A regional airline's claim that it was on track for a profit as it hurtled towards a nearly $32 million operational loss was "not tenable" for a responsible listed company, a court has heard.
The corporate regulator is suing former directors of Rex after accusing them of misleading and deceptive conduct over a February 2023 market statement touting an upcoming full-year profit.
The statement wasn't altered until June 20, 10 days before the financial year ended, when the company warned of an ultimate pre-tax $31.7 million operational loss.
