Prophecy Coal files court case over TSX letter
2013-12-17 13:33 ET - Street Wire
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by Mike Caswell
Prophecy Coal Corp. has filed a petition in the Supreme Court of British Columbia seeking to identify a Stockhouse user who publicly posted a letter the company received from the Toronto Stock Exchange. The company claims that the document was confidential and was obtained after a security breach. Prophecy says it has no way to identify the person who posted the information without assistance from the courts.
The petition comes about three months after a Stockhouse user posted a letter on-line that appeared to be from the TSX. Among other things, the letter questioned a $525,000 payment by Prophecy to a private company controlled by its chief executive officer, John Lee. The payment was characterized as a termination fee, but Mr. Lee was continuing with the company, albeit in a different role, the TSX said. The letter specifically stated that the TSX did not infer any wrongdoing, but simply sought an explanation.
Following the Stockhouse posting, Prophecy issued a brief news release in which it said the letter had been "improperly disclosed to the public." The company did not respond to any specifics of the letter, and did not mention it in any other news releases prior to Monday's court filing.
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There is nothing criminal about posting a letter, even if confidential. The fact that they did not secure their information is not the fault of the poster. I think it may be better that they look inside to find out who gave it to the poster. Or maybe he works there.
Their only recourse would be to fire the person who leaked this. That's it. Bottom line, a total waste of shareholders money.
And on that note, if they CEO took a large package and them gets rehired back, that sure smells rotten to me and is a real waste of shareholders money. He should pay it all back.
Posted by dantheman at 2013-12-17 15:05
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