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Technology Stocks : Corel Corp. -- Ignore unavailable to you. Want to Upgrade?

To: hdl who wrote (7640)	10/23/1999 8:15:00 AM
From: A. Reader	Respond to of 9798

Corel plot thickens Michael Cowpland, the free-wheeling chairman of Canada's best-known software company, burst upon the front pages last week when he was charged with insider trading, tipping off others to inside information and lying to the country's largest securities regulator. Now it seems this might just be the beginning of Corel Corp.'s difficulties. The National Post has learned the Ontario Securities Commission is concerned there may be a systemic problem of insider trading within the firm. "The level of suspicion and distrust coming out of the OSC towards Cowpland is palpable," says a source close to the regulator. As a result, it has extended its investigation to include a handful of senior executives at the Ottawa-based company. All dumped large chunks of their personal holdings of Corel stock scant weeks before the company reported staggering third-quarter losses of $32-million (US) in the fall of 1997 and again this past February. Some of the executives include: - Eid Eid, the former president of Corel Computer Corp., who left his job in 1998 following spirited disagreements with Mr. Cowpland; - Carey Stanton, the dapper vice-president of business development; - Kerry Williams, vice-president of manufacturing and Cowpland loyalist; - Chuck Norris, formerly chief financial officer whose strained relations with Mr. Cowpland forced him to leave Corel in late 1997. Insider-trading documents show that taken together they exercised options worth $665,495.60 and sold Corel shares for $748,169.75, shortly before public investors were made aware of a drastic drop in sales at the software company. For his part, Mr. Cowpland unloaded 2.4 million shares -- almost one-third of his personal holdings -- in the first two weeks of August, 1997, shortly before the shares went into a tailspin. He pocketed $20.5-million.... nationalpost.com

To: hdl who wrote (7640)	10/23/1999 8:26:00 AM
From: A. Reader	Read Replies (1) \| Respond to of 9798

Corel plot thickens ...As well as the 1997 trades, the OSC is said to be reviewing trading activity of other Corel insiders who unloaded their stock in early February this year, about three weeks before the company's dismal first-quarter results were revealed. Critical to the OSC's investigation is determining what, if any, information the Corel executives had about the company's poor financial results at the time they sold their shares. The OSC's review, however, does not necessarily mean the regulator will ultimately take any action.... Refer to: Corel insiders net $934,000 windfall Saturday 27 March 1999 Stock options exercised weeks before quarterly loss warning ottawacitizen.com And Corel Corporation Responds To Media Reports On Insider Trading Activity March 26, 1999 corel.com