Yes I would hazard a guess that you could use this as the basis for a claim, and I put your example to the litigation funder, remembering however that both he and I are not lawyers, but thought that situation could very well have legal merit.
Technically, if the SP tanks to say .001c, then you could argue that your personal loss is the difference between your buy in price and the highest price on day of anns and then also the opening price after the anns and the low tomorrow.
Lawyers would provide you better advice, but one would assume that they could subpoena the agreement and provide evidence as to whether PDY had knowledge at any stage that the deal was in fact fictitious or unlikely to ever eventuate, and was it done purely to gain financial advantage through the buying and selling of shares or through the buying and converting of options?
Theoretically, one could have bought shares at .005c in march, sold at 3,4,5c in last few days, and at the same time bought those 200m options , which they were, converted to shares, you could then use those shares to short the hell out of the SP once you've taken the ride up.
Intent and Motive.
Spoke about that in another thread.
Should be investigated, and you should speak to a legal beagle about your situation, which has some merit imo.
ASX listed companies have very good PI cover, feel free to test it would be my opinion.
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