I'd be in for a CA but for what compensation? I bought IGE on the ADIA announcement which was not true and I want my money back in exchange for the shares I bought. I don't think this can happen though.
At the very least someone must be held accountable for this debacle.
An interesting read at armstronglegal.com.au in relation to Section 176 of the Crimes Act states: "Whosoever, being a director, or officer, of any body corporate, or public company, makes, circulates, or publishes, or concurs in making, circulating, or publishing, any written statement, or account, which he or she knows to be false in any material particular, with intent to deceive, or defraud, any member, shareholder, or creditor, of such body corporate, or company, or with intent to induce any person to become a shareholder, or partner therein, or to intrust, or advance, any property to such body corporate, or company, or to enter into any security for the benefit thereof, shall be liable to imprisonment for 10 years."
Not saying that IGE did this intentionally but Directors should be held accountable for false or misleading statements, intentionally or not, but certainly for not verifying the accuracy of their statements or announcements. ASX should have stricter rules in relation to the veracity of announcements and severe penalties should apply to those responsible for any false or misleading information.
But in reality small shareholders get no protection at all.
IGE Price at posting:
13.0¢ Sentiment: None Disclosure: Held
