First Global Data Ltd FGBDF

RE:HOPE or LIABILITY

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roadside26 wrote: I hope that I am wrong and that the new appointment to the board just 43 days ago and who has a "wealth of telecommunications experience" at Bell Media is a positive sign that FGD is looking for opportunities; a partnership, sale, etc.

After all, why in the world would someone with his wealth of experience come on board if not to facilitate favorable marketing of the company's assets?

The status of current operations, technolgy, partnerships and U.S. state licences is material information.

The current directors of the company owe the shareholders an update and explanation as to the company's course of action, now. 

Otherwise;

A class action should be brought against the OSC and other investigative bodies for putting us shareholders in a worse position by preventing us from trading. If, as requested by the company at the time, the OSC had instead halted trading by the company's directors and management but continued to allow trading by common shareholders, we could have weighed the information and acted accordingly. Other companies continue to trade while they are under investigation. We were never given the chance.

Not only did the OSC impede shareholders but it also impeded and jeopardized the company and its strategic operations, ability to attract funding, capital structure and restructure of debt, its partnerships and state licenses. Not a word has come from them regarding their "investigation." 

I would also go after the following:

All the directors of the board, personally, who had a fiduciary duty to shareholders prior to, during and subsequent to the company’s representation of financial statements, including:

Andre Itwaru, CEO & Chairman of the Board

Nayeem Alli, Chief Financial Officer

As well as all the others who owed a duty of care to shareholders but slinked away.

“A corporation's directors and officers cannot avoid liability on the grounds that they did not know what the corporation was doing.”

The "Audit Commitee."

The current directors of the board also owe us a duty of care. They must keep us shareholders informed and are not doing so.

Perhaps, some or all have Director’s and Officer’s Insurance, D&O.

As well as the "auditor" of the financial statements: Fareed Sheik & Co.

FGD should have claimed professional negligence against their accounting firm who should also have Errors and Omissions Insurance, E&O. 
 
From FGD's financial statements:

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

"The accompanying annual consolidated financial statements of First Global Data Limited (“FGDL” or the "Company") have been prepared by management in accordance with International Financial Reporting Standards and contain estimates based on management’s judgment. Management maintains an appropriate system of internal controls to provide assurance that transactions are authorized, assets safeguarded and proper records maintained.

The Audit Committee of the Board of Directors has reviewed with the Company’s independent auditors scope and results of the annual audit and the financial statements and related financial reporting matters prior to submitting the financial statements to the Board for approval.

The Company’s independent auditors, Fareed Sheik & Co are appointed by the shareholders to conduct an audit in accordance with Canadian auditing standards and their report follows."