- Saint Jean Carbon (TSXV:SJL.V) is facing allegations from the Alberta Securities Commission (ASC), regarding breaches in securities laws
- The ASC has alleged that the company and its CEO made misleading statements which may have affected its share price
- The ASC’s Notice of Hearing claims that the misleading statements were made in news releases from February and March 2017
- The allegations have not yet been proven, but will be addressed in a hearing in the future
- Saint Jean Carbon (SJL.V) has remained unmoved since July 2019 and was last trading at 3.5 cents per share
Saint Jean Carbon (TSXV:SJL.V) is facing allegations from the Alberta Securities Commission (ASC), regarding breaches in securities laws.
The ASC has issued a Notice of Hearing, alleging that the company and CEO Paul Anthony Ogilvie made misleading statements. The alleged statements were expected to have a significant effect on Saint Jean Carbon’s market price or securities values.
The ASC claims that the statements were made in news releases from February and March of 2017. Specifically, the ASC referred to statements made about a purchase order from Panasonic Corporation, which were apparently untrue.
On February 27, 2017, shares in Saint Jean Carbon were trading for 7.5 cents at close of trading. After the first release on February 28, company share prices rose to 18.5 cents per share at close of trading.
The day after that, this had increased even further to 29.5 cents per share. The company also saw a substantial increase in trading volumes as a result of the first news release.
On March 3 and 20, Saint Jean Carbon released two other news releases which sought to further clarify the situation. The day after, the ASC issued an Interim Order against the “reporting insiders” of Saint Jean Carbon.
The initial Interim Order, dated March 21, 2017, prohibited all trading in Saint Jean Carbon securities by the inside reporters.
On April 4, 2017, the Interim Order was extended, and is still currently in effect, over three years later. It will remain so until the proceedings brought about by this new Notice of Hearing are concluded.
While these allegations have not yet been proven, they will soon be addressed. On August 12, 2020, the ASC will convene in Calgary to set a date for a hearing.
Saint Jean Carbon (SJL.V) has remained unmoved since July 2019 and was last trading at 3.5 cents per share.