The directors of steel giant Arrium, which collapsed owing $4 billion in debts, should have known earlier that the company was in a “liquidity crisis” and was trading while insolvent, liquidators for the company allege.
A judge has rebuked the “procedural vulgarities” plaguing a referee’s supplementary report in a class action against Toyota over allegedly defective vehicles and has called for the process to be simplified.
A lawyer for group members in a class action against Toyota is seeking aggregate damages relating to vehicle defects that allegedly had a “significant impact” on fuel consumption.
ASIC’s case against GetSwift and its founders Joel Macdonald and Bane Hunter makes accusations against both directors but relies on alleged conduct by only Hunter, a lawyer for Macdonald has told a court on the last day of trial in the corporate regulator’s case.
The judge overseeing ASIC’s case against logistics provider GetSwift cannot draw any inferences against the company because directors Bane Hunter and Joel Macdonald did not give evidence at trial, GetSwift’s barrister has said during closing submissions in the case.
A former director of GetSwift has given evidence at trial in ASIC’s case against the logistics provider that the company drafted a correction to a misleading ASX announcement about a deal with fruit and milk delivery provider Fruit Box but never released it.
A judge has dismissed a defensive bid by ASIC to amend its case against GetSwift mid-trial, instead calling on “common sense” to be injected into the proceeding as the hearing enters its second week.
GetSwift “sat on” an announcement about a lucrative deal with US-based automotive sales and marketing firm N.A. Williams for more than three weeks, then leaked the news to the media before announcing it on the Australian Stock Exchange, ASIC has told the Federal Court on day two of a trial in the corporate regulator’s case against the logistics tech company.
Émails show the directors of logistics company GetSwift took a “deliberate approach” to inflating the company’s share price through a constant supply of positive ASX announcements about new multimillion-dollar contracts, ASIC said on the first day of a highly anticipated five-week trial.
A planned class action by Shine Lawyers, pegged as “Australia’s largest class action,” over allegedly toxic firefighting foam at eight Commonwealth military bases won’t be filed this month and has turned to bookbuilding following a landmark High Court ruling striking down common fund orders at the outset of class actions.