LONDON, ON, Nov. 27 /CNW/ - The law firm of Siskinds LLP today announced the conditional settlement of a class action filed in the Ontario Superior Court of Justice in September of 2008 against Orsu Metals Corporation, formerly known as European Minerals Corporation, and certain of its senior officers. The Defendants have agreed to pay $2.2 million to resolve the claims of investors who purchased Orsu securities between May 16, 2007 and April 11, 2008. The class action arose out of Orsu's April, 2008 restatement of its interim financial statements for the first three quarters of 2007 to correct the accounting treatment of its contract for forward sales of gold.
"This is an excellent result," said Michael Robb, a lawyer at Siskinds LLP who represented the plaintiff in the action. "This settlement provides substantial compensation to investors, and reinforces the important role that individual retail investors have to play in improving the quality of the disclosure given by securities issuers."
The settlement remains conditional on approval by the Ontario Superior Court of Justice. The Settlement provides for the formal provision of notice to those affected by the Settlement under the supervision of the Courts. That notice will provide specific instructions as to how class members can file claims.
SOURCE Siskinds LLP
For further information: For further information: Michael G. Robb, Siskinds LLP, 680 Waterloo Street, London, ON, N6A 3V8, Tel: (519) 660-7872, firstname.lastname@example.org