Concordia Healthcare Corp. T.CXR.R

Complaining to the OSC with response

[daveinmiss]

Last week, I mentioned that I sent a complaint to the OSC "shareholders of Concordia we are not allowed to access the meeting and ask questions because our shares are held at a Financial institution.

This virtual meeting is unacceptable since it denies rights to shareholders and is most likely a plan diversion by the management of Concordia."

Here's the response I got today below. Will anything change, probably not. As Mr. Hulot says perhaps I am naive but as an entrepreneur, my mindset is to think positively and have hope.

If your mindset is similar, why not drop the writer a line too, it may help

Thank you for your complaint to the Ontario Securities Commission (OSC) concerning Concordia International Corp.(Concordia).  

OSC's Role

The OSC’s main role is to ensure that Concordia 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. Compliance with disclosure requirements is critical to ensuring that our markets operate fairly and with integrity.

Concordia is a public company and Ontario is the principal regulator.

I have forwarded the information you provided to the Corporate Finance branch of the OSC for further review.  Their review of this matter will focus on any potential violation of Ontario securities law, and in particular disclosure related concerns.  Please note that regulatory reviews, and any subsequent investigation, are conducted privately.  Any issues that staff may identify will be addressed with the issuer directly.

Corporate Law Matters

You should also know that, generally, the rights of shareholders that are governed by corporate, and not securities, laws are not enforced by securities regulators.  For instance, the general duty of the board of directors to act in the best interests of the corporation is an obligation of the law under which a company is incorporated.  These rights would be enforced by the affected parties (the shareholders) in civil proceedings.   If you do not have a lawyer, and you are a resident of Ontario, you can contact the Lawyer Referral Service of the Law Society of Upper Canada at www.lawsocietyreferralservice.ca, which offers a free 30 minute consultation to residents of Ontario.  OSC staff may not provide legal advice.


Sincerely,

Juliet Persaud
Lead Inquiries Officer
Ontario Securities Commission
[e-mail]
416-593-8314
1-877-785-1555

[onward1]

I have just submitted my complaint as well. Thanks again Dave.