Not if its a civil case then you do need to pony up for a lawyer. Police don't deal with civil stuff. Class Action funders don't deal with criminal cases.
So far there's been not enough evidence of criminal or civil wrong doing for ASIC to launch an action (that we know of at this point in time - personally I'm of the opinion that one day that could change).
The ASX has protected other potential investors from buying the stock by suspending it and now delisting it. The ASX have done their job.
"How deep do you think people's pockets are?" Nothing stopping the shareholders getting together and paying for a lawyer. "Do you realise how much lawyers charge?" Yes "Do you realise how much time would be required?" Yes - see the efforts the new board of BHD have gone through. "And what the costs incurred would be if the case fails due to f@#$ing lawyers and their clever legal technicalities?" Yes. It isn't a risk free enterprise accusing a board of wrong doing in a legal setting, that's why ASIC haven't clapped them in irons (my opinion - that could change). Have to build a good case based on good evidence.
I've followed this story after meeting Stuart many years ago hawking some motel investment property trust in regional QLD leveraging off the gas boom, I had a low opinion of him then and I met him again in early 2017 (before HML was suspended) when he was hawking HML around the traps. I move in circles that include many Brisbane ex private schoolboy/businessmen types and I found it strange that this high flying manager came from nowhere. In those circles if someone is doing really well it generates quite a fan club so I thought it was strange that he didn't. Especially as he is a Terrace boy I think from memory. Yes a few big hitters put a small amount of money into HML - check the share registry over the years - but it was play money for them and they sold out by and large.
HML Price at posting:
$1.99 Sentiment: Sell Disclosure: Not Held
