The Dr did not give evidence ASIC agreed to the Statement of Agreed Facts where they stated the Dr Rajen DID NOT act dishonestly, nor did he intentionally try to mislead the market. The main issue was the delay in having the announcement ie Continuous Disclosure but IMO this was not entirely the Dr fault he had other board members.
There were emails read out by ASIC from the previous Chairman Mr Frazer were he did not want to put out an announcement only on the Natshield sales he wanted an announcement on all sales across the group, this caused delays in updating the market. I have no idea why ALL the directors at the time where not charged and they only singled out the Dr as they all based on the emails read out contributed to the delay in updating the market.
The main issue was the timing on the announcement to the market. The Dr in emails sent to the USA sole distributor requested and update on the sales during COVID stipulating that Holista was an ASX listed company and the reporting requirements were very strict.
The distributor in emails back to Holista did not cancel orders but stated they expected certain sales and provided spreadsheets on those sales. Obviously COVID had a severe impact on these sales due to the lockdowns, blockades, riots etc etc which eventually caused serious issues in the supply chain.
It was also stated that the Dr did not sell one share during this period when the share price went up and therefore did not profit from the increase in the share price.
It would seem that the MAJORIT of posters on HC who lost money obviously need to blame someone and cannot take responsibility for their own investment decision. They thought they were basically going to win lotto and that did not happen.
Look at Zoono for instance a company the went from cents to around $3-50 and has numerous litigation matter against the company and then crashed down. The MD of this company SOLD around $21m worth of stock and made a serious amount of money but hundreds of shareholders got torched. WAS HE CHARGED BY ASIC??? No
People who lost money, well thats the stock market
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