Insights

Magnis (ASX:MNS) share price falls 40% this week amid ASIC and board woes

Here’s what might have weighed on the Magnis share price this week.
The post Magnis (ASX:MNS) share price falls 40% this week amid ASIC and board woes appeared first on The Motley Fool Australia. –

The Magnis Energy Technologies Ltd (ASX: MNS) share price is slipping again today amid the resignation of one of the company’s directors.

The resignation comes days after a disputed report was published stating that the company’s chair is being investigated by the Australian Securities and Investments Commission (ASIC).

At the time of writing, the Magnis Energy share price is 43.5 cents, 14.7% lower than its previous close. It’s also 40% lower than it was at the end of last week.

Let’s take a look at what might be weighing on the lithium-ion battery manufacturer’s stock this week.

Why’s the Magnis share price falling this week?

The Magnis share price was put into the freezer on Wednesday after a media outlet suggested ASIC was looking into the company’s chair, Frank Poullas.

As The Motley Fool Australia reported, the article also stated that the watchdog might turn its attention to the company itself in the future.

Magnis’ shares were defrosted later that day when the company released a response to the report. In doing so, the company denied ASIC might investigate it.

Despite the company’s trading halt and refutation, the Magnis share price fell 19% on Wednesday.

The latest news from Magnis was released today. However, as the release is marked as non-price sensitive, it is unlikely to be weighing heavily on the Magnis share price.

It details the immediate resignation of Dr Richard Petty from the company’s board.

It also announced the appointment of former New South Wales Police Investigations Coordinator Michael Gerondis as head of governance, compliance, and risk at Magnis.

In his time with the NSW Police, Gerondis was charged with assessing fraud investigations.

For the last 15 years, Gerondis has worked on projects for private firms and government departments. Such departments have included ASIC and the Australian Taxation Office.

Magnis Energy also released a non-price sensitive announcement updating the market on its New York Lithium-ion Battery Plant today.

The plant is now 40% completed, and all needed permits have been received.

The post Magnis (ASX:MNS) share price falls 40% this week amid ASIC and board woes appeared first on The Motley Fool Australia.

Should you invest $1,000 in Magnis Energy right now?

Before you consider Magnis Energy, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Magnis Energy wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Magnis Energy (ASX:MNS) share price frozen amid ASIC probe

Liftoff: Why is the Magnis Energy (ASX:MNS) share price up 50% in a week?

Magnis Energy (ASX:MNS) share price leaps 6% on lithium battery update

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!