What’s with Sirtex Medical Now?

  • Sep 26, 2018 AEST
  • Team Kalkine
What’s with Sirtex Medical Now?

The Australian Securities and Investments Commission (ASIC) has put a charge on the former chief executive of Sirtex Medical’s, Gilman Wong with one count of insider trading. ASIC, the regulator last year was investigating the events at Sirtex that had taken during the second half of the 2016 calendar year. ASIC had put the allegation that former CEO Mr Wong was in possession of inside information related with Sirtex’s sales, when he sold 74,698 shares in Sirtex on 26 October, 2016.

The matter was then adjourned and Mr Wong then had apparently sold his shares for the payment of a tax liability, which he could now get a maximum prison sentence of 10 years if proved guilty. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. Meanwhile, Sirtex Medical had terminated Mr Wong from his employment in January 2017 after legal adviser Watson Mangioni had given a confidential report that includes concerns related with the trading of company shares by Mr Wong. The questions about Mr Wong were first raised when he had sold $2.1m worth of shares on October 26, 2016 at an average price of $28.48. This was the day after when Sirtex sales update was questioned by the ASX for allegedly “imprecise terms”. The ASX then returned back to Sirtex on December 2, 2016 and was told that the forecast for “double-digit growth guidance for dose sales” still holds. However, on December 9, 2016, Sirtex had downgraded its growth guidance for dose sales to be between 5 per cent and 11 per cent. This earnings downgrade was a shock and with this result in December, stock plunged by 37 per cent. It is projected that Mr Wong saved $1 million by getting out early. Meanwhile, the investors also launched legal action against the company after the earnings downgrade, which Sirtex has said that it would “vigorously defend”, for alleged misleading and deceptive conduct related to sales growth forecasts. 

Furthermore, the statement of claim was issued related with the case that had alleged regarding the breaches by the company of its continuous obligations and alleged misleading and deceptive conduct. Sirtex was previously fined an amount of about $100,000 by ASIC in September 2017 when they found it was in breach of its continuous disclosure obligations the prior year. Additionally, a second class action was started in December 2017. Both class actions have since been into consolidation to a single proceeding. Sirtex had told investors in August that the company expects that the consolidation proceeding would be set down for hearing in April 2019. On the other hand, Sirtex is now sold to Chinese group CDH Investments in a $1.9 billion transaction, and got de-listed from the ASX lately.

Dividend Stocks To Buy

The Income available from dividends remains attractive for many investors.

We take a look at the best yields on the market and assess what they say about a company’s prospect.

One Thing is certain, though, Australia interest rates are still low, making income difficult to come by and keeping the focus for many investors on high yielding stocks. Kalkine’s team of analysts bought you handpicked report for “Top 25 Dividend Stocks For 2018.”

ASX-relevant Special Reports are published year-round to provide a detailed analysis into an investing opportunity or a potential risk to your portfolio.

Click here to get your free report.


The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkinemedia.com and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendation.


All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK