Centro Retail Australia has halted trade pending an announcement on its $200 million class action.
The trading halt is scheduled to be lifted by this Thursday, May 10, with the announcement expected to address settlement discussions.
In Federal Court hearings that commenced in March, Centro has been accused of misleading and deceptive conduct by some 5000 investors after failing to disclose in 2007 that it had at least $3 billion in interest- bearing debt due within 12 months.
When it disclosed the debt in line with Australian Securities Exchange legal requirements, its shares plunged 76 per cent in one day on December 17, 2007.
The latest developments come more than four years after the shopping centre owner and funds manager nearly collapsed under $5.7 billion in debt.