A biotech pharmaceutical company has been fined $4,000 for failing to lodge financial reports with ASIC.

Mariposa Health Limited was convicted in the Downing Centre Local Court on 21 October 2014 after pleading guilty to two charges laid by ASIC for failing to lodge annual reports for the financial years ending 30 June 2011 and 2012.

The Presiding Magistrate stated that the preparation of financial reports was an ‘important’ corporate obligation.

ASIC Commissioner Greg Tanzer said, ‘With the company currently seeking to raise money with a view to listing on America’s NASDAQ, it is only right any potential investor has the opportunity to study the historical financial records of the business.’

The Commonwealth Director of Public Prosecutions prosecuted the matter.