Douglas Arthur Montrose Graham v The QueenMichael Howard Reeves v The QueenWilliam Patrick Jeffries v The QueenLawrence Roland Valpy Bryant v The Queen - SC 59/2013 ; SC 60/2013; SC 61/2013; SC 62/2013

Media releases

Summary

Criminal appeal – Conviction and Sentence – Whether Court of Appeal was correct to uphold trial Judge’s conclusion that statements in amended prospectus were untrue – Materiality of omissions – Notional investor test – Securities Act 1978, ss 55 and 58(1) – Whether Court of Appeal correct uphold trial Judge’s conclusion that directors did not have reasonable grounds for their honest belief that the statements in the amended prospectus were true – Securities Act 1978, s 58(2)(4) – Whether directors were permitted to place reliance on external expert advice – Companies Act 1993, s 138 – Whether Court of Appeal correct to rule that sentences imposed by trial Judge were manifestly inadequate – Sentencing Act 2002.

Result

A The appeals are allowed.
B The sentences imposed by the Court of Appeal are set aside and the sentences imposed by Dobson J are restored.
7 May 2014
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Application for recall dismissed.
Costs are reserved.
22 July 2015

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