Final day for class action against Feltex tomorrow

Tomorrow is the last day investors in failed carpet company Feltex can join a class action to try to get some money back without their involvement being contested.

June 2, 2010, has been laid down as the deadline for investors to sign on to the case.

The plaintiffs need to be a part of the proceedings before the sixth anniversary of the company's last float.

Feltex listed the company on the NZX in May 2004, raising $254 million. The company collapsed in September 2006 after its lender ANZ, owed $135 million, placed it into receivership.

The plaintiffs' lawyer Austin Forbes said investors should continue to send forms in, even past tomorrow's due date.

Even though the defendants could contest their involvement, Forbes said he would argue that they should be part of the proceedings.

The class action alleges that the prospectus at the time Feltex floated in May 2004, contained information that was misleading or wrong, or omitted to make information available that would have affected an investor's decision to invest in the company.

The listed defendants include former Feltex chairman Tim Saunders, former chief executive Sam Magill and directors John Feeney, Craig Horrocks, Peter Hunter, Peter Thomas and Joan Withers.

Also targeted is the firm that offered Feltex for sale, Credit Suisse First Boston Asian Merchant Partners, as well as Credit Suisse Private Equity Inc and the joint lead managers of the float: First New Zealand Capital and Forsyth Barr.