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A judge has hit ASX Limited with a $20.5 million penalty after it admitted that a February 2022 statement to the market that its CHESS replacement project was “progressing well” was misleading.
Law firm Allen & Overy advised that there were “very serious problems” with awarding Keybridge’s former CEO Nicholas Bolton a $4.75 million bonus, a judge has heard.
ASX Limited has told a judge it did not intend to mislead shareholders when it told the market that its CHESS replacement project was “progressing well” and that a $20.5 million penalty was sufficient to achieve deterrence.
Logistics company Brambles has followed through on plans to challenge its landmark loss in a shareholder class action, setting the stage for further appellate court guidance in securities cases, which once routinely settled.
ASIC has won its case alleging Regional Express failed to correct an optimistic forecast before it entered administration last year, but failed to prove the company's optimism conveyed a "likelihood" or that three non-executive directors had actual knowledge of the collapsed budget airline's declining business.
A judge has found that ASIC's case against WA gold mining company Wiluna over alleged omissions in a 2022 ASX announcement should await the determination of related cases against two executives, citing the risk of inconsistent findings.
A judge says a shareholder class action against IAG can add a new damages claim, despite the insurer arguing it was untethered from any contravention and “clearly bad in law”.
A settlement has been reached in a dispute over more than $100 million in shares in AI data centre start-up Firmus Grid ahead of an expected $7 billion IPO, just days before the company's founders were due to give evidence in court.
Engineering services firm Worley has taken last month's landmark loss in a shareholder class action to the High Court, challenging the Full Federal Court's embrace of market-based causation and its adoption of the facilitation principle.
A shareholder class action has won access to reports by FTI Consulting and KPMG that were commissioned by water remediation company Phoslock, with a judge finding they were not created for the dominant purpose of providing legal advice.