Mineral Resources shares drop on class action proceedings
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More news: Shares in Mineral Resources fell after the mining group and its managing director Chris Ellison were served with class action proceedings in the Supreme Court of Victoria.
MinRes shares were down 2.1% to $23.29 at 3pm AEDT, having shed more than 65% over the last 12 months.
Mineral Resources, Ellison facing class action
The news: Mineral Resources says it is facing class action proceedings in the Supreme Court of Victoria, along with managing director Chris Ellison.
The numbers: The mining group was served with a class action proceeding on 31 March and said it intends to strongly defend the matter.
The context: Mineral Resources did not specify the details of the class action but said the proceeding relates to matters that have been comprehensively addressed by the company since October 2024.
The company has been under fire after managing director and founder Chris Ellison last year admitted to involvement in an alleged tax evasion scheme. It announced in November that Ellison will face financial penalties and will step down as managing director within 12 to 18 months as part of an orderly transition.
The company is already facing a formal investigation from corporate regulator Australian Securities & Investments Commission.
The source: ASX
