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.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
- ‘Don’t assume how employees will react to redundancy’
By Simon Rountree
- Customers behaving badly: ‘My time is worth more than yours’
By Adam Zuchetti
- What businesses can learn from Sir Roger Bannister
By Adam Zuchetti