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An ASX statement from budget airline Rex that was optimistic about its 2023 profit prospects should have been corrected by April, ASIC has told a judge, disputing claims that the statement was not a forecast but merely an expression of what the board hoped for.
Former NAB super fund trustee NULIS Nominees was able to charge $165 million in fees for paying adviser commissions after conflicted remuneration was banned in 2016, an appeals court has ruled.
ASIC has wrapped up its case against regional airline Rex without evidence from its former executive chairman, who reversed course this week and admitted he misled investors and breached his directors duties.
The former executive chairman at regional airline Rex has admitted ASIC’s claims that he misled investors about the company’s position and breached his directors duties and may give evidence for the corporate watchdog, a court has heard.
The ASX is fighting for a key witness in ASIC’s case over alleged misleading statements concerning its CHESS replacement program to appear at an upcoming trial, saying he needs to be cross-examined in person.
Four directors of regional airline Rex are set to decide this week whether they will remain silent in the face of allegations by the corporate regulator that they misled investors about the company’s financial position.
ASIC has lost its case alleging software company Nuix failed to publish corrective disclosures that contradicted the growth story presented to the market in a prospectus for its $1.8 billion float on the ASX.
A judge has asked for more information on why he should approve $43.1 million in legal fees in a class action against AMP that settled for $120 million, calling the amount "extraordinary" and "troubling".
NAB super fund trustee NULIS Nominees had no power to continue charging members for $165 million in fees to pay adviser commission after conflicted remuneration was banned in 2016, an appeals court has heard.
AMP super members are set to receive $60 million in a class action stemming from the banking royal commission, with the average payout being under $100, a judge has heard.