ASIC starts legal action against GetSwift execs

Getswift is also facing multiple class actions alleging Mr Macdonald, the company’s founder and chief executive, and GetSwift misled and deceived investors about the status of key contracts with The Fruit Box, Fantastic Furniture and the Commonwealth Bank of Australia.

ASIC contends Mr Hunter and Mr Macdonald were either involved in the failure of GetSwift to meet its obligations and failed to discharge their duties to GetSwift with the requisite degree of care and diligence that a reasonable person in their respective positions would exercise.

ASIC said it would seek declarations that GetSwift, Mr Hunter and Mr Macdonald contravened provisions of the Corporations Act. It will seek penalties as well as bans on the executives which will prohibit them from managing a corporation.

The matter goes before the courts on March 1.

Last month, GetSwift reported that total revenue and other income for the December quarter was $710,854. It represented an increase of 121 per cent on the prior December quarter but was up just 9.4 per cent on the previous quarter.

«Growth for the quarter moderated slightly as enterprise clients are still completing product testing and onboarding,» the company said in its quarterly report to the ASX.

GetSwift shares closed at 44c on Friday. The company was not in a position to comment Friday evening.




You may also like...