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15:19
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Originally posted by GaiusMarius
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Why I do not own RCE
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"The worst aspect concerning the unnamed laboratory, is that usually when a biotech does studies, they mention it in advance that the study is underway. That allows investors to wait for the results. RCE does not do this. They just announce the results. That means they could have 10 studies going, but they only mention the results of the positive studies."
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Which would constitute a breach of the ASX Listing Rules Section 3.1, and, potentially, multiple breaches of the Corporations Act. As follows:https://www.asx.com.au/documents/about/abridged-continuous-disclosure-guide-clean-copy.pdf
3.1 Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s securities, the entity must immediately tell ASX that information. Reflecting this, Parliament has given the rule statutory force in section 674 of the Corporations Act. If a listed entity breaches Listing Rule 3.1, it may also breach section 674(2). This is a both criminal offence and a financial services civil penalty provision, punishable in the former case by a fine of up to $110,000 and in the latter case by a civil penalty of up to $1,000,000. Alternatively, if ASIC has reasonable grounds to suspect a breach it may, by administrative action, issue an infringement notice imposing a penalty of up to $100,000. The entity may also be liable to pay damages to any person who suffers loss or damage as a result of the breach.An officer who is involved in such a breach may infringe section 674(2A) of the Corporations Act. This is a civil penalty provision punishable by a penalty of up to $200,000. The officer may also be liable to pay damages to anyone who suffers loss or damage as a result of the breach, although there is a due diligence defence in section 674(2B), which protects officers of a listed entity from civil penalties and civil claims for damages if they can prove that they took all steps that were reasonable in the circumstances to ensure that the entity complied with its continuous disclosure obligations and, after doing so, believed on reasonable grounds that the entity was complying with those obligations.materially false or misleading information to ASX under Listing Rule 3.1 (including in response to any enquiry ASX may make of the entity under that rule) may commit a criminal offence under section 1309 of the Corporations Act.
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Is that what you, like Rykster, are suggesting, GaiusMarius?
(20min delay)