Southcorp was today fined A$100,000 (US$72,000) after admitting breaching Australian Stock Exchange listing rules. Legal action against the wine producer began in February of this year.
Southcorp admitted in a statement that in April last year its then executive general manager for corporate affairs, Glen Cunningham, had sent an email to 11 analysts giving information on the likely impact of the poor 2000 premium wine vintage on forecast earning for the 2003 financial year.
The company admitted to the Federal Court that it had failed to comply with Australian Stock Exchange listing rule 3.1 by not making the information generally available.
Under the Corporations Act, Southcorp could have been fined up to A$200,000 (US$120,000) if it is had been found guilty. By admitting the breach, the company was not liable to the full fine.
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