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iSignthis inflated revenue to get share bonus, court told

ISignthis chairman Tim Hart defended the company’s use of agreements where it recognised revenue collected for external licensees on its own books. ....

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iSignthis mounts defence against ASIC lawsuit


iSignthis mounts defence against ASIC lawsuit
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Suspended fintech iSignthis is resting part of its defence against the corporate regulator’s civil action on Treasury’s allowance for continuous disclosure relief introduced during the COVID-19 downturn.
iSignthis boss John Karantzis has filed a defence in the Federal Court against ASIC charges.  
iSignthis and Mr Karantzis argue that three contracts entered into in the three months to June 30, 2018 that totalled $3 million were not material to the share price, even though they helped the business reach a $5 million target, triggering the award of 337 million shares to management and other investors.
HWL Ebsworth is acting for iSignthis and Mr Karantzis. The defendants argue that accounting standards or listing rules do not require companies to report that revenue or contracts are one-off in nature. The contracts were for various services. ....

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