Securities

ASIC has brought proceedings against renewables company Magnis Energy Technologies and its executive chairman for allegedly misleading the market about the capabilities and funding for the company’s “flagship” battery production facility in New York. 

A judge has retroactively validated the appointment of BDO as auditor for litigation funder Omni Bridgeway after EY resigned due to a class action conflict, saying the failure to seek shareholder approval for the appointment was not the result of a blatant disregard for its obligations. 

The founder of ASX-listed bottled water company Eneco Refresh has been slapped with an 18-month suspended sentence after pleading guilty to market manipulation.

The NSW Court of Appeal has said it has no power to exclude group members who do not sign up to a class action from participating in a settlement, upholding a controversial decision that the Full Federal Court said was “plainly wrong”. 

Sydney stockbroker Adam Blumenthal has been ordered to pay close to $1 million after admitting to market rigging and breaching his duties as director of two companies — including by arranging a $7 million loan to ‘ASX Wolf’ Tyson Scholz.

Investment manager IOOF has failed to persuade a judge that the applicant in a failed shareholder class action should face indemnity costs for rejecting a $6 million offer to settle the case.

ASX-listed gourmet food company Maggie Beer has been dragged to court by the founders of Hampers & Gifts Australia over a $10 million earnout that was part of a $40 million agreement to acquire the e-commerce company in 2021. 

A former director of Noumi has won his challenge to the food manufacturer’s claim for legal professional privilege over a PricewaterhouseCoopers report commissioned by its lawyers at Ashurst, with a judge finding the company waived privilege by disclosing it to Australian Securities and Investments Commission. 

A judge has approved a group costs order in a shareholder class action against building materials giant James Hardie Industries, giving firm Echo Law a 27.5 per cent cut of any proceeds from the case.

The Australian Securities and Investments Commission has dropped its investigation into whether Nuix’s chief executive officer Jonathan Rubinsztein unlawfully bought shares in the company after learning about a potential takeover offer.