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ASIC Commences Proceedings Against ISX and JK, page-2439

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JoeGambler

7,072 Posts.

1949

10/09/22

11:19

Post #: 63626558
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Originally posted by retiredyoung: ↑

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/

https://www.asx.com.au/asxpdf/20220909/pdf/45dyjxrct8q7z0.pdf

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The costs order against ISX will be millions if it loses.

SP1 Price at posting: $1.07 Sentiment: None Disclosure: Not Held
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0 Great analysis

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