News: IMF IMF Bentham announces funding of class action against against UGL Ltd, page-21

Exactly right, no court would accept an argument of 'we ignored the continuous disclosure obligations under law in order to maximise profits'

That is essentially asking the court to prioritise one legal obligation over another. But the directors fiduciary duty under law is to act in the best interests of shareholders and the company - you cannot argue that acting in the best interests of the company includes selectively ignoring legal obligations - clear breach of directors fiduciary duty there. Disappointing that the corporate regulator doesn't police these but at least a private entity is doing part of the job.