It can happen27 Jul 2022 16:14
Chat sites27 Jul 2022 10:56
Great article about Chat/billboards,
https://www.afr.com/markets/equity-markets/magnis-seeks-court-order-to-reveal-hotcopper-users-identities-20220727-p5b503
(THERE is MORE SO VISIT THE WEB SITE, BUT I LIKE THIS.
Magnis seeks court order to reveal HotCopper users’ identities
ASX-listed battery manufacturing group Magnis Energy Technologies has lodged a federal court application demanding penny stock message board HotCopper disclose the identity of 15 anonymous posters it believes disparaged the company. Grief!
The July 22 application against HotCopper operator Report Card Pty Ltd seeks an order to force HotCopper to disclose the full name and address of each poster in addition to email addresses, any internet protocol (IP) address, the internet service provider, and any social media accounts linked to the HotCopper accounts.
Magnis Energy Technologies aims to build battery manufacturing plants in Townsville and New York.
Magnis refused to comment on the court application, although it’s believed the company is furious over what it sees as a series of malicious and false statements anonymously posted to HotCopper message boards about Magnis’ management and operating performance.
Some posters named in the court application use anonymous HotCopper accounts, including Mondrian, Fritzl, Clare69, Rat1973, Sunrock, and Johnyb26. The Market Herald, parent company of HotCopper, did not immediately respond to a request for comment.
According to court documents, the lawyer for HotCopper operator Report Card agreed to provide the identification details of the posters in compliance with any court order. However, by July 22, K&L Gates, the lawyers for Magnis, sent further correspondence reiterating the identification request and putting Report Card on notice.
Magnis’ chairman Frank Poullas is named as an applicant in the court request as seeking to pursue a defamation claim.
Australian Securities and Investments Commission has previously made inquiries with Magnis over the trading of its shares. In November 2021, the company issued an ASX statement in response to media coverage denying it was being investigated by ASIC, but conceded inquiries had been made.
The battery tech play reached a share price high of 73¢ on a market value of around $714 million on December 11 as retail investor enthusiasm for anything associated with lithium or electric vehicles peaked, but the stock had crashed back to 31¢ on Wednesday.
Magnis owns New York-based company Imperium3, which it says operates a lithium-ion battery manufacturing project. For the nine months to March 31, it reported zero revenue and an operating cash loss of $17.9 million. Investing cash outflows totalled $23.6 million, with the company reporting cash on hand of $81.8 million as at March 31....GL GN
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