9 July 2012, Iluka mislead or deceived shareholders as to forecast zircon and titanium dioxide sales for 2012.
On 23 February 2012 Iluka announced its sales forecasts for zircon, rutile and synthetic rutile for 2012. Iluka maintained this guidance when it issued its March 2012 quarterly production report on 12 April 2012.
On 8 May 2012 Iluka released updated earnings guidance and downgraded its forecast zircon sales for 2012 from 450 kt to 400 kt, but maintained its sales forecasts for rutile and synthetic rutile. In response, Iluka’s share price dropped by ~12% on 9 May 2012 and a total of ~19% by 10 May 2012. The revised sales forecast was reaffirmed by Iluka on 16 May 2012.
On 9 July 2012 Iluka issued further updated earnings guidance which again downgraded its 2012 sales forecast for zircon, and significantly downgraded its 2012 sales forecasts for both rutile and synthetic rutile. In response, Iluka’s share price dropped by ~24%.
Can I join the Iluka Class Action?
To be a part of this class action you must have:
- Acquired shares in Iluka (ASX:ILU) between 12 April 2012 and 9 July 2012.
If you meet the criteria, you may be entitled to compensation and you are encouraged to register for the Iluka Class Action.
How to register for the Iluka Class Action
To register for the Iluka Class Action please click the ‘Register Now’ button below and fill out the registration form. You will not become liable for any legal costs by registering to remain as a group member in the class action.
Who is Shine Lawyers’ Class Action Team?
Shine Lawyers’ Class Action Team includes some of the firm’s most experienced solicitors and support staff. The team includes: