ASIC to sue Rex Airlines alleging company misled the market about its profitability

The corporate regulator ASIC is suing Rex Airlines, alleging the company and four of its directors engaged in "deceptive and misleading conduct" over its profitability.

ASIC alleges Rex, along with John Sharp, Lim Kim Hai, Lincoln Pan and Sid Khotkar, failed to meet its disclosure obligations, including as company directors, by not sharing market-sensitive information that forecast a $35 million profit downgrade in June 2023 in a timely manner.

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https://www.abc.net.au/news/2024-12-11/asic-to-sue-rex-airlines-over-deceptive-misleading-conduct/104711156