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SEC bans, fines Neptune Wellness ex Moretz

2024-05-06 20:21 ET - Street Wire

Also Street Wire (C-NEPT) Neptune Wellness Solutions Inc (1)

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by Mike Caswell

The U.S. Securities and Exchange Commission has banned and fined John Moretz, the former chairman of Quebec's Neptune Wellness Solutions Inc., for insider trading. The SEC claims that Mr. Moretz tipped a friend about a "transformational" acquisition before the deal became public. The friend's wife then bought $500,000 worth of Neptune shares, telling her broker that the stock would reach $12 (when it was last at $3.50), the SEC says. (All figures are in U.S. dollars.)

The penalties for Mr. Moretz, 74, are contained in an administrative order that the SEC released on Friday, May 3. The order bars Mr. Moretz from serving as an officer or director for three years and imposes a $115,000 fine, payable within 21 days. The sanctions represent a negotiated settlement, in which Mr. Moretz has not admitted any wrongdoing.

The order arises from the promotion of Neptune Wellness, a cannabis company that was listed on the Toronto Stock Exchange and Nasdaq. Mr. Moretz had become involved with the company in February, 2014, and served as its chairman from 2017 until he resigned in February, 2022. He owned about 3 per cent of the company's shares.

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sounds like 99.9999% of listings in Canada present day. Non disclosure, just lips flapping making grandiose claims. Result is no public interest in buying Canadian paper. best one heard was a takeover at 4x current price. asked why no news, answer was, lawyer said no announcement as the deal did not happen yet. said congrats. deal closed, news went out, 1/150 who got tip bought and got tar and feathered. disclosure, disclosure.....

Posted by oh at 2024-05-07 08:34