A class action has been commenced in the Federal Court of Australia against Tamaya Resources Ltd (in liquidation), its directors and its auditors, Deloitte Touche Tohmatsu, and Timothy Biggs, a former partner of Deloitte.
The Tamaya Resources Class Action has now settled, subject to Court approval. On 16 September 2016, the Plaintiffs’ application to for the proposed settlement to be approved was heard in the Federal Court of Australia. His Honour Justice Wigney did not hand down his decision on that date and has reserved his decision to a date (yet to be fixed) in the future.
If the settlement is approved, registered group members will be sent an Assessment Notice which will contain further information about the settlement and an estimate of the amount of compensation that they may be entitled to receive.
Further information regarding the settlement will be posted to this website, including the outcome of the Court’s decision, as soon as it is available.
The case against Tamaya and its directors and auditors
The Tamaya Resources Class Action has now settled, subject to Court approval.
The Tamaya Resources Class Action alleged that Tamaya, its directors and its auditors made certain material misrepresentations to the market.
- As against Tamaya and its directors, misrepresentations arising from Tamaya’s financial statements and as to, among other things, the purpose of a capital raising in May 2008 and the true value of Tamaya shares to potential investors in Tamaya.
- As against Deloitte, misrepresentations arising from the 2007 audit of Tamaya’s financial statements.
It is alleged that Tamaya’s May 2008 capital raising therefore proceeded when it would otherwise have not taken place and the market price for the Tamaya shares was substantially greater than their true value and/or the market price that would have prevailed but for such conduct. It is alleged that these circumstances resulted in the purchase of Tamaya shares by the Plaintiffs and Group members at an inflated value or where they might not have been purchased at all.
On 12 July 2016, the Court approved the Notice of Settlement and Opt-out Rights to be sent to Group Members (as defined below). This notice contains important information about the settlement and Group Members’ rights. Group Members who wished to participate in the settlement of the Tamaya Resources Class Action were required to register by 31 August 2016. Group Members who wished to opt-out of the Tamaya Resources Class Action were also required do so by 31 August 2016.
Group members of the class action
Group members are defined as anyone who:
(a) acquired an interest in Tamaya pursuant to either the Share Purchase Plan (SPP) or Sophisticated Investors Placement (SIP) announced by the board of Tamaya on 1 May 2008; and
(b) is alleged to have suffered losses or damage by or resulting from the wrongful conduct of the Defendants as pleaded in the Further Amended Statement of Claim.
For further information about the Tamaya Resources Class Action, please email email@example.com or call 1800 836 917.