Sigma class action heats up
October 17, 2012
INVESTORS in Sigma
Pharmaceuticals are being urged to
express their interest in joining a
class action against the company,
regarding claims that its
management knew about a major
write-down of the company’s assets
during a 2009/10 share issue period.
The case is being backed by
litigation funding company
Comprehensive Legal Funding LLC,
with spokesman Tom Tarasewicz
telling PD that he believes investors
in the offer likely lost more than
$150 million after Sigma’s stock
price plummeted in late March
2010.
While a significant amount of
eligible investors have joined the
class action, many others including
pharmacists who invested in Sigma
shares are also being given the
opportunity to participate.
The case moves to mediation next
week, and Tarasewicz said time is
short for new members to join in
the event a successful settlement
agreement can be reached with
Sigma.
The Statement of Claim (available
for download on the Slater &
Gordon website) relates to the
period between 07 Sep 2009 and
25 Feb 2010 when Sigma
undertook entitlement offerings to
raise capital from retail and
institutional shareholders.
“We feel good about the class
action’s prospects,” Tarasewicz said.
Tarasewicz noted that investors
wanting to take part in the class
action have until COB Friday 19
October to indicate their interest,
by emailing
sigmapharmaceuticals@
slatergordon.com.au or by calling
Slater & Gordon at 1800 555 777.
For more details, see the last
page of today’s issue.
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