The corporate regulator has begun federal proceedings against 162-year-old health, beauty and wellness company McPherson’s, alleging it breached continuous disclosure obligations and engaged in misleading and deceptive conduct when it raised $46 million of capital in October 2020.

McPherson’s issued a cleansing notice on November 2, 2020, as part of its capital raising, only to revise its 2021 first-half guidance and withdraw its guidance for the full year on December 1, 2020, prompting a 34.5 per cent slide in its share price.