We
recently commented on the rise and fall of GetSwift Limited
(GetSwift), in connection with an investigation by
the Australian Securities and Investments Commission
(ASIC) for purported failures by GetSwift to
comply with its continuous disclosure obligations under the
Corporations Act 2001 (Cth) (Corporations
Act).
ASIC has now commenced proceedings in the Federal Court of
Australia against GetSwift and its directors Mr Bane Hunter and Mr
Joel Macdonald.
ASIC alleges that GetSwift made representations in a number of
ASX announcements made between February and December 2017 regarding
certain key contracts which were misleading, and that GetSwift
failed to notify ASX of material information in relation to those
agreements. ASIC also contends that GetSwift's directors, Mr
Hunter and Mr Macdonald, were either involved in GetSwift's
failure to meet its obligations or failed to discharge their duties
to GetSwift with the requisite degree of care and diligence that
