ZYB 0.00% 1.5¢ zyber holdings ltd

ASIC toothless tiger taking action and a class action are two...

  1. 34,916 Posts.
    lightbulb Created with Sketch. 480
    ItisworthtakingalookatwhathappenedwithLWPTechnologies.ThiscompanyevenadmittedtotheASXthatithadmadefalseandmisleadingannouncementsyetASICclaimedtherewasinsufficientevidenceofanywrongdoing.Theygotcaughtoutbeinginvolvedinabatteryscamwhereicecreammachineswerepassedoffasscientificequipment.

    TheQLDPolicefraudsquaddidmakeanarrestbutonlyduetotherebeingacoupleofHellsAngelsbikiesinvolved.Noactiontakenagainstthedirectorsbyanyregulator.ThiscompanygotseveralhighrankingMP'sinvolvedallquestioningASICalltonoavail.

    Whatoftenhappensinthesecasesisthatthedirectorshavenoassetsintheirname,thecompanyhasnomoneyanddirectorsinsurancedoesntcoverdeliberateactsofdishonesty.Shareholdersmaywinacourtcase,butthereisnomoneytorecoupsotheyarejustleftwithabiglegalbill.
    ASIC toothless tiger taking action and a class action are two different things. I doubt there'll be success but you never know if the lawyers feel it is winnable and willing to only accept money if they win.. I just wouldn't be putting more money into fighting it.
 
watchlist Created with Sketch. Add ZYB (ASX) to my watchlist

Currently unlisted public company.

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