Australia's Holista drops after ASIC commences civil penalty proceedings

Holista Colltech

05/08/2021 07:00

** Shares of biotech co Holista Colltech Ltd  HCT.AX  fall
as much as 6.1% to A$0.062, their biggest intraday pct fall
since July 28
    ** Corporate regulator Australian Securities and Investments
Commission (ASIC) on Aug. 4 commenced https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-202mr-asic-takes-holista-colltech-limited-and-its-ceo-to-court-over-covid-19-product-claims
 civil penalty proceedings in the Federal Court against HCT and
its Executive Chairman and CEO Rajendran Marnickavasagar 
    ** ASIC says HCT allegedly made misleading statements
regarding the sale orders for its sanitiser product and its
effectiveness against COVID-19.
    ** ASIC also alleges that on April 9, 2020, HST announced
that Health Therapies LLC placed orders for 415,000 bottles of
HST's NatShield product, for delivery between April and June
2020, when those orders had not been placed
    ** HCT says it has appointed lawyers to defend the
proceedings  urn:newsml:reuters.com:*:nASX2MCnqv
    ** HCT stock down 8.3% this year, as of last close on August
3, when it last traded
    
  

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))