Agrichemicals company Nufarm Ltd (ASX:NUF) says it will fight legal proceedings vigorously after law firm Slater & Gordon Ltd (ASX:SGH) filed class action proceedings against it.

Late on Friday 14 January, applicants represented by Slater & Gordon filed and served class action proceedings on Nufarm. The statement of claim was filed in the Federal Court of Australia and makes various allegations regarding Nufarm's disclosure in respect of its full year result for the year ending 31 July 2010 and net debt levels in that period.

"By failing to revise its profit guidance until 14 July 2010, it is alleged that Nufarm breached its continuous disclosure obligations," Ben Phi, practice group leader at Slater & Gordon, the Melbourne-based class-action law firm, said in a statement today. The applicants are said to comprise persons who purchased shares in Nufarm between 2 March 2010 and 31 August 2010. The applicants are seeking unspecified and unquantified damages.

A second class action was served on the company by law firm Maurice Blackburn on Monday, on behalf of shareholders who had purchased shares between 28 September 2009 and 31 August 2010.

At 12:00pm (AEDT), Nufarm shares were 0.4 per cent higher at $5.37.