QIN (ASX) Ann: Change in substantial holding

Originally posted by Mayi ↑

This article ignores a few facts

Most of the cost of litigation will come from the Director's insurers
The cost to the insurer will mean that they will demand higher premiums from Directors who have failed in their responsibilities, making it more difficult for them to hold similar positions in future
Action of this kind puts greater pressure on ASIC to act against Directors who fail in their responsibilities
Actions like this also act as a warning to (and hopefully deters) other Directors in other companies

I signed up. The article is correct in that I will see little or no return compared to the loss that I have suffered as a result of a lack of disclosure. What I am hoping for is a little more accountability.

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So many posters on these forums go on about disclosure obligations. Investors rely on these rules and then when a company obviously is non compliant you have this backlash like there is some moral high ground in letting the company off.

If Quintis had disclosed as they were required to then none of this mess would have occurred. Glaucus would have had nothing. As we all saw it wasn't the loss of the contracts that ultimately sunk the sp it was the exposure of the truth.

Of course the lawyers make money out of this. No one is going to do this for free and they are taking a risk also. Look at JKL they aren't exactly flying on this are they? Bannister law are charging billable hours and expenses like any business.

They are right in that the current shareholders should not be punished. I think it should all come from directors pockets when they breach their obligations and not allow them to hide behind the company veil whilst they lie to investors.

I hold shares from both inside the period and out so am essentially suing myself but this type of law has a way to go I believe. Many court actions need to be done to really get the law right but I applaud the attempt and am grateful someone has stepped up to represent me.

Stand up if you can not for the money but for the rights of all shareholders.