Beachcomber, thank you for the mail and yes I too wonder what...

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Tinwins

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15/08/21

09:04

Post #: 55295468
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Originally posted by Beachcomber4 ↑

I am growing tied of waiting for Piper Alderman to take some action!

Firstly I want to bring to everyone's attention new amendment legislation was passed just before federal parliament closed with the lock down in ACT. I think it was passed on 12th August.
Previous disclosure laws meant investors only had to prove a company had failed to disclose information to the market regardless of intention. This meant that directors had to be aware of what was happening as they were liable.
However, for a small number of directors, this change of Liability to situations where director has acted with Knowledge, recklessness or negligence opens the door to "the honest Idiot defense".
For those directors who really dont care all they are doing is tell the executives to do what you want, just dont tell me untill after, and just pay me each month.

I am attending a podcast on Tuesday with Maurice Blackburn through the ASA on class actions.
I will ask them what they have to say.!

I am serious about taking action against directors but now am not sure of Piper Alderman's Intent.

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Beachcomber, thank you for the mail and yes I too wonder what has happened to the Piper Alderman action.
I saw that change to Director disclosures and amazed there wasnt more pushback from affected parties. Previously it was hard enough for retail holders to take action on bad behaviour and disclosure and this new change is a slap in the face for us. Not unlike the inaction on the Royal Banking Commission recommendations that have been watered down or just ignored by our 'federal govt' and regulatory authorities .

SDA Price at posting: 79.0¢ Sentiment: Hold Disclosure: Held
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