ot:re:atlas cold storage, can shareholders harmed by the investigation sue the osc for damages?? can they sue to get the identity of the anonymous poster? can they sue to expose the trading record of the anonymous tipper? was this tipper SHORT THE STOCK or compensated by a third party to submit these false claims??
OSC DROPS CHARGES!
OSC drops Atlas charges
Lori Mcleod, Financial Post
Published: Wednesday, February 28, 2007
Tainted evidence from a key witness has led the Ontario Securities Commission to drop quasi-criminal charges against Patrick Gouveia, former chief executive of Atlas Cold Storage Income Trust, who was accused of misleading investors about the company's financial health between 2001 and 2003.
At a provincial court hearing yesterday the OSC discontinued its case against Mr. Gouveia, which included allegations that he and other company executives attempted to improperly inflate earnings and conceal losses at the warehouse operator.
The OSC reviewed the case, which was brought to trial last fall, after new evidence containing interviews with Atlas Cold Storage's forensic auditors was presented by a key witness on Feb. 2.
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An Atlas Cold Storage installation near Toronto. The OSC yesterday decided not to proceed with charges against the firm's former CEO.
Peter J. Thompson, National Post
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Font: ****"This evidence should have been produced to the OSC and the defence in 2005," the OSC said in a statement.
"After a comprehensive review of the new evidence, the OSC has determined that there is no longer a reasonable prospect of conviction because evidence of the key witness was tainted by the disclosure."
The announcement is a "total vindication" for Mr. Gouveia, who has consistently maintained his innocence, said Scott Fenton, one of Mr. Gouveia's lawyers.
The case started with an anonymous letter that triggered an internal forensic audit at Atlas Cold Storage.
This probe of the company's books found that receivables and capital assets had been overstated and expenses under-reported.
In June of 2004, the OSC charged Mr. Gouveia, along with Andrew Peters, the operating company's former chief financial officer; Ronald Perryman, former finance vice-president; and Paul Vickery, the former controller and director of business controls, with engaging "in a course of conduct generally intended to present an improperly improved picture of the financial performance of Atlas for the period including the financial years 2001, 2002, and the first two reporting periods of 2003."
lmcleod@nationalpost.com
© National Post 2007
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