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An ASX statement from budget airline Rex that was optimistic about its 2023 profit prospects should have been corrected by April, ASIC has told a judge, disputing claims that the statement was not a forecast but merely an expression of what the board hoped for.
ASIC has wrapped up its case against regional airline Rex without evidence from its former executive chairman, who reversed course this week and admitted he misled investors and breached his directors duties.
The former executive chairman at regional airline Rex has admitted ASIC’s claims that he misled investors about the company’s position and breached his directors duties and may give evidence for the corporate watchdog, a court has heard.
The ASX is fighting for a key witness in ASIC’s case over alleged misleading statements concerning its CHESS replacement program to appear at an upcoming trial, saying he needs to be cross-examined in person.
Four directors of regional airline Rex are set to decide this week whether they will remain silent in the face of allegations by the corporate regulator that they misled investors about the company’s financial position.
A former RAMS franchisee has raised concerns about a joint trial of its case with a related class action against the defunct Westpac home loan subsidiary, saying the overlap between the cases may be “much less than advertised”.
A judge has declined a funder’s bid for a $43 million payout in a class action accusing Colonial First State of charging excessive premiums, saying it was entitled to a 27.5 per cent commission but not $4.5 million for after-the-event insurance.
Macquarie Investment Management breached its obligations after its members invested $321 million in Keystone Asset Management's failed Shield fund, a court has found, but the super trustee will not pay a penalty.
A judge has given the administrator for billionaire Sanjeev Gupta's Tahmoor Coal two more weeks to prove that creditors would be better off under a sale process than a liquidation.
A judge has dismissed a bid by two Liberty Steel companies to stay a case brought in NSW by administrators for collapsed supply chain finance company Greensill while a related case in the UK proceeds.