Guilty verdict for former Nathans directors
They were remanded on bail at the High Court in Auckland today and have been ordered to surrender their passports ahead of sentencing on September 2.
Financial Markets Authority (FMA) chief Sean Hughes welcomed the verdict, saying it sent a clear message of responsibility to issuers of securities and their directors.
"Today's decision has reinforced the responsibility that every director of an issuer has to provide truthful and complete information to investors," he said.
"The verdict will also send a clear signal to investors that it's safer to enter the markets, with greater policing of behaviour, and this will contribute to capital markets growth over time."
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