BRIEF-Australia's ASIC Says Sued Magnis Energy Technologies, Executive Chair Over Disclosure Failures

Reuters04-30

April 30 (Reuters) - Australian Securities & Investments Commission:

* SUES MAGNIS ENERGY TECHNOLOGIES AND ITS EXECUTIVE CHAIRMAN FRANK POULLAS OVER DISCLOSURE FAILURES

* LAUNCHED CIVIL PENALTY PROCEEDINGS IN FEDERAL COURT AGAINST MAGNIS ENERGY TECHNOLOGIES

* ALLEGES MAGNIS BECAME AWARE THAT CLAIMS IT HAD MADE ABOUT IM3NY BATTERY PLANT’S FUNDING, AMONG OTHERS WERE INCORRECT

* CIVIL PENALTY PROCEEDINGS AGAINST MAGNIS ALLEGING IT FAILED TO DISCLOSE MATERIAL INFORMATION ABOUT ITS LI-ION BATTERY MANUFACTURING FACILITY

* SEEKING DECLARATIONS AND PECUNIARY PENALTIES AGAINST BOTH MAGNIS AND EXECUTIVE CHAIRMAN

Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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