Australia's Aristocrat Leisure shareholders class action starts Thursday
Wednesday, October 03, 2007; Posted: 03:38 AM

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-- A shareholder class action against Australian gaming machine manufacturer Aristocrat Leisure Ltd is due to start in the Federal Court in Sydney on Thursday, lawyers representing the shareholders said Wednesday.

Maurice Blackburn Cashman said institutional and retail shareholders who bought shares in Aristocrat between February 18, 2002, and May 26, 2003 are taking part in the class action, although the law firm did not say how many shareholders are involved.

The shareholders are seeking 200 million Australian dollars in damages, claiming Aristocrat misled them by misstating its 2001 profit and failing to keep them informed, in late 2002 and early 2003, before announcing earnings downgrades that eventually wiped 2 billion dollars off the company's market value.

(1 US dollar = 1.12 Australian dollars)

allison.jackson@thomson.com

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