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A judge has appointed receivers to defence contractor Lanmar following a dispute between its directors, two of whom relied in part on ChatGPT advice on how to remove a fellow director from involvement in the business.
Three Keybridge Capital directors have rejected claims that board minutes documenting a $4.75 million bonus to former CEO Nicholas Bolton were a post-hoc "concoction”, saying they accurately reflected an agreement reached during a nine-minute meeting in 2023.
Shareholders in collapsed audio device maker Nuheara are seeking preliminary discovery from Taiwanese semiconductor giant Realtek, in an escalation of a battle between the investors in the defunct company.
Nuix has lost its appeal of a ruling that found it must pay $20 million in legal costs before its insurers must cover its bills for defending multiple class actions and an ASIC case over its $1.8 billion float.
Engineering services firm Worley might win the High Court's leave to appeal its loss in a shareholder class action despite the justices delving into many of the same issues raised in cases against the Commonwealth Bank, experts tell Lawyerly.
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.