Rear Window

‘PR-driven’ disclosure judgment costs Getswift a third of market cap

Myriam RobinSenior writer

Nov 30, 2021 – 6.03pm

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Former ASX darling GetSwift is still digesting the recent 859-page judgment of the Federal Court and its avenues for appeal. But some of its shareholders aren’t sticking around to see it all wash out.

Justice Michael Lee’s November 10 judgment found the company and its directors had breached the corporations act through their “public relations-driven approach to disclosure”. Since then, GetSwift’s share price on Canada’s NEO exchange has shed 29.6 per cent. And that’s despite the company on November 13 announcing a swing to profit during the first quarter of FY22.

Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media.