On 22 July 2026, Justice Jackman handed down judgment in ASIC v Noumi Ltd & Ors (No7) [2026] FCA 958, a civil penalty proceeding alleging continuous disclosure contraventions and a breach of directors’ duties against Noumi’s former CEO, Mr Macleod. His Honour found that ASIC failed to establish the continuous disclosure allegations against Mr Macleod, but succeeded in part on its s 180 directors’ duties case. ASIC also succeeded on one aspect of its s 344 case (failing to take reasonable steps to ensure financial statements give a true and fair view), but failed on its s 1309 case (providing false or misleading information to the Board).
Alinea's Leanne Rich acted for Mr Macleod, led by Jeremy Giles SC and Sebastian Hartford-Davis, appearing with Maggie Kearney, and instructed by Grant Bonner and Philip Archer of Norton Rose Fulbright.
The case will now proceed to hearing on relief and penalty.
