The problem is, it's not illegal to be incompetent and manage a...

The problem is, it's not illegal to be incompetent and manage a company poorly so long as you don't trade while insolvent. For example, its not illegal to pay more staff than you need. It's very poor management, but it's not illegal if you remain solvent. I would imagine ASIC would have been keeping an eye on other activity during the court proceedings to prevent anything illegal going on, but I doubt they'd step in if it's just poor management. A class action would be fantastic, but why would holders want 2 -3 more years of uncertainty in court proceedings that will scare off potential investors and bleed the company in legal costs? It would benefit those who sold out at a loss, but not current holders. The best scenario for holders is for Rajan to go and the company to improve performance to recover the share price. As in maybe sell something for a change. I would imagine the judgement is not far away now, so lets see what it reveals and then we'll be in a better position to determine next steps, class action or otherwise.