ASIC launches actions against Noumi, Macleod

by | Mar 1, 2023 | Australia, News

The Australian Securities & Investments Commission (ASIC) has launched legal action in Federal Court against Noumi alleging historic breaches of continuous disclosure obligations and associated matters when the company was trading as Freedom Foods Group. ASIC has also opened proceedings against the former CEO and CFO of Freedom Foods, Rory Macleod and Campbell Nicholas.

ASIC claims the parties failed to disclose material information to the ASX about the value of the company’s inventories in its Financial Report for FY2019. ASIC also claims the parties failed to disclose the value of the company’s inventories, reported sales revenue, gross profit and profit after tax in its FY2019 annual report and its financial report for the six months ending 31 December 2019. The two former directors are alleged to have breached their duties by failing to disclose the information and ASIC also allege they provided false or misleading information to Freedom Foods’ auditors and directors.