Ann: Halo Achieves Further Headline Sales Growth Through H1FY23, page-75

Honestly, .. I don't think there is anything that can be investigated (with the idea of suing later ...). There is also not enough 'flesh', i.e. assets to feast on.

I don't think that there is a provision in the law that states an investor can sue the company or management for not achieving EBIT consistently, let alone NPAT.

Having goals, sales targets, merger intentions - and then not meet them is not 'sue-able', unless there is a case of fraud. But in principle, one cannot sue a company or BOD for lack of success in business.

If there were intentional mis-statements in the bookkeeping / accounting, then there would be something to go on. I don't think there is.

One of the things a company in general, and a company with dwindling cashflow and debt especially, must be careful of is not to trade when insolvent. The directors must be confident that the company is capable of re-paying its debts. That's their job.

Bergen - I think - is in the clear. They sold out at 10 c, just after the market price was 13 c (so, they took a cut and ran), and the BOD directors took up the new shares at 6.8 cents (in the end THM was going to save everyone with its juicy EBIT). Clearly, Bergen thought the merger is no good, whilst the BOD thought it is (they took up their full allotment).

Just Mr Market had a completely different opinion of it all.