Albert is a member of Lazy Days Ltd which is a company listed on the Australian Securities
Question:
Albert is a member of Lazy Days Ltd which is a company listed on the Australian Securities Exchange (ASX). It is a very profitable company which owns and operates a chain of bed and breakfast accommodation locations across Australia. Last Wednesday Albert attended a members-only meeting of Lazy Days Ltd. There were several matters discussed at the meeting including a new proposal to change Lazy Days Ltd's logo because it was last changed in the 1970s and now looks very outdated. During a coffee break during the meeting Albert was chatting to other members and several directors who told him about a vague rumour that the company could be perhaps launching a takeover bid for a smaller company or buying another company's business.
After the meeting, Albert rang his executive assistant Martha and told her about what he had heard at the members-only meeting. He told her to immediately buy him 1,000 shares in Lazy Days Ltd. Later that day Martha purchased those shares for Albert. She also decided to purchase 500 shares for herself as well and made a note that Lazy Days Ltd would be changing its logo in the future. Two days later it was announced on the television news that Lazy Days Ltd was going to be launching a takeover bid for another company and changing its logo. Albert emailed Martha and told her to sell the shares immediately. She sold them but did not make a profit which made her very angry at Albert because both of them had lost a lot of money.
Please answer the following question using IRAC:
Have Albert and/or Martha breached the Corporations Act 2001 (Cth) in relation to the purchase of the shares in Lazy Days Ltd's and the announcement of the change of the logo? Explain using the law to support your answer.