my initial thoughts on this announcement are the fines will be...

my initial thoughts on this announcement are the fines will be petty cash compared to the class action claims that could be made. However a review of the series of announcements in 2022 in relation to the CHESS technology show that even if the statements in February were misleading the update in late March clearly highlighted the problems which were further reinforced in May.
Anyone who felt misled in February certainly will have been fully aware by May . During that whole period the price remained around the mid eighties such that anyone claiming to be misled
will have trouble to establish that he has incurred a loss because when the information became available he could’ve exited at about the same price ( or even higher).
The other defence to the class action was that they may have had a reasonable state of mind to believe that what they announced in February was the truth albeit that they themselves had been misled by third parties whom they should’ve been
able to rely on. Whilst they represented optimism about the timing and ultimate success of the project they made it clear that they were still in the testing stage. Whilst a belief in the timing of an outcome and ultimate success is a guidance for shareholders it is still only an opinion which with the benefit of hindsight was flawed. Whether this amounts to misrepresentation will be determined by the courts.