EDMONTON – An executive of CV Technologies Inc., the maker of Cold-fX, has been accused of illegal insider trading by the Alberta Securities Commission.
Communications vice-president Warren Michaels is alleged to have avoided a $20,000 trading loss by selling shares of the Edmonton-based company in December 2006 before news was released that initial sales of Cold-fX in the U.S. were disappointing.
The commission alleges Michaels knew significant product returns from U.S. retailers were likely to occur and failed to exercise due diligence when he sold shares between December 13 and 19, 2006.
The allegations, which have not been proven, will be heard January 9, 2008 in Calgary.
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