Sequoia Financial Group Ltd. (AU:SEQ) has released an update.
Sequoia Financial Group Ltd. has been subjected to final orders by the Panel following a declaration of unacceptable circumstances related to share acquisitions by associated parties. The orders enforce a temporary voting freeze on certain shares, prohibit further share acquisitions by the associates during the freeze, and mandate corrective disclosure by the involved parties. This action comes after the discovery that shares were acquired in violation of regulations, leading to a significant shift in the company’s shareholder structure.
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