Montréal - Following unusual trading that took place on February 14, 2013, the Autorité des marchés financiers (the AMF) has become aware of a series of allegations from investors concerning recent and past fluctuations in the price of Orbite Aluminae inc. shares (TSX: ORT). In collaboration with partners, the AMF is currently conducting an investigation to verify whether these allegations are founded.
So far, an analysis of trading that took place after markets opened on February 14, 2013 shows that investors had placed sell stop orders, in some cases several days before February 14, on a large number of shares. The automatic triggering and subsequent execution of these stop orders placed significant downward pressure on the stock and led to a major decline in the price of Orbite shares. Under the circumstances, the Investment Industry Regulatory Organization of Canada (IIROC) conducted a review and ruled that all trades which were executed at a price below $1.90 either be cancelled or varied to a trade price of $1.90.
The AMF will not comment on or give interviews regarding this matter to ensure the integrity of its investigation process.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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