Australian Securities and Investments Commission v Noumi Limited [2024] FCA 862

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Noumi Limited [2024] FCA 862 File number: NSD 163 of 2023

Judgment of: JACKMAN J

Date of judgment: 5 August 2024

Catchwords: CORPORATIONS – continuous disclosure regime for entities listed on the Australian Stock Exchange – civil penalty – where defendant in business of manufacturing and selling food products – where valueless inventory not written off – where revenue included invoices for unfulfilled purchase orders liable to cancellation REPRESENTATIVE PROCEEDINGS – whether civil penalty should be paid into court – where interveners have initiated representative proceedings in the Supreme Court of Victoria

Legislation: Corporations Act 2001 (Cth) ss 674, 1317G, 1317QF

Cases cited: Australian Building and Construction Commission v Pattinson (2022) 274 CLR 450 Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union [2018] HCA 3; (2018) 262 CLR 157 Australian Competition and Consumer Commission v Australian Safeway Stores Pty Ltd [1997] FCA 450; (1997) 145 ALR 36 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2015] FCA 330; (2015) 327 ALR 540 Australian Competition and Consumer Commission v Dell Australia Pty Ltd (No 2) [2023] FCA 983 Australian Competition and Consumer Commission v Equifax Australia Information Services and Solutions Pty Ltd [2018] FCA 1637 Australian Competition and Consumer Commission v Get Qualified Australia Pty Ltd (in liq) (No 3) [2017] FCA 1018 Australian Competition and Consumer Commission v TPG Internet Pty Ltd (2013) 250 CLR 640 Australian Securities and Investments Commission v Chemeq Ltd [2006] FCA 936; (2006) 234 ALR 511 Australian Securities and Investments Commission v Holista Colltech Ltd (No 2) [2024] FCA 516 Australian Securities and Investments Commission v Westpac Banking Corporation [2019] FCA 2147 Commonwealth v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; (2015) 258 CLR 482 Construction, Forestry, Mining and Energy Union v Cahill [2010] FCAFC 39; (2010) 269 ALR 1 Crowley v Worley Ltd [2022] FCAFC 33; (2022) 293 FCR 438 Grant-Taylor v Babcock & Brown Ltd (in liq) [2016] FCAFC 60; (2016) 245 FCR 402 James Hardie Industries NV v Australian Securities and Investments Commission [2010] NSWCA 332; (2010) 274 ALR 85 Markarian v R [2005] HCA 25; (2005) 228 CLR 357 Minister for Industry, Tourism and Resources v Mobil Oil Australia Pty Ltd [2004] FCAFC 72; (2004) ATPR 41–993 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission [1996] FCA 1134; (1996) 71 FCR 285 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission (2012) 287 ALR 249 Trade Practices Commission v CSR Ltd [1991] ATPR 41–076