UPDATE 1-Orsu Metals served notice seeking C$55 mln damages

(Recasts; adds details)

Sept 19 (Reuters) - Orsu Metals Corp (OSU.TO), formerly European Minerals Corp, said it was served a statement claiming C$55 million in damages by plaintiffs who bought securities in European Minerals between May 16 2007 and March 31 2008.

The company, which took its current name on July 14, said the claim was related to its announcement on March 31 concerning an accounting review and the possible restatement of its first-, second- and third-quarter 2007 results.

The plaintiffs have claimed general and special damages of C$50 million and punitive damages of $5 million, the company said. Orsu, which believes the claims are without merit, is preparing a defence. (Reporting by Arup Roychoudhury in Bangalore; Editing by Pratish Narayanan)