iSignthis takes Australian Securities Exchange to court
iSignthis has taken the Australian Securities Exchange (ASX) into Federal Court territory.
On October 2, following a period of volatility in its share price, the Australian Securities Exchange determined that it was appropriate to suspend trading in the shares of iSignthis with immediate effect.
The Company is seeking, among other things, orders which require the ASX Ltd to lift the suspension and reinstate iSignthis shares for quotation on the exchange.
iSignthis is concerned that investors are being denied the opportunity to trade their shares.
iSignthis is also concerned that the continuing suspension could harm the Company’s standing with investors, customers and suppliers.
“We have taken this step in order to lift the suspension of iSignthis shares. We are acting in the interest of our shareholders, as they have been denied the basic right to trade our shares for too long,” said the Company’s Chairman, Tim Hart.
The Company’s Chief Executive Officer, John Karantzis, said “the company has responded promptly to each request for information from the ASX.”
“We have answered scores of questions and provided more than 2000 pages of confidential documents dating back almost three years,” said Mr Karantzis. “We have been patient and acted in good faith, but the Company’s shares have been suspended for nine weeks.”
The Company believes that the interactions with the ASX during the last nine weeks raise issue of procedural fairness and good faith, as well as a substantive question about the actual reason for the suspension.