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SaaS provider and its directors face court

Adam Zuchetti
Adam Zuchetti
22 February 2019 1 minute readShare

ASIC has launched action in the Federal Court against a listed software as a service (SaaS) provider and its two directors, over allegedly “misleading” statements it made to the ASX about client agreements.

The companies regulator is pushing for penalties to be laid against GetSwift Limited and its directors, Bane Hunter and Joel Macdonald, relating to a series of ASX announcements outlining agreements with clients to use its platform that were issued between February and December 2017.

ASIC has alleged that GetSwift’s statements were misleading, and that it failed to notify the stock exchange of relevant information relating to those client agreements.

In a public statement outlining its allegations, ASIC also accused Mr Hunter and Mr Macdonald of being either involved in the alleged failure of GetSwift to meet its disclosure obligation, or that they failed to execute their duties as directors with due care and diligence.

In terms of penalties, ASIC is seeking a ban on both directors managing companies for as long as the court deems appropriate and formal declarations that they had breached the Corporations Act.

In addition, the regulator is pushing for financial penalties from the directors as well as the company.

According to ASIC, a case management hearing has been scheduled for 1 March 2019. It added that it will not comment further on the matter at this time.

GetSwift has been contacted for comment.

On its website, GetSwift describes itself as a last-mile platform for businesses shipping goods to customers. The company has offices in Melbourne as well as New York in the US.

SaaS provider and its directors face court
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Adam Zuchetti
Adam Zuchetti

Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

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