Australian soy-based food producer, Freedom Foods (since renamed Noumi), listed on the Australian Stock Exchange in 1985. The first sign of trouble emerged in May 2020 when the company gave a detailed trading update relating to COVID, disclosing provisions and inventory write-downs of A$29m which had led to company to cancel its dividend and renegotiate terms with its main bankers. This prompted a 20% share price decline. The second sign of trouble was the CFO's resignation in late June, followed a few days later by a requested stock suspension. Write-downs and provisions had been revised sharply upwards to A$80m. The company warned that its previous financials could not be relied upon and had commenced an internal investigation. In November 2020, the company revealed that it would have to make write-downs and adjustments of A$590m for FY20 (end-June), more than 90% of equity. At the time of writing, the Australian Securities Commission was conducting an investigation. Freedom Foods is a confirmed fraud. 

Last updated July 2022.

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