Austal has settled with ASIC for $650,000. It will be interesting to see if ISX one day reaches a settlement with ASIC on some or all of the charges.
From 10 June 2021:
ASIC alleges that Austal breached its continuous disclosure obligations under s674(2) of the Act between 6 June and 4 July 2016 by failing to disclose that a writeback of at least US$90m was likely required and that this would generate a significant loss. ASIC also alleges that Austal engaged in misleading or deceptive conduct in breach of s1041H(1) of the Act and/or s12DA of the ASIC Act by failing to correct or withdraw its previous guidance.
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-128mr-asic-commences-civil-proceedings-against-shipbuilder-austal-limited-for-continuous-disclosure-breach/
