News: EML EML Payments Comments On Reports Of Apparent Class Action By Shine Lawyers, page-17

Not at fault. Period. Facts of the case are pretty clear to me.

Shine tried to exaggerate that it took EML 4 days to request trading halt. But the 4 days included 2 non-trading days and one morning before trading day, effectively one day. That one day was due to time difference, seeking legal advice.

This letter wasn’t made known to the whole company, only senior managers and one executive director.

Shine needs to prove culpability for negligence of management in the timely release of information, and the safeguarding of information to the entire company.

In my view both arguments are weak. If the court does rule against EML, perhaps ASX is going to lose its attractiveness as a listing destination.