he is on the board of C4V and im3ny. The ASIC case is very clear: you failed your duty to look after shareholders. There are always issues small or big. BHP got big issue in Brazil costing shareholders billions but they did work on it and shareholders knew about it for example.
The next question is who benefits from your failure to let shareholders know. The share price would drop like a stone in Jan 2023 or gradually drop making no different to shareholders. Who has the time to sell?
News: MNS UPDATE 1-Australian regulator sues Magnis Energy over US battery plant disclosure failures, page-19
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