LONDON, ON, June 11 /CNW/ - The law firm of Siskinds LLP today announced
that it has filed a $55 million class action against European Minerals
Corporation ("EPM"), a company listed on the TSX and the AIM. Also named as
defendants are certain of EPM's senior officers.
The class action arises out of EPM's March 31, 2008 press release
disclosing, among other things, that EPM was reviewing its accounting for
derivative financial instruments, and that the review would result in the
restatement of previous quarters' financial statements.
The class action is brought on behalf of all persons who acquired shares
of EPM in the period between May 16, 2007 to March 31, 2008.
Michael Robb, a lawyer in the class actions department of Siskinds LLP,
said, "Investors are entitled to expect that the financial statements of
public companies are prepared in accordance with generally accepted accounting
principles, and fairly and accurately reflect the financial condition and
performance of the companies in which they invest their savings. That
expectation is critical to the proper functioning of our capital markets, and
when that expectation is frustrated, meaningful action must be taken to
protect the rights of investors."
The EPM class action is believed to be the seventh class action filed
under Ontario's new investor protection legislation - Part XXIII.1 of the
Ontario Securities Act. Siskinds LLP is sole counsel or co-counsel to the
plaintiffs in each of those class actions.
For further information:
For further information: Persons seeking further information regarding
the EPM class action are encouraged to contact Nicole Young, of Siskinds LLP
at (800) 461-6166 (Ext. 2380)