TGL WHAAAAAAAT! Alerts, thoughts, discussion. Message Board

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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: Israel who wrote (11856)	10/14/1999 6:21:00 PM
From: Mr.Manners	of 150070

Oops Corel CEO charged with insider trading Thu Oct 14 17:05:49 1999 OTTAWA - Michael Cowpland, the high-profile chief executive officer of the Canadian software company Corel Corp. was charged Thursday with three counts of violating securities law. The charges, laid by the Ontario Securities Commission, relate to allegations of insider trading back in 1997, before the company filed its disappointing third-quarter numbers. The OSC also charged Cowpland's personal holding company, M.C.J.C. Holdings Inc. with selling off stock using inside information. In August 1997 Cowpland sold 2.4 million shares in Corel, six weeks before the company posted poor financial results which sent the stock into a 33-per-cent decline. Shareholders had been expecting a profit in the third-quarter but were surprised with a $32-million loss. The OSC has been investigating Cowpland for almost two years and completed its investigation in August. Investigators calculated Cowpland made $7.1 million more by selling the shares in August than if he had sold them after Sept. 25 when the third-quarter results were released. The charges were laid in the Ontario Court of Justice and require Cowpland or his lawyer to appear before the court on November 22. Cowpland says he didn't do anything wrong and that he sold the shares to pay off personal loans. In a news release Thursday he said he's looking forward to having a chance to clear his name. At the completion of the two-year investigation the OSC said it could file charges in a criminal court or conduct its own civil proceedings against Cowpland. Corel has already settled one lawsuit over the allegations with a U.S. investment group. Cowpland and former Chief Financial Officer Charles Norris were named as individual defendants in the suit. The settlement agreement with Great Neck Capital has been put before a New York court for approval. In announcing the settlement in September, Corel said the legal action was without merit but the settlement was in the best interest of the company and its shareholders.

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