ISX off-topic thread, page-638

First 638 Last

Share
Profile

Follow
Gaptrade1

1,957 Posts.

335

02/04/20

15:44

Post #: 43843883
Share

Originally posted by mags001: ↑

From todays Australian

Short-seller to pay damages
Hedge funds have made rich pickings out of falling share prices but US-based Bonitas has come off second best against listed agricultural trust the Rural Funds Group.The US company has been ordered to pay almost $900,000 by the New South Wales Supreme Court after losing a case against the listed Australian firm, which took it on after it was targeted by the short-seller last year.
The judgment found that the US group made statements in a report last August that breached Australian laws. The publication of the Bonitas report contravened both the Corporations Act and the ASIC Act and the court awarded damages of $530,201 and costs of $368,974.
The court ordered that damages were payable by Bonitas and the company’s principal Matthew Wiechert.Rural Funds made a claim for loss and damages totalling $625,985, comprised of $385,000 paid to EY to produce a report refuting claims made by Bonitas, $134,784 paid to its lawyers, as well as $106,201 for internal costs.
The latter was refused.The corporate regulator in February ruled out a licensing system for analysts, in the wake of the original scathing court judgment that called out deceptive tactics from the US-based short-seller.Rural Funds Group took action against Bonitas after a short report published by the firm in October prompted a 42 per cent slide in its stock.
Judge David Hammerschlag criticised the authors for the “materially misleading” and “deceptive” reports, as he found them to be in breach of several sections of the Corporations Act and the ASIC Act.

Expand

Wow Now the prescendent has been set in the court look out Asx, OM and associates.
Hear that, thats the sound of money being dropped in ISX bank account. LOL love the future, that made my month.
This is why we were hearing the dribble from the other side.

ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
17 Upvote

0 Great analysis

Reply

Top Stories

LU7

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

Week 26 Wrap: Cerberus of inflation barks – rents, electricity & fuel – and world watches two elders bicker

SVL

Silver Mines models five new calderas close to 396Moz Bowdens deposit

LRV

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

Microcap Wrap: 5 explorers with news out today

RCE

Recce's R327 found effective against E.coli during clinical trial

AVA

Ava Risk Group expands US presence with A$0.7M Substation Deal

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

CMX

ChemX Materials kicks off first stage works at WA high purity alumina pilot

SS1

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

There are more pages in this discussion • 2,941 more messages in this thread...

First 638 Last

Add SP1 (ASX) to my watchlist

ISX off-topic thread, page-638

Top Stories

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

Week 26 Wrap: Cerberus of inflation barks – rents, electricity & fuel – and world watches two elders bicker

Silver Mines models five new calderas close to 396Moz Bowdens deposit

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

Microcap Wrap: 5 explorers with news out today

Recce's R327 found effective against E.coli during clinical trial

Ava Risk Group expands US presence with A$0.7M Substation Deal

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

ChemX Materials kicks off first stage works at WA high purity alumina pilot

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

Featured News