CMQ 0.00% 8.3¢ chemeq limited

class action against directors

  1. 830 Posts.
    If you belong to the class of shareholders below, you should consider joining up in a class action against the directors who are insured, so even if the company becomes bankrupt, compensations won will be paid by the insurers.

    I have reasons to believe that CMQ shareholders may have a case against the directors of the company.

    Many shareholders who lost money should be able to show that they were misled/influenced by the various announcements and information CMQ dished out to the public.

    Notwithstanding the ‘negative qualifications’ on the $1.4M contract by the auditor in CMQ annual report, many shareholders would have decided to hold on to their shares on the strength of Williams announcement that CMQ had met the covenants and earlier announcements on the SA contract. When CMQ announced the $1.4M SA contract in 2005, Williams gave an interview to the press which subsequently reported Williams saying the sale was “unconditional and not financed in any way by CMQ”.

    The Stark/CMQ and Inviro/CMQ legal battle will show whether the announcements on the SA contract and sale are correct or wrong. I have reasons to believe that in light of the recent events, it is highly improbable that the contract is “unconditional and not financed in any way by CMQ”. In other words, ask this question - did Williams misled the public?

    Shareholders interested to pursue this possibility could contact their solicitors or litigation financiers (law firms who finance class action). IMF Australia who won the Sons of Gwalia case is an example. Further information can be obtained from their website www.imf.com.au

    Ex shareholders who bought and sold CMQ shares and can prove their decisions were related to CMQ’s admitted failures to inform the market in the ASIC case should also look closely at joining the action!

    Cheers.

    PS: I have no interest what-so-ever in IMF Australia or have any association with them in any form or shape.

 
watchlist Created with Sketch. Add CMQ (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.