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asic takes action against southcorp

  1. milesg

    11,223 Posts.

    Sydney - Wednesday - February 26: (RWE) - The Australian
    Securities and Investments Commission today filed proceedings in the
    Federal Court against Southcorp Ltd alleging a breach of its continuous
    disclosure obligations in April 2002.
    The proceedings relate to an email sent on April 18 2002 by
    Southcorp's then executive general manager of corporate affairs, Mr Glen
    Cunningham, to selected analysts containing information about the likely
    impact of the poor 2000 vintage for premium wines on Southcorp's gross
    profit for the year ending June 30 2003.
    ASIC alleges the information should have been disclosed to the
    Australian Stock Exchange, rather than to selected analysts.
    The commission is seeking a court declaration that Southcorp's
    conduct contravened its market disclosure obligations, together with the
    imposition of a pecuniary penalty.
    "This is the first case of its type commenced by ASIC, and will
    test the operation of both the ASX Listing Rules and the relevant
    provisions of the Corporations Act," ASIC chairman Mr David Knott said.
    "The time taken to prepare this case reflects the complex
    evidentiary and other legal issues that must be addressed in order to
    enforce continuous disclosure provisions.
    "ASIC has for some time advocated a more streamlined process for
    dealing with disclosure matters," Mr Knott said.

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