The directors of embattled startup GetSwift have denied claims made by the Australian Securities and Investments Commission (ASIC), alleging the company of misleading or deceptive conduct.
The commission on Friday took the last-mile delivery software provider and its directors Joel Macdonald and Bane Hunter to court for allegedly failing to meet their continuous disclosure obligations.
“[GetSwift], Macdonald and Hunter irrefutably deny the allegations made by ASIC and, collectively, will vigorously defend the proceedings,” a company statement read.
ASIC is seeking penalties from GetSwift, Macdonald and Hunter, and that the directors be prohibited from managing a corporation for such period as the court sees fit.
The case relates to a series of GetSwift’s ASX announcements between February and December 2017, relating to agreements with clients for using the company’s software-as-a-service platform.
“ASIC alleges that GetSwift made representations in a series of ASX announcements relating to client agreements, between February 2017 and December 2017 that were misleading and that it failed to notify the ASX of material information in relation to these client agreements,” an ASIC statement read.
“Further, ASIC contends that Hunter and 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.”
The matter has been set down for a case management hearing on 1 March.
GetSwift is currently facing a class action lawsuit launched by law firm Phi Finney McDonald on behalf of Raffaele Webb, relating to the same matter.