The Australian Securities & Investments Commission announced that ASX-listed defence, space and communications manufacturer Electro Optic Systems Holdings Limited (EOS) has admitted breaching its continuous disclosure obligations after failing to promptly update the market on a materially significant downgrade to its 2022 annual revenue outlook. Between May and June 2022, EOS issued earnings guidance to the Australian Securities Exchange indicating it expected 2022 revenue to equal or exceed AUD 212.3 million. By 25 July 2022, EOS became aware its 2022 revenue was likely to be AUD 164 million, with a possibility of an additional AUD 27 million, but did not disclose this information for 14 weeks, until 31 October 2022. EOS admitted the breach was in contravention of section 674A(2) of the Corporations Act 2001, and ASIC separately commenced proceedings against former CEO and director Dr Ben Greene for alleged breaches of directors’ duties.
Australian Securities & Investments Commission 2025-11-26
Australian Securities & Investments Commission says Electro Optic Systems Holdings admitted continuous disclosure breach over 2022 revenue forecast cut from AUD 212.3 million to about AUD 164 million
The Australian Securities & Investments Commission announced that Electro Optic Systems Holdings Limited admitted to breaching continuous disclosure obligations by failing to promptly update the market on a significant downgrade to its 2022 revenue outlook. EOS delayed disclosing a revised revenue forecast of AUD 164 million, potentially plus AUD 27 million, for 14 weeks. ASIC also initiated proceedings against former CEO Dr Ben Greene for alleged breaches of directors’ duties.