April 30 (Reuters) - Australia's securities regulator

said on Tuesday that it had filed a lawsuit against Magnis

Energy Technologies ( MNSEF ) and its chairman for failing to

disclose details about the lithium-ion battery firm's U.S.

manufacturing facility.

The Australian Securities and Investments Commission (ASIC)

alleged that Magnis, despite becoming aware of inaccuracies in

its claims regarding funding of the Endicott, New York battery

plant and cell output capacity, failed to disclose the

information in a timely manner.

The lithium-ion battery facility is run by U.S. business

Imperium3 New York (iM3NY), in which Magnis holds a majority

stake.

Magnis made multiple announcements between April 2021 and

March 2023, stating the project was fully funded to generate at

least 1 GWh of lithium-ion battery cells per year and that the

project had begun commercial production, among others.

However, the regulator alleged that by at least January

2023, Magnis and Executive Chairman Frank Poullas were aware

about the inaccuracies in their claims and predictions and that

"the plant at that time was struggling to produce 300 battery

cells per day".

"The company will examine the statement of claim in

conjunction with its legal advisers and will keep the market

informed as required," Magnis said in an exchange filing.

The matter will be listed for a case management hearing on a

date to be fixed by the court, the regulator said, adding that

it was seeking declarations and pecuniary penalties against the

company and Poullas.

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Anil

D'Silva and Subhranshu Sahu)