Regulatory Alerts2025-11-26
ASIC seeks $4 million penalty against Electro Optic Systems Holdings for breaching continuous disclosure requirements
ASIC has initiated proceedings against Electro Optic Systems Holdings Limited (EOS) to impose a $4 million penalty for failing to timely disclose a significant decline in its 2022 revenue forecasts. The company admitted to breaching continuous disclosure obligations under the Corporations Act 2001 by withholding information about a tens of millions of dollar shortfall for 14 weeks. Additionally, ASIC has commenced separate proceedings against former CEO Dr Ben Greene for alleged breaches of director duties.
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