ASIC has today commenced proceedings in the Federal Court of Australia in Melbourne against GetSwift Limited (GetSwift) and its directors Mr Bane Hunter and Mr Joel Macdonald.
ASIC’s case relates to a series of ASX announcements made by GetSwift (ASX code: GSW) between February and December 2017 relating to agreements with clients for the use of the company’s software-as-a-service (or SaaS) platform.
ASIC alleges that GetSwift made representations in a series of ASX announcements relating to client agreements, between February 2017 and December 2017 that were misleading and that it failed to notify the ASX of material information in relation to these client agreements.
Further, ASIC contends that Mr Hunter and Mr Macdonald were either involved in the failure of GetSwift to meet its obligations and failed to discharge their duties to GetSwift with the requisite degree of care and diligence that a reasonable person in their respective positions would exercise.
ASIC is seeking:
- declarations that GetSwift, Mr Hunter and Mr Macdonald contravened provisions of the Corporations Act
- orders that GetSwift, Mr Hunter and Mr Macdonald pay penalties to the Commonwealth, and
- That Mr Hunter and Mr Macdonald be prohibited from managing a corporation for such period as the Court thinks fit.
The matter has been set down for Case Management Hearing at 9.30am on 1 March 2019.
ASIC will be making no further comment at this time.
Links to the Originating Process and Concise Statement filed by ASIC to commence its proceedings are below.