This article explains the recent High Court decision regarding Fortescue Metals, focusing on the…

•The ASX Australian Share Ownership Study 2015 •Australia has one of the highest levels of share ownership in the world (36%). • •The typical direct Australian share owner is likely to be: a tertiary-educated male, who trades predominantly through an online broker.
Question 1
This article explains the recent High Court decision regarding Fortescue Metals, focusing on the legal issues of misleading or deceptive statements, continuous disclosure and a director’s duties generally. These issues will be explained below and supported by case examples.
Misleading or deceptive statements
Paragraph 3 of the article refers to a misleading or deceptive statement, which is a misrepresentation, intentional or negligent, about the truth. Section 1041H of the Corporations Act 2001 (Cth) (“the Act”) states that a person must not engage in such conduct, in relation to a financial product or a financial service. Failure to comply with this section of the Act may give rise to civil liability under Section 1041I.

 

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