The Federal Court has ordered Murray Goulburn to pay a $650,000 fine plus ASIC's legal costs over the embattled dairy giant's disclosure failures ahead of last year's profit downgrade.
The Australian Securities and Investments Commission took Murray Goulburn to the Federal Court alleging that from March 22, 2016 to April 27, 2016, the listed diary co-op failed to notify the ASX that it was unlikely to achieve forecasts it made in February.
Confirming the settlement agreed to between the troubled dairy processor and ASIC in November, Justice Davies said the penalty was towards the higher end of the statutory maximum, because of the "gravity" of breach, the "involvement of the senior level of management," and the "market impact and prejudice" it caused.
