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Wednesday 20 September 2017

17-320MR Sirtex pays penalty for alleged continuous disclosure breach

ASX-listed company Sirtex Medical Limited (Sirtex) has paid a penalty of $100,000 after ASIC issued an infringement notice for an alleged failure by Sirtex to comply with its continuous disclosure obligations.

The infringement notice was issued following an investigation into matters arising from an announcement on 9 December 2016 by Sirtex to the ASX stating that projected dose sales growth was likely to be in the order of 4-6% for the first half of the financial year ending 30 June 2017, and 5-11% for the full year.

Sirtex had previously announced to ASX that it anticipated 'double digit dose sales growth will continue' for the 2017 financial year. Dose sales growth for the previous financial year, ended 30 June 2016, was 16.4%.

ASIC alleges that, by 21 November 2016, Sirtex ought to have been aware that:

  • for the financial year ending 30 June 2017 worldwide first-half dose sales growth was anticipated to be in the order of 4-6%; and
  • on a full-year basis, worldwide dose sales growth was anticipated to be in the order of 5-11%,

compared to the previous announcements that it anticipated 'double digit sales growth will continue.'

ASIC alleges that by failing to inform the ASX by 21 November 2016 of the lower projected dose sales growth, Sirtex was in breach of its continuous disclosure obligations between 21 November 2016 and 8 December 2016.

Background

Details of the infringement notice will be published in the ASIC Gazette.

Section 674(2) of the Corporations Act and ASX Listing Rule 3.1 detail listed companies’ continuous disclosure obligations.

The Corporations Act provides that compliance with infringement notices is not an admission of guilt or liability.

Sirtex is not, by reason of its compliance with the notice, regarded as having contravened section 674(2) of the Corporations Act.

Last updated: 03/01/2019 08:49