HOTCOPPER FLOAT SLAMMED AS 'CRAZY'
Written on the 19 August 2016 by James Perkins
CUDECO founder Wayne McCrae (pictured) has ripped into share market discussion board HotCopper ahead of its IPO, saying it would be 'crazy' and a 'joke' if the business was able to list.
"It can be, and has been, the case that some postings contain defamatory material or material that may otherwise give rise to legal claims. In instances where this has occurred, HotCopper has moved as quickly as practicable to remove such material."
HotCopper's known legal tangles
The founder of Phytotech, Australia's first medical marijuana company, Ross Smith, says he is going to sue HotCopper over a "vendetta" against him on the forums. "I am going to sue HotCopper because of the clear and blatant disregard for their own posting rules and major breaches of ASIC regulations in regards to the incredible personal attacks on me. They might as well just have a posting thread of 'I hate Ross Smith'," he told Sydney Morning Herald.
Managing director of HotCopper Greg D'Arcy reveals he was forced to remove the entire conversation history relating to Empire Oil & Gas, which included 60,000 posts. ''There is no freedom of speech in Australia,'' said D'Arcy. He told the Sydney Morning Herald that HotCopper receives on average two legal threats per week. In response, the company has its servers and database offshore. Martin Bennet was also involved in the Empire Oil & Gas case. He says Excalibur Mining and Samson Oil issued legal threats in the week before the story.
A fake drilling report posted to the Voyager Resources forum by user Ronny2011 led to the company's share's shooting up 6 per cent in value within an hour. They were quickly placed in a trading halt and the post was exposed as a hoax.
Chairman and managing director of Perth-based Datamotion, Ronald Moir, was awarded $30,000 by the Supreme Court of Western Australia after being defamed by Graeme Gladman, under the alias 'witch'. HotCopper refused to hand over Gladman's details, but Moir's solicitor, Martin Bennett, somehow tracked down Gladman himself.