Centro Properties Group (Centro) faces another class action claim by investors who purchased shares during the period of April 2007 to February 2008.
The claim has been brought against Centro Properties Limited, CPT Retail and Manager Limited and Centro MCS Manager Limited by investors Nicholas Vlachos, Monatex Pty Ltd and Ramon Franco.
National law firm Slater & Gordon lodged the class action on behalf of the applicants in Melbourne’s Federal Court on Friday.
Key features of the class action claim cover shares purchased in the period from 5 April 2007 to 28 February 2008.
The claim also covers all shareholders who purchased in the relevant period, other than shareholders who are participating in earlier commenced actions funded by IMF (Aust) Limited.
Financial support for the class action is being provided by Commonwealth Legal Funding LLC, a US headquartered litigation funder.
This class action and the earlier actions funded by IMF are scheduled for direction in Melbourne’s Federal Court today.
Centro could not issue comment on the class action claim, a Centro representative told InvestorDaily.
However Centro intends to “vigorously defend this proceeding in the interests of its securityholders”, a company statement said.
This class action is the second for Centro, following the IMF funded claim earlier this month which alleges the group engaged in misleading and deceptive conduct.
The first class action was brought against Centro divisions Centro Properties Limited, Centro Retail and CPT Manager Limited by investor Richard Kirby.
It is not clear as to the exact number of other investors involved in the class action, though the case is believed to include hundreds, Kirby’s representative Maurice Blackburn solicitor Martin Hyde said.
