...but it boils down to whether it was deemed fraudulent/misleading/actus reus or just part of business risk....the risks & the business model were clearly noted in prospectus during IPO.... investors are deemed to be informed and any additional announcement is deemed complementary.... can't expect to spell out the business model and 10 million risks in every announcement....
...so bottom line: the onus is on ASIC to prove that the deals announced by Getswift were deemed fraudulent/ misleading .... and it boils down to interpretation of the above... which may have a significant impact on all future ASX announcements going forward.... so massive precedent setting trial if Getswift is found to be guilty... which they won't ...due to previous case laws where this principle was already confirmed....
Getswift just need to prove that it was part of business as usual...we sign a deal....you decide whether you want to execute it or not...vanilla MSA.....and investors are deemed informed pertaining the risks... if the business model was not MSA...and these risks & business model were not explained in the IPO documents...then it was quite straight forward deception...
....but unfortunately for ASIC & CA....they are going to learn this expensive lesson soon... only the Amazon & CBA deals were the deemed material ones... and by the looks of it... were real....so not hocus pocus....
ergo, plaintiffs are going to struggle to prove that investors have lost money due to any of the other announcements.... due to actus reus principle.... basically the principle that was discussed in the first 30 minutes of today's hearing....
...but again not the judge...just my 2 cents ...
GSW Price at posting:
59.0¢ Sentiment: Buy Disclosure: Held
