AVE 0.00% 0.2¢ avecho biotechnology limited

More serious issues than the name change, page-13

  1. 79 Posts.
    The share price did not plummet because the fraud started. If it had been detected by directors early enough, it could have been dealt with internally, and shareholders would have felt assured that a safety net was in place and working. All directors have the same responsibilities in this area, according to what I have read under Australian legislation.
    What happened in our company was a disaster for the directors and shareholders. It was not that it started, but the fact that it went on for so long and became so large. The fraud went undetected by directors for year after year, and escalated to massive proportions. It was left to a new employee, who reported to the fraudster, to become a whistleblower.
    Subsequently, only four out of the five directors did the honourable thing and resigned on 28 February 2014 AND NEVER SOUGHT RE-ELECTION.
    Those four acted in the best interest of shareholders by resigning and breaking all ties with our company, with the possibility of being only a shareholder just like anybody else.
    When Esragate was finally detected and reported, market capitalisation fell and continued to fall below the level of the top 500 companies listed on the ASX, and only rose temporarily above it with the world-first announcement about Oxymorphone patches in October 2013. Even that was insufficient to offset the damage of undetected, long-term, massive fraud, and the market capitalisation continued its fall. Eventually, our company was removed from the XAO and shareholders suffered further major losses, even after four of the five directors had done the honourable thing.
    So what has not happened that needs to happen, to restore confidence in the marketplace?
    All in my opinion, do your own research. Do not rely on anything in this post.
 
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