you would have to go after them for malicious prosecution but it wouldn't hold because they never got went any further with the investigation, they found nothing and that was that.
Its their job to investigate and they are a regulatory body. You cant sue the fire brigade for getting your house wet when they do their job, you cant sue the police for making you a suspect in an investigation, you cant sue ASIC for doing their job. same protections.
Note: when i say you cant sue them, you can, you can sue anyone for anything, what i really mean is the judge will throw you out of the courtroom for waiting the court's time.
and even if you tried, you would have to prove so many things that aren't really possible. for example you would be required to show that there was a correlation specifically between the investigation and the SP downfall, something that wouldn't be able to be achieved substantially enough with the current issues like class action and Debt issues. Furthermore after that you would have to prove that for one reason or another that they acted maliciously in their investigation of SGH. because even if they investigated and the SP drops because of the investigation, ASIC is not liable.
We all know that an ASIC investigation does indeed impact a SP but they have protections. Its frustrating etc, but i would direct my frustrations to other things, such as the woeful senior management. Without everything else going on, the ASIC investiagtion would have damaged SP levels, but not to this extent. we are down to these levels with resistance on the TA charts because of the Debt levels/negotiations and potential Debt for Equity swap with lenders.
SGH Price at posting:
12.8¢ Sentiment: Hold Disclosure: Held
