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Thursday, October 8, 2009

Vigorous Defense Spreads to Australia

oz_minerals.gif

More than 5 years ago, SLW noted that defendants faced with a securities class action complaint often issued press releases stating that the complaint was "without merit" and that the company intended to "vigorously" defend itself.

The issue, here at SLW World Headquarters, was "the apparently unanimous use of the word 'vigorous' for these 'denial' press release by defendants."

The prior author of this blog issued a challenge relating to the practice, and your current author repeated the challenge three years ago.

Then, earlier this year, we noted that Canadian defendants had caught the vigorous defense bug.

Now, it has spread to Australia as well.

Yesterday, OZ Minerals Limited, an Australian copper and gold mining concern, issued a press release, noting that "a Class Action claim against [the company] has been lodged in the Federal Court of Australia," and that OZ "will vigorously defend the claim."

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