Chemeq to pay up for ASX breaches

Animal drug manufacturer Chemeq has agreed to pay the $500,000 penalty suggested to the federal court by the Australian Securities and Investments Commission, for failing to disclose multi-million dollar cost blowouts on its new Rockingham plant in 2003. In a settlement last week, Chemeq also admitted it failed to immediately disclose to investors the news of a successful US patent grant. The company has agreed to pay $170,000 towards ASIC’s legal costs and is awaiting a final decision from Judge Robert French on July 24.

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