were involved in the breaches by MG and MGRE
of their continuous disclosure obligations in the Corporations Act; and breached their duties as directors and officers to act with reasonable care and diligence by: failing to adequately monitor the financial position and performance of MG and MGRE
against the February Earnings Guidance; failing to inform the Board before 26 April 2016 of information which indicated the February Earnings Guidance was unlikely to be achieved; causing or otherwise permitting MG and MGRE
to make misleading statements in the February Announcement; and causing or otherwise permitting MG and MGRE
to breach their continuous disclosure obligations.
For the MgRE
alloys, one Mg atom is substituted by a rare earth metal in the 4th, 5th, 6th, 7th, 8th, 9th, and 10th layers, respectively.
MGRE, with offices in Lake Success, NY and Manhattan, has operated since 1980.
According to James Goldstick, Vice President of MGRE, "The entire MGRE organization is enthusiastic to have joined forces with one of the most prestigious management firms in NYC to create a combined dynamic new team that will capitalize on the best practices of the two firms which will benefit our existing clients and prospective new clients throughout the New York Metropolitan area." Systems, procedures and methods will be integrated over the next few months.
MGRE'S Joppa facility functions both as a distribution center and as a conventional warehouse.
Pre-packed cartons: This type of merchandise, which MGRE terms "casepack," arrives pre-ticketed.
Lou Heyman, MGRE's vice president of warehousing, adds, "Obviously MGRE has made a tremendous investment here, but this is how we justify it: time lost shipping a product is time lost selling a product.
On 29 February 2016, MGRE released announcements to the ASX forecasting:
ASIC alleges that MGRE, in contravention of section 674(2) of the Corporations Act 2001 (Cth), from 22 March 2016 until 8:48am on 27 April 2016, failed to notify the ASX that circumstances had arisen a consequence of which was that Murray Goulburn Co-operative Co.
The Court will hear joint submissions from ASIC and MGRE as to the appropriate penalty amount.