ASIC has launched legal action against Magnis Energy Technologies and its chair Frank Poullas, alleging they failed to disclose material information to investors.
The regulator said it was also suing Mr Poullas for his involvement in Magnis’ alleged disclosure failures and alleged breaches of director duties.
ASIC alleges Magnis failed to disclose to investors repeated failures of production at its battery gigafactory iM3NY, engaging in conduct that was misleading or deceptive and likely to mislead and deceive.
