News? Oh, News Was Out Long Ago (as per AMF)When considering the wishful thinking about product sales and imagined domination of the markets, consider the source(s)...
A legal filing from the Quebec securities regulator has Mr. Pascali engaged in the “communication of false documents, the use of false signatures and the dissemination of false or misleading information to the market and to regulatory bodies.”
And as for share distributions and dilution...
In previous years PyroGenesis did stock offerings, saying that the elder Mr. Pascali (father of CEO) had subscribed to buy shares. But the regultor alleges that he did not purchase shares but instead was issued them by the company to pay off most of an obligation.
Then a father and son "Power of Attorne" thing and an alleged debt of $5,531,928...
PyroGenesis settled with the elder Pascali for $3.699-million in stock. The company issued the shares. Less than two months later, the senior Mr. Pascali sold the shares back to his son. He didn’t pay for them, instead issuing a promissory note, the regulator says.
After a big gain in PyroGenesis shares Mr. Pascali, the son, sold them for profits of $9.57 million, the AMF says. It is those profits the regulator now wants Mr. Pascali to forfeit.
And if recent stock distributions came as a surprise...
Some of the forementioned sales went undisclosed . . . the AMF also alleges.