If this ends up in court, I think the court will be primarily interested in the intent behind the report (whether malicious/illegal) and not so much the accuracy of the content. It will be up to ISX to prove that there was such intent but this may be hard to prove to the requisite level till discovery (as the ASX case has shown). No harm in trying though, if funds are available.
ISX Price at posting:
$1.07 Sentiment: Buy Disclosure: Held