I don't think that ISX could lie about the reason for the Visa suspension because only Visa would know the real reasons for suspension.
Visa may have given ISX some reasons, but that doesn't mean that ISX had to agree with them. IMO the only obligation ISX had was to inform shareholders that the Visa relationship had ended and what the effect would be on the business (if it was material).
ASIC Commences Proceedings Against ISX and JK, page-592
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