ASIC looks at Bill Express collapse

The corporate watchdog ASIC is reportedly examining allegations that the share price of collapsed payment company Bill Express was manipulated.

The corporate watchdog ASIC is reportedly examining allegations that the share price of collapsed payment company Bill Express was manipulated.

According to reports in the Sydney Morning Herald, ASIC will examine possible manipulation of the company’s share price between December and March.

The matter was reportedly referred to ASIC by the Australian Securities Exchange, which grew concerned about a number of significant trades lodged late on certain trading days late last year and early this year.

The ASX is also believed to have referred Bill Express to ASIC over breaches of continuous disclosure laws, with particular focus on the company’s sudden profit downgrade in February.

The report also says ASIC will examine how Bill Express could have collapsed given it has reported a profit in each year of operation since its float in 2004, when it raised $35 million.

A spokesman for ASIC told SmartCompany it does not comment on operational matters.

 

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