iSignthis: $264m damages claim against ASX Ltd for misleading and deceptive conduct
iSignthis Ltd (“ISX”) has filed its amended statement of claim against the ASX Limited (“ASX”) in the Federal Court of Australia.
The amended statement of claim now also alleges misleading and deceptive conduct under section 1041H of the Corporations Act by the ASX, by publishing a ‘Statement of Reasons’ that purported to explain the basis of the suspension of ISX securities since the 2nd October 2019.
ISX is claiming damages now in excess of $264 million[1].
This amount is likely to increase with the passage of time between now and a resolution of the claim, and in the absence of a corrective statement by ASX and an apology.
Mr Karantzis, CEO of ISX, said “The ASX now needs to demonstrate to the Federal Court that its ‘Statement of Reasons’ is supported by evidence, and not the mere conjecture that we claim it is.
Uniquely, ASX as a market operator may have mislead and deceived the market that it is obligated to maintain on a fair, transparent and orderly basis, throwing doubt on its ability to manage a Tier 1 market.
By any measure, the damages claimed and the impact of any adverse finding make this a high stakes and material case for the ASX.”
The amended statement of claim is here.
ISX requested this to be cross released under code “ASX”.
[1] Based on today’s exchange rates against foreign currencies (€ and $US). Additional and further damages to follow as they are quantified.
