Phony press release affects trading; IIROC reacts

By Staff | March 4, 2015 | Last updated on March 4, 2015
1 min read

Last week someone put out a phony press release on a TSX-listed company and it affected trading. IIROC explains what it did about it.

“On March 3, 2015, IIROC made a ruling affecting trades in Immunovaccine Inc. (TSX: IMV).

“IIROC halted trading in Immunovaccine at 10:20 a.m. on February 27, 2015. Following the halt, the company issued a statement that it had been made aware of the dissemination of a fraudulent press release, purporting to be from Immunovaccine.

Read: IIROC addresses problem of order routing to U.S.

“In light of the circumstances and upon full consideration, IIROC Market Integrity Officials have issued a ruling in the interest of market integrity and to ensure fair and orderly trading in Immunovaccine.

“The 136 trades executed between 9:51 a.m. (when it appeared that prices were affected by the above-mentioned press release) and the trading halt will be amended to a price of $0.73 or cancelled. These changes will take place before settlement of the trades on March 4, 2015. IIROC’s ruling has been communicated to all Participants involved in the affected trades.

“IIROC continues to liaise with other regulatory partners regarding this event.”

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The staff of have been covering news for financial advisors since 1998.