SLATER and Gordon has opened its class action against OZ Minerals, launching a cattle call this morning for OZ shareholders who bought shares in 2008. Slater filed the class action in August, alleging the company failed to disclose the full extent of its debt and refinancing difficulties to shareholders as the company struggled to stay afloat through 2008. The suit alleges OZ Minerals engaged in misleading or deceptive conduct and breached its continuous disclosure obligations by understating its liabilities by around $300 million, and by failing it was having trouble financing the debt and was in serious risk of insolvency. The Slater's action is the second major class action brought against OZ over allegations it failed to disclose its problems to investors in 2008. Maurice Blackburn filed a similar, though more narrow, class action in October last year. Slater & Gordon lawyer Van Moulis said the two actions will most likely be heard in tandem, as the NSW Supreme Court has ordered they be joined.