Euromax sues Patriarco for insider trading
2010-07-14 14:29 ET - Street Wire
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by Mike Caswell
Euromax Resources Ltd. has filed an insider trading suit against former director Anthony Patriarco, claiming that he sold shares with advance knowledge that title to one of the company's properties was in jeopardy. The suit, filed on July 12, 2010, in the Supreme Court of British Columbia, accuses Mr. Patriarco of selling 782,000 shares in the three months before the company publicly disclosed that it could lose title to its Ilovitza 4 permit in Macedonia. The company had kept the news confidential to keep competitors from attempting to acquire the ground.
The lawsuit comes less than one week after a group of dissident shareholders led by Mr. Patriarco proposed replacing the company's board. The dissidents complained that Euromax's price had significantly fallen, and that the company had spent most of its treasury with little corresponding increase in share value.
Euromax's claim
In its notice of claim, Euromax says it learned on Nov. 12, 2009, that its title to the Ilovitza 4 permit was in dispute. The government of Macedonia (a small country north of Greece) decided that the permit was not eligible for an extension under new mining laws enacted in 2008. The company and its joint venture partner then had to enter into a tender process to reacquire the ground (which has not yet begun).
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My, my. Sedi says that Blue Ridge (Patriarco, Anthony) sold in excess of 780,000 shares between January 6, 2010, and March 31, 2010, but didn't report the sales (or the 2009 acquisition of 5,345,662 shares) until June 9, 2010.
Tsk, tsk. The BCSC will have dinged him for his tardiness; unfortunately, BCSC late-filing penalties are considerably lower than what the Vancouver Public Library (VPL) charges patrons for over-due library books.
Sedi says that Mr. Patriarco is still holding onto the 17,536,085 shares held by his Patriarco Holdings Ltd.
He certainly seems to have known how to report his Patriarco Holdings Ltd acquisitions and disposals in a timely manner...but he hasn't reported any changes in the number of these shares since 2009-08-11.
Let's hope that he wasn't as forgetful about these shares as he was with his Blue Ridge holdings, as those penny-ante BCSC dings ($10 bucks per late report, innit?) can cut into the profits.
Wonder if he's got a VPL card?
Posted by halcrow at 2010-07-14 16:22
Maybe he needed the money for booze and hookers like most Howe Street players do?
Posted by Swedish Touch at 2010-07-15 02:24
This from someone leading the 'dissident' charge. I would say "over and out" is the word on the dissidents if that is what their leader is up to.
Where does one line up to recoup what he has cost us .. Class action lawsuit may be more appropriate ...
Posted by P. OD! at 2010-07-15 13:44
The case seems very clear to me. Was losing the title material information - looks like a yes. Did the Directors know about this - to be determined. But if the directors know about this, and traded on material undisclosed info, then it looks not-kosher to me.
Posted by Du-rag at 2010-07-19 17:05
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