A quick primer on class actions, page-8

There’s no demonstrated harm in the profit downgrade. The suspension kneecaps that claim. They are preparing for an adverse finding on the performance shares and will measure the harm by the share price inflation post the ‘18 annual report. I imagine they will try to claim that any share bought post that report has a grievance.

OM and every other time wasting diversion on here is immaterial. The only asx question of likely relevance is “did ISX pump the books to hit the performance share triggers?” Continuous disclosure and accurate reporting are the questions there.

asic are looking into continuous disclosure as well, we know this because isx told us that in the first set of questions from asx. It’s possible but unknown if asic are also looking into whether ISX knowingly or negligently assisted their all-star fraud customers lineup in their schemes. This second one is the most interesting to me because we know nothing about it. But the number of ISX customers and service partners (don’t forget KAD) who have been busted for illegal (“unconscionable” according to one asic press release) behaviour is staggering.

this action could care less about the profit downgrade. That’s the least of ISX’s disclosure issues.