???Troubled ASX-listed biotechnology group Sirtex has paid a penalty of $100,000 after allegedly breaching its continuous disclosure obligations to shareholders.
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Sirtex paid the penalty without any admission of liability after being issued with an infringement notice from the Australian Securities and Investments Commission.
ASIC could have sought a higher penalty of $1 million if it had chosen to litigate against the company in court.
Sirtex shocked the market in December when it downgraded its sales growth forecasts for its microspheres, which are used to treat some cancers.
ASIC alleges Sirtex ought to have been aware at least two weeks earlier on November 21 that it would not meet its targets and should have told the market at that time.
Sirtex's Gilman Wong is also being investigated by ASIC for insider trading over trades he made in Sirtex shares ahead of the downgrade. Mr Wong was dismissed from the company following an internal report into his activities. He has previously denied any wrongdoing.
An ASIC spokesman said the investigations relating to Mr Wong were ongoing.
The penalty comes as Sirtex is facing a potential class action from its shareholders over its alleged disclosure breaches.
