Hopefully shareholders like myself who are left holding the bag can unite and obtain independent legal advice and potentially sue Teutexx and their directors.
After writing to the OSC they responded as follows:
Thank you for your inquiry to the Ontario Securities Commission (OSC) concerning BioExx Specialty Proteins Ltd. (BioExx).
OSC's Role
The OSC’s main role is to ensure the company complies with all applicable Ontario securities laws. Regulation of public companies whose securities trade on marketplaces in Ontario focuses on requirements to make continuous disclosure of information that is material to the company. These disclosure requirements ensure that both shareholders and prospective investors have complete and timely disclosure available to make informed investment decisions
BioExx
BioExx is a reporting issuer (public company) on Ontario. On May 20, 2014 the OSC placed a Cease Trader Order (CTO) on BioExx because the Reporting Issuer failed to file the following continuous disclosure materials as required by Ontario securities law:
a) audited annual financial statements for the year ended December 31, 2013;
b) management’s discussion and analysis relating to the audited annual financial statements for the year ended December 31, 2013; and
c) certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.
The CTO prevents trading in the securities of the BioExx, whether direct or indirect, to cease permanently or for such period as is specified in the order. As BioExx has not been filing their disclosure documents, the OSC would not have any additional information about the company's activities. Furthermore, any investigations conducted by the OSC are confidential, therefore, we would not be able to comment of on the existence of an investigation or provide any information in that regard.
CCAA
On October 1, 2013 BDO Canada Limited, was appointed as the Monitor of Bioexx under the Companies' Creditors Arrangement Act (CCAA),
pursuant to an order of the Ontario Superior Court of Justice (Commercial List). Documentation and other pertinent information concerning this CCAA proceeding is available on BDO Canada Limited's website at: https://www.extranets.bdo.ca/bioexx/documents.cfm. Questions and concerns about the receiver should be addressed to nsagolili@bdo.ca or by fax to 905-615-1333.
Teutexx
Teutexx Proteins (Teutexx) is a not a reporting issuer in Ontario. The OSC has very limited jurisdiction over corporations that are not reporting issuers. As OSC staff may not provide legal advice, if you feel you have a claim of some kind on the shares of Teutexx you may wish to obtain independent legal counsel. If you are in Ontario, and you do not have a lawyer, you can contact the Lawyer Referral Service of the Law Society of Upper Canada at 1-(800)-268-8326, which offers a free 30 minute consultation to residents of Ontario. The website of the LSUC is www.lsuc.on.ca. The LSUC regulates the legal profession in Ontario.
Sincerely,
Roxane Lapenna
Lead Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314
1-877-785-1555