Australia’s corporate watchdog has alleged internet search company Uglii’s multibillion-dollar earnings projections are a sham and the existing managers should be removed to protect shareholders and creditors.
Counsel for the Australian Securities and Investments Commission, Michael Pearce, QC, told a Federal Court hearing on Friday the Victorian firm was a house of cards built on wildly inflated and untested claims by chief executive John Knorr.
“There is hardly a need for me to say, your honour, that these are not small numbers,” said Mr Pearce in reference to the now former chief executive’…
Read the full article at: http://www.smh.com.au/business/asic-savages-online-search-firm-ugliis-multibilliondollar-claims-20160729-gqgoyp.html
