Shine Lawyers is conducting the proceedings and seeking compensation on behalf of affected persons who invested in Iluka (ASX: ILU).
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On 23 February 2012 Iluka announced that 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 earning 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. 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%.
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.
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Are you a shareholder affected by Iluka’s alleged corporate misconduct? Shine Lawyers are class action experts who work on a “no win, no fee” basis. Register for the class action now.