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Asic is a joke. There are more lying thieves on the ASX than you...

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Pir8

40 Posts.

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24/03/25

15:39

Post #: 78392441
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Originally posted by Mr2jzgte: ↑

So the main issue, and I am not a lawyer.

Is money.

A class action costs a lot of money, we already know that NET is broke, they won’t even be able to pay the recent jud.ement against them

So the only recovery option would be against the director insurance, directors personal assets if certain conditions can be proven (rarely happens), and in even more rare occasions recovery orders against third parties such as auditors (Which might explain why the previous auditor resigned and refused to sign off on anything. - my own interpretation and opinion, nothing based in fact)

You need generally 7+ people, a head plaintiff, it’ll cost $40k at minimum to even file the case, the standing (which is easy - financial loss) but you also need to prove a substantial common issue of law or fact, I.e. Misleading financial disclosures, fraudulent accounting, insider trading, misuse of funds, or other breaches of the Corporations Act.

Which you’d think is relatively easy, but it’s not. There’s another few hundred k in legal expenses for the discovery aspect of that.

I doubt any current shareholder is going to front up the money.

A no win no fee firm is unlikely to take the risk on this given the lack of assets, and their bank statements.

Which would leave VC litigation funding, who would want 40+% of the outcome after costs. In my opinion you’d be hard pressed to find a funder for this, there’s no IP that’s worth anything, they don’t own anything physical, maybe they could take ownership of SSI, the only part of the company that ever seemed to make money, and even that seemed to be just breaking even on its own running costs, making it effectively worthless as a recovery source? But given the value of that business, it wouldn’t even cover the final legal costs, let alone offset against the risk factor of getting a $0 outcome.

ASIC is a toothless dog, NET has been reported over and over, ASIC has been ineffective in cases like this, particularly with lifestyle-listed companies.

All in all, they’re probably going to get away with it, when they can’t recapitalise, then hopefully one of the secured lenders will force them in bankruptcy and finally end this farce by the assignment of an administrator; But shareholders are unlikely to see anything out of this

All of this is just my uneducated opinion and musings, and not in anyway legal advice.

I do have a longer version of this utilising OpenAI deep research which checked and cited my assumptions if anyone is interested.

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Asic is a joke. There are more lying thieves on the ASX than you can point a stick at. I, along with so many others got hoodwinked. If i was a director of NET i would keep a sharp eye over my shoulder as what goes around hopefully comes around.
The money is gone!

NET Price at posting: 0.3¢ Sentiment: Sell Disclosure: Held
5 Upvote

1 Great analysis

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