If there is a claim here why has it not materialized in the last...

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LHSwordsman

92 Posts.

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08/05/23

10:20

Post #: 67653354
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Originally posted by TerribleTadpole: ↑

My comments were general in nature and did not in any way address the specifics of this stock. I just wanted to give a realistic idea of what is involved in getting a class action going, and getting the regulatory bodies to act.

With respect to this stock I believe that the evidence, when it is revealed, will show that the company and directors collectively and individually behaved in ways that go far beyond "running a business poorly". The company clearly didn't understand or manage the risks associated with setting up a mine and plant in a novel geochemical and climatic setting. This resulted in severe issues arising as the plant was being commissioned.

The ASX was clearly concerned that these issues were not disclosed to the market in a timely way. Substantive information may have been withheld from the market. The company continued to release announcements promising product delivery "within weeks" right up to July, 2021. It is hard to believe that nobody knew even at that stage that there were serious impediments to production. The fact that the board chose to halt trading in the shares and appoint receivers rather than provide answers to the ASX is damning.

At the same time a series of wildly optimistic public statements were made by the CEO through social media, which failed to moderate or qualify his ability to deliver the stated objectives.

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If there is a claim here why has it not materialized in the last 6 months?

Lit funders would have been all over this on day 1 if there was.

SO4 Price at posting: 31.0¢ Sentiment: None Disclosure: Not Held
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