Jean

is the CFO of X-Mining Ltd, a company listed on the ASX. On Tuesday morning,

while scrolling through a private Discord server that only has 5 members

(comprised of finance professionals and enthusiasts) Jean comes across a post

by a user named “The Fiscal Alchemist.”. The post shares a blurry image of what

appears to be a whiteboard from an industry event, accompanied by the caption:

“Rumour

mill says X-Mining's booth at the Lithium Expo had something spicy scribbled

on a corner whiteboard. Something about ‘strategic positioning’ in WA...  Are we looking at the next lithium whisperer?

#notadvice #justvibes #XMining4Mars”

The

post is deliberately vague and satirical, with hashtags like #YOLOinvesting and

#notinsiderinfo, and it’s only shared within the closed Discord group. The information is not part of any official company

communication and is speculative at best.

Nonetheless,

Jean, amused and slightly intrigued, decides to purchase a significant number

of X-Mining shares. Later that week, an unrelated and surprising announcement

by a major EV manufacturer drives up lithium demand, causing X-Mining’s share

price to rise. Jean makes a substantial profit. ASIC is now investigating

whether Jean has engaged in any misconduct.

Required:

(5 marks)

REQUIREMENT: 

• R v Mansfield

• Nibaldi v RM Fitzroy and Associates
• Ashbury Railway Carriage v Richie
• Hooker Investments V Baring Brothers Halkerston Securities
• ASIC v Citigroup Global Markets

YOU DO NOT NEED TO WRITE YOUR APPLICATION USING THE IRAC FORMAT!!