TORONTO, May 20 /CNW/ - Paul Donald categorically denied the allegations made by the OSC in its statement of allegations released today.
"I believe the allegations by the OSC that I have breached insider trading provisions to be without merit", said Mr. Donald. "In the summer of 2008 I was working at Research In Motion ("RIM") two days a week. I was not involved in RIM's discussions with Certicom and did not know about them".
"On August 20 I had a casual conversation with a colleague at a golf course in which we discussed companies that we thought were undervalued. My colleague at no time suggested to me that he was a 'person in a special relationship' with Certicom or that RIM had been in confidential discussions with Certicom. I did not and do not believe our discussion involved any material information about any of the companies we discussed".
"I learned about many of the background details of RIM's dealings mentioned in the OSC's allegations for the first time upon reading the allegations", said Mr. Donald.
Kevin Richard, of Groia & Company, counsel to Mr. Donald, stated that "it would appear to be ill-advised to base an allegation of insider trading on a casual conversation where one party, if they actually passed on a material fact, had an obligation to advise the other party that the fact was material and confidential. If a fact was not material, there could be no tipping allegation or insider trading allegation. If a fact was material and was passed on without a proper warning, I would expect a tipping allegation to be made". Mr. Richard stated he was not aware of any tipping allegation being made by the OSC against Mr. Donald's colleague.
"Our client is prepared and ready to defend these allegations and looks forward to being fully exonerated", said Mr. Richard.
SOURCE PAUL DONALD
For further information: For further information: media should contact: Joseph Groia or Kevin Richard, Groia & Company, (416) 203-2115