Noumi and auditor Deloitte will pay $43 million to resolve a class action alleging the company misled investors about its inventory, and the class action will make a play for a $5 million penalty agreed to in ASIC proceedings.
ASIC wants the Full Court to overturn a finding that Noumi waived privilege over a PwC report produced under a voluntary disclosure regime, arguing the regime benefits the public in making investigations more efficient.
A judge has signed off on an agreed-to $5 million penalty against Noumi in ASIC proceedings for violating its continuous disclosure obligations and found the food company’s non-disclosures caused it shares to trade at an inflated price.
In submissions to the High Court, the applicant in a class action brought on behalf of Arrium shareholders against KMPG has attacked the Attorney-Generalās argument that a contingency fee order is a neutral factor in assessing the accounting firmās bid to move the case from Victoria.Ā
Noumi has agreed to pay a $5 million penalty for violating its continuous disclosure obligations in a case brought by the corporate regulator, but the applicant in a shareholder class action against the food company says the sum should be reserved to compensate group members.Ā
The NSW Supreme Court would have the power to deal with a contingency fee order made in a class action against KPMG if the accounting firm won its application to move the case from Victoria, making the existence of the order a neutral factor in the transfer bid, the federal Attorney-General has told the High Court.Ā Ā
Trial has been set for next May in a case by AustralianĀ parents that accuses EnergyAustralia of engaging in misleading conduct in promoting a “carbon neutral” program, a case that puts carbon offset credits under scrutiny.
The online safety watchdog has dropped her Federal Court action seeking to force X to put a worldwide block on graphic footage of the April stabbing of a religious leader at Wakeley, following a judge’s decision not to maintain an injunction against the social media platform.
ASIC has argued a recent ruling that found Noumi waived privilege over a PwC report by providing it to the regulator could dissuade people from voluntarily disclosing information during investigations and cause a āloss of public benefitā if allowed to stand.Ā
Noumi and ASIC are challenging a finding that the food manufacturer waived legal professional privilege over a PricewaterhouseCoopers report commissioned by its lawyers at Ashurst by disclosing the report during an ASIC investigation.