find the latest legal job
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Academic Dean and Head of School of the TC Beirne School of Law
Category: Other | Location: Brisbane QLD 4000
· An outstanding opportunity · Provide educational, research and organisational leadership
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Arncliffe NSW 2205
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: All Sydney NSW
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Sydney NSW 2000
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Judge puzzled over AWB treatment

Judge puzzled over AWB treatment

The judge hearing the class action against AWB was puzzled by the argument that AWB executives knew how disclosure of their dealings with Saddam Hussein's regime could affect the company's share price.

THE Federal Court judge hearing the shareholder class action against grains exporter AWB was puzzled on Friday by the argument that AWB executives knew how disclosure of their dealings with Saddam Hussein's regime could affect the company's share price. 


"How stupid could they be if they thought it was material and they continued doing what they did?" asked Justice Lindsay Foster.


The shareholders' barrister, John Sheahan SC, replied: "There could be many answers to that, one of which is: very stupid," as The Age reported.


The barrister also said the executives countered the continuous disclosure law in trying to protect the business by not saying anything. 


"The statute requires information of this kind to be disclosed even if, perhaps especially if, the disclosure is going to cause the share price to tank," Sheahan said. 


The judge asked whether the share price of the company may have been affected differently had AWB released the information instead of alloing the Cole Inquiry to drag it out. 


Sheahan confirmed there was a direct connection between AWB's breached of the disclosure law and the impact on its share price. Instead, he said it was dragged out of AWB "in a brutal fashion". 







Like this story? Read more:

Book commemorates diamond milestone for WA law society

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

Judge puzzled over AWB treatment
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Lawyers take to Twitter to share career stories
Jan 22 2018
Lawyers take to Twitter to share career stories
The #mypathtolaw hashtag has been embraced by legal eagles to swap stories with the Twitter communit...
Jan 22 2018
Legal body disappointed with DPP emails leaked to tabloid
The NSW Bar Association has expressed “profound disappointment” over leaked emails from the NSW ...
Gavel, legal book, criminal lawyers
Jan 19 2018
Three criminal lawyers named NSW magistrates
The NSW Attorney-General has announced the appointment of three new local court magistrates. ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...