In 2017, startup ASX-listed technology company GetSwift and its directors made a series of announcements in relation to new customers that it claimed to have signed up to its ‘software as a service’ for last mile delivery services.
Greg Houston, assisted by Sarah Turner and Alyse Corcoran, was pleased to assist ASIC in its successful prosecution of GetSwift and its two principal directors, which found that its announcements were misleading and deceptive, and in breach of continuous disclosure obligations.
Greg’s expert report reviewed an event study undertaken by an expert for the defendants, which attempted to assess the (absence of) materiality of the information that ASIC alleged had been omitted from the announcements.
Greg’s analysis highlighted the importance to an event study analysis of undertaking a contextual assessment of market expectations, and the challenges associated with using an event study to assess the effect of information that was not disclosed to the market.
In 2021, the Federal Court found GetSwift and its directors guilty of both misleading and deceptive conduct and their continuous disclosure obligations. In early 2023 the directors were ordered to pay individual fines of up to a record $2 million while GetSwift itself was fined $15 million.
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