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 former executive of engineering giant Bechtel will be allowed to deduct over $11.8 million in share losses from his taxable income after successfully challenging a ruling to the Full Federal Court, in a decision that clarifies taxation law for income and capital regarding asset trades.
Gilbert + Tobin is seeking to shut down a lawsuit brought by a firm owned by Sydney business owners Charif and Tarek Kazal after the Federal Court gave the company one last chance to fix what a judge called the “simply incomprehensible” pleadings.
Unique International College has been slapped with a $4.165 million penalty after a court found the defunct vocational trainer engaged in unconscionable conduct in enrolling students in courses costing up to $22,000.
A judge has given Sydney businessman Charif Kazal a third and final opportunity to replead his “simply incomprehensible” case against Gilbert + Tobin over the law firm’s involvement in a business dispute concerning a lucrative waste facility, despite saying it took “an entire week to understand the arcane obscurities” of the pleading.
Three syndicates of Lloyd’s London have failed in their bid to toss a case brought by National Australia Bank seeking £357 million ($655 million) in insurance claims relating to two consumer redress schemes in the UK.