Breaches of continuous disclosure provisions

January 20, 2017

This brief list tracks ASIC interventions and successful class actions related to breaches of continuous disclosure laws.

Aristocrat: eventually settled for $144.5 million. See this case summary from Maurice Blackburn website.

AMP: agreed to pay a $100,000 fine in 2002 after ASIC took action over continuous disclosure breaches.

AWB: settled a class action funded by IMF for $39.5 million in 2010. See ASX announcement.

Centro: IMF is funding a class action for breaches of continuous disclosure. See this case summary.

Jubilee Mines: a former managing director received $1.8 million because he sold shares at a time when the company should have disclosed a lucrative nickel discovery. See Tress Cox case summary.

Leighton Holdings: agreed to pay $300,000 fine to ASIC in April 2011 for being too slow in issuing a profit downgrade related to its Victorian desalination plant and Brisbane Airport projects. A projected $480 million profit suddenly became a $427 million loss.