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flag Australian regulator sues airline Rex and directors for misleading investors on profits.

flag Australian regulator ASIC is suing regional airline Rex and four of its directors for allegedly misleading investors with an overly optimistic profit forecast in February 2023, without disclosing a $35 million shortfall. flag ASIC seeks to disqualify the directors and impose financial penalties but not against the company itself. flag The airline, which has been in administration, faces challenges including a lack of transparency and financial struggles since expanding into competitive domestic routes. flag The Transport Workers Union is urging the government to intervene to ensure Rex continues servicing regional routes.

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