Rudi Kruse

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. 

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. 

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. 

A judge has hit coal producer TerraCom with a $7.5 million penalty in ASIC proceedings alleging it made misleading statements to the market that damaged a whistleblower's reputation. 

The corporate regulator should not be immune from the risk of special costs for actions doomed to fail, says a judge who flayed ASIC last month for bringing a case against TerraCom directors it should have known was a dud.

Former director of fintech iSignthis, John Karantzis, plans to appeal a ruling that slapped him with a $1 million penalty and disqualification orders for allegedly providing misleading information to shareholders. 

A judge has handed iSignthis and its director $11 million in penalties for failing to give adequate disclosures and giving misleading information to the ASX, saying reliance on legal advice was no reason to reduce the fine.

A judge has said ASIC should have known that its case against four TerraCom directors over statements made to investors had no prospects of success, calling one of its submissions “unworthy of the corporations regulator”.

Referring to a "growing problem" noticed by the Federal Court, a judge has slapped a law firm in a native title case with costs for its use of artificial intelligence to generate false document citations.