OSC attempting to block Royal Group insider trading (April 10, 2006)
The Ontario Securities Commission (OSC) is seeking to prevent insiders of the Woodbridge, Ont.-based plastics proce...
The Ontario Securities Commission (OSC) is seeking to prevent insiders of the Woodbridge, Ont.-based plastics processor Royal Group Technologies (RGT) Ltd. from trading company stock after it failed to file its 2005 financial statements on time.
The OSC is seeking a court order to block 30 people, including president and chief executive officer Lawrence Blanford and chief financial officer James Lawn, from trading RGT stocks until two days after the company files the proper documents with regulators.
RGT missed the end-of-March deadline to file its audited 2005 financial results.
The company, which is already facing criminal and regulatory investigations in Canada and an investigation by the U.S. Securities and Exchange Commission (SEC), said that the reporting delay was caused by “the combined impact of a number of issues,” including accounting accounting for numerous divestitures, writedowns and discussions with the SEC.