A law firm is investigating an shareholder class action against lithium battery producer Magnis Energy Technologies and auditor Hall Chadwick after its share price plummeted to four cents late last year.
A judge has reluctantly hit Westpac with a $1.8 million penalty after the bank admitted to unconscionable conduct when trading on the morning of a $16 billion deal to privatise electricity provider Ausgrid, saying it was the maximum fine allowed under the relevant law.
A former wealth manager faces action by the corporate regulator for contempt of court after he allegedly breached a court order banning him from involvement in financial services.
Two former directors of a Canberra property development group have lost their bid to bar ASIC from announcing their disqualification, with a tribunal finding this would keep financiers and creditors “in the dark” and make the market less transparent.
A former company secretary of defunct mining and exploration company Continental Coal has pleaded guilty to three criminal charges, including stealing $2.2 million and forging a bank statement.
The Australian Securities and Investments Commission has handed Queensland investment firm Penta Capital a $53,280 fine for allegedly making false statements on its website, including that it managed $6.9 billion on behalf of retail, wholesale and institutional clients.
The Australian Law Reform Commission has recommended extensive reforms to the “confusing maze” that is the Corporations Act, including the creation of a standalone financial services law.
Four current and former Linchpin Capital directors have been disqualified from heading up companies and hit with a combined $390,000 in penalties, after a judge found they improperly used their positions as directors to line their own pockets.
The Australian Securities and Investments Commission has lost its bid to pursue a disciplinary case against former Grant Thornton director Bradley Taylor over his 2018 audit of fintech firm iSignThis while criminal proceedings are ongoing.
In a victory for Zurich Australia, the Australian Securities and Investments Commission has lost its first-ever civil penalty case alleging an insurer failed to act with utmost good faith during claims handling.