CALGARY, Aug. 9, 2018 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Application against Marc Culver Cohodes, seeking an interim order that Cohodes cease trading in securities of Badger Daylighting Ltd. (Badger) and be prohibited from disseminating to the public any statements relating to Badger that he knows or reasonably ought to know are misleading or untrue.
The ASC Notice of Application states that in support of the application, Staff will rely on grounds that include:
- Cohodes holds a "short" position in securities of Badger;
- On June 27, 2018, Cohodes misrepresented on social media a picture of a Badger truck as support for his allegation of illegal toxic dumping; and
- Cohodes has made numerous public claims of a similar nature over a period of more than a year, coinciding with the acquisition of his short position.
ASC Staff allege that there is evidence that Cohodes made misrepresentations and that he engaged in an act, practice or course of conduct relating to the securities of Badger that he knew or ought reasonably to have known would result in or contribute to an artificial price for those securities.
The allegations have not been proven.
The application is scheduled to be heard on August 15, 2018 at 9:00 a.m. in the ASC Hearing Room on the 5th floor, 250 – 5 Street SW, Calgary, Alberta.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission
For further information: For Media Inquiries: Hilary McMeekin, Manager, Communications, 403.592.8186; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488