Can anyone tell me what the point of a prospectus is?I am...

Can anyone tell me what the point of a prospectus is?

I am wondering why ASIC gets so bent out of shape for the requirement of a prospectus for any ongoing capital raisings when companies seem to fill them with complete duff anyway.

I mean, if a company puts out the required prospectus and says: we are going to raise X and spend it on drilling Y and Z and then roundly fails to do what it said in the prospectus, just what does ASIC do about it?

It makes me wonder if that isn't the reason a smokescreen deal might be being planned here to mask that very fact and avoid an investigation?