'May' suggests at least a possibility. Based on the outcome of 43c for BEPPA it will be very hard for BBI to argue it was 'possible' for value outcomes for BEPPA to be below 'recent trading prices' of 15c.
Further all those suggesting an 'intention' or 'deliberate act' element should look at the text of s 1041H which mirrors word-for-word the widely used s 52 of the Trade Practices Act. There is not element of intention moreover it is objective. That is, the conduct must have been 'likely' to mislead or deceive. People are overestimating the difficulty of establishing this.
"1041H Misleading or deceptive conduct (civil liability only)
(1) A person must not, in this jurisdiction, engage in conduct, in relation to a financial product or a financial service, that is misleading or deceptive or is likely to mislead or deceive."
The main obstacle is time and up-front cost in taking action against BBI. Class action would be much more feasible. Hopefully a large BEPPA holder is thinking along these lines.
Good to all.
I am not a professional adviser. All my posts contain my opinion and speculation only. Under no circumstances should you rely upon anything that I have said or not said.
BBI Price at posting:
3.6¢ Sentiment: None Disclosure: Not Held
