Jakony Tribune. Continue Reading at - Australia breaking News, Opinion, and Analysis | The Epoch Times
Rex Airlines and four of its directors have been sued for misleading Australian investors.
This comes as the debt-ridden airline is undergoing an administration process, with its future shrouded in uncertainty.
On Dec. 11, Australia’s corporation regulator Australian Securities and Investments Commission (ASIC) announced that it had taken legal action against Rex.
It alleged that Rex released a misleading ASX (Australian Securities Exchange) announcement on Feb. 28, 2023, which said the airline was “optimistic” about having positive operating profits for the 2023 financial year, despite not having a reasonable basis for that claim.
The ASIC also alleged Rex violated the disclosure obligations for listed companies as the airline did not disclose a material downgrade in profitability at the time the February ASX announcement was lodged….
