They claim that in 2008 TPI failed to make timely disclosure to investors of material information regarding its earnings and forecasts and that shareholders subsequently suffered big losses when TPI's share price fell.

Investors could seek damages from TPI relating to alleged misleading or deceptive conduct and breaches of the TPI's continuous disclosure obligations.

Maurice Blackburn's New South Wales principal, Ben Slade, said Australian-listed companies were required to make timely disclosure to the market of information that could materially affect their share price.

"We believe that TPI has failed in its responsibility to provide this information to the market," said Slade; adding that some large institutional and professional investors, who had requested that they not be identified, had already expressed an interest in a class action.