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Australian defense firm fined $4M for misleading revenue forecast.
An Australian defense technology company, Electro Optic Systems, was fined $4 million by a federal court for failing to update its 2022 revenue forecast.
The company announced it expected $212.3 million in revenue, but internal documents showed it would likely be closer to $164 million.
This misleading information led to nearly $31 million in share trades before the company corrected its statement.
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La firma de defensa australiana fue multada con 4 millones de dólares por hacer pronósticos engañosos de ingresos.