I think AWS has fallen victim to Corporate negligence and whilst...

I think AWS has fallen victim to Corporate negligence and whilst it is difficult to abrogate the primary responsibility to one party I believe there is a clear breach of operational conduct on several levels and thus the proportional responsibility lies with The Directors & Auditors and to a lesser degree The ASX .
The Directors of AWS hold a legal obligation to present all Company reports in a honest and transparent format based upon the accounts and details available at the time . It does seem quite peculiar that the entity was allowed to partake in a relisting in light of the overwhelming financial & accounting evidence that clearly detailed and outlined the ongoing finacial deteriotion within The conpany . If the Auditers ( PKF Chatered Accountants ) knew and were presented with detailed imformation detailing differences between inventory values ( falsified records ) they have a partial duty of obligation to question the validity of allowing AWS to relist and submit the relevant material to The ASX for further evaluation in which they did .
( Disclaimer of Auditers Conclusion ) In this case the Auditers have only conducted a review which in effect is not an audit but thus does raise some questions about accountability of Directors reporting .

: Is The AWS half yearly report in concordance with the Corporations Act 2001 .

a ) Giving a true & fair view of the consolidated entitys financial position as at 31st Dec 2006 and of its performance and of the performance of the half year ended on that date .

b ) and complying with accounting standard AASB 134 interim Financial Reporting & Corporations Regulation 2001

So if there is sufficient weight of evidence to indicate that these regulations were breached and the entity was unconditionally listed in breach of of The 2001 Corporations act there could be reasonable grounds to launch a class action but as I am no expert in this area further advice woould be required to present a case .
There are also additional concerns indicating the existence of a material uncertainty which may cast significant doubt about the consolidated entitys ability to continue operating in its ongoing format . It is therfore my view that The ASX and The Auditers were both made intimately aware of the deterioating Financial position of The Co and in spite of the material evidence presented to both parties The entity AWS was allowed to relist on The ASX .

Regulatory Bodies or " Just Duck Shovers "