Montréal - On September 5, 2012, the Bureau de décision et de révision (the "Bureau") handed down a decision in a matter in which the Autorité des marchés financiers (the "AMF") alleged that illegal insider trading had been committed by various officers and former officers of MEGA Brands inc.
The Bureau ruled that the AMF did not meet its burden of proving that the information held by Marc Bertrand, President and Chief Executive Officer, Vic Bertrand, Innovation Officer, Alain Tanguay, former Chief Financial Officer and Brahm Segal, former Vice-President, Development when securities of MEGA Brands were traded on December 14 and 15, 2005 was privileged, i.e. information that had not been disclosed to the public and that could affect the decision of a reasonable investor.
The AMF, which launched the proceedings in May 2011, will use the time available to it to carefully consider the decision rendered by the Bureau before announcing whether it will appeal this matter before the Court of Québec.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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