The corporate watchdog succeeded in its case against Regional Express and its former chairman. However, a court cleared three other non-executive directors.

Rex contravened its continuous disclosure obligations and misled the market, the NSW Supreme Court found on Tuesday.

Rex Airlines has been found to have misled the sharemarket, but the corporate cop did not prove its case against some former non-executive directors.

The corporate watchdog succeeded in its case against Regional Express and its former chairman. However, a court cleared three other non-executive directors.