TerraCom's (ASX:TER) managing director, Danny McCarthy, and three former directors and officers have been cleared of allegations brought by the Australian Securities and Investments Commission (ASIC) before the Federal Court of Australia, a court document showed Friday.
The court found that the executives were not directly involved in any misconduct, including claims that they had inflated the energy value of coal shipments.
In a same-day filing with the Australian bourse, TerraCom confirmed the dismissal of the case against its current and former executives.
The company's shares fell almost 4% in recent Friday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.