We are conducting a class action against Iluka on behalf of shareholders who purchased shares in the company between 12th April 2012 and 8th July 2012.

It is alleged that in this period Iluka failed to inform shareholders of its inability to achieve forecast sales and to provide reliable sales forecasts for the 2012 calendar year.

Iluka's share price dropped 24% when it disclosed this information to the market.

We have filed an application with the court seeking documents from Iluka so that we can complete our investigation of the potential class action and decide whether to commence court proceedings.

Find out if you are eligible to participate in the potential class action against Iluka Resources by signing up now.

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You can register and join our class actions in three easy steps:

Step 1: Register your interest here. There is no obligation to join the class action.
Step 2: You will be sent an email with further information and documentation for joining the class action.
Step 3: Sign and return the documentation if you wish to join the class action.

Any information we collect from you will be handled in accordance with our Privacy Policy

For further information about the Iluka class action and the funding to be provided by Harbour Litigation Funding, please call us on +61 2 9216 9898 or email your enquiries to


On 23 February 2012 Iluka announced that its previous annual sales forecast of 500 kt of Zircon could now be as low as 450 kt. On 8 May 2012 Iluka put out an earning guidance and downgraded its forecast zircon sales for the financial year from 450 kt to 400 kt. This forecast was reaffirmed by Iluka on 16 May 2012. On 9 July 2012 Iluka issued a further earning guidance with a further downgrade of its zircon sales forecast to 200 kt to 300 kt.

The class action, alleges that in the period from 12 April 2012 to 9 July 2012 Iluka did not disclose information that it would not achieve its zircon and titanium dioxide sales forecasts for 2012. This information, had it been made public, would have a material effect on the price for Iluka shares. It is further alleged that, in the period from 12 April 2012 to 9 July 2012, iluka mislead or deceived shareholders as to forecast zircon and titanium dioxide sales for 2012.

Litigation funder Harbour Litigation Funding is supporting the class action.


1. Who is running the investigation and litigation?

ACA Lawyers has sought and obtained proposed funding from Harbour Fund II, L.P. (“Harbour”), a $220 million fund managed by Harbour Litigation Funding Limited to fund the class action. Harbour was one of the first litigation funders in the UK and has been funding large scale litigation across the globe since 2007. Further information about Harbour is available at

2. Who can join the litigation?

The proposed class action against Iluka is to be brought on behalf of all persons who purchased (either directly or via an agent or custodian) Iluka shares between 12 April 2012 and 8 July 2012 (claim period).

3. What is my claim worth?

The size of any claim will first depend on the number of Iluka shares you held during the claim period. Depending on the outcome of ACA Lawyers’ further investigations and the type of damages sought in any class action that is commenced, the size of your claim may vary. If you provide us with details of your share holdings we can provide you with a preliminary loss estimate.

4. What will the claim cost?

UK based Harbour Litigation Funding (Harbour) is funding the proposed class action. The legal costs of the investigations and the legal proceedings will be paid by Harbour (subject to the budget agreed between ACA Lawyers and Harbour). Legal costs are only payable if the claim is successful and will only be paid from any proceeds recovered from Iluka. You will otherwise not have to pay any legal costs, and you will never have to pay anything out of pocket.

Harbour will be entitled to reimbursement of the expenses it has paid and a commission based on the amount you recover.

5. I only held a small number of Iluka shares. Is it worthwhile joining the class action?

Even though your losses may be relatively small, it may still be worthwhile joining the class action for two reasons. Firstly, you will not be required to pay anything in the event of an unsuccessful outcome. Secondly, the costs of the action are only deducted from proceeds that may be received, including through settlement or judgment. Your share of these costs is generally proportionate to the amount of your losses.

6. Will I ever have to pay anything ‘out of pocket’?

You will not be required to pay any out of pocket costs, and you will not have to pay any legal fees if the litigation is unsuccessful.

If you become a group member in the class action, at law you cannot be held liable for any adverse costs orders or security for costs orders made in favour of the respondent company.

If the class action is successful, costs will only be paid from the proceeds of that class action. In the unlikely event that legal costs exceed the proceeds recovered from Iluka, your legal costs will be capped at the amount of any proceeds.

7. How long will any legal proceedings take?

We expect that the class action will take anywhere between one and three years. A number of factors can influence the length of time proceedings may take including the complexity of the litigation and the conduct of the defendants to any class actions.

8. What will ACA Lawyers and Harbour receive?

A proportion of ACA Lawyers’ legal costs will be paid by Harbour in accordance with the Retainer and Terms of Engagement.

If the proceedings are successful or are settled, Harbour and ACA Lawyers will be repaid the costs that they have incurred. If the claim is settled after proceedings are commenced the Court must approve the legal costs to be paid as part of the settlement.

If the proceedings are determined by the Court in favour of the applicant the respondent will be ordered to pay the applicant’s costs. If the amount of those costs cannot be agreed the Court will determine those costs. If there is a gap between the costs Harbour has paid and the amount it recovers then Harbour will be paid this amount from the total recoveries.

Harbour will receive a commission based on a percentage of the amount recovered on the basis set out in the terms of Harbour’s funding agreement.

9. Will my contact and shareholding details be kept private?

Your personal information will only be used for the purpose of the legal proceedings, or as required by the Court or by law. In any other circumstances, we will seek your consent before disclosing any of your personal information. We will not disclose any personal information to third parties, including other clients, except as may be necessary for the purposes of the legal proceedings. A more detailed privacy statement can be found in the terms of our retainer.

10. Will I have to devote time and resources to the legal proceedings?

Initially we will only require you to provide the information required to complete Harbour’s Funding Agreement and our Retainer. This information relates to your contact details and Iluka shareholdings during the claim period. In the event that we require any further information, this will be advised in writing.

11. What do I have to do to participate?

If you purchased Iluka shares during the Claim Period and wish to retain ACA Lawyers and have the legal costs of the class action funded by Harbour, you will need to sign and return our retainer and the Harbour funding agreement. If you do not already have these documents, If you do not already have these documents, please email us at

So if you wish to participate, please complete and sign both our retainer and the Harbour funding agreement and return them to us via email at

If you have any questions about the class action, please contact ACA Lawyers by telephone on (02) 9216 9898 or by email at