It should be.
This update from dalesio also shows that Curleigh did, in fact, sell the 60,000 shares he still owned when he left Pyrogenesis, sometime after his resignation was announced on September 29,2019.
He was no longer an insider, so he didn't have to report his sales.
This raises the obvious question. When did he sell them?
The very first public revelation of the AMF investigation by Pyrogenesis was in a press release from Pyrogenesis dated February 21,2023 entitled: PyroGenesis Provides Update on Financing and Corporate Matters
Now, read the following excerpt from that press release very very carefully: "The Company announces that on February 17, 2023, the Company received a motion from the Autorit des marchs financiers (the “AMF”), the securities regulatory authority in the Province of Qubec, filed with the Superior Court of Qubec (the “Court”) pursuant to which the AMF is asking the Court to determine whether certain documents previously requested by the AMF from the Company are subject to solicitor-client privilege.
The motion was filed by the AMF in connection with an investigation being conducted in the context of applicable securities laws. The Company understands the AMF is investigating certain actions taken by the President and Chief Executive Officer of the Company, Mr. P. Peter Pascali, in connection with a settlement agreement............"
Read this part again:
"the AMF is asking the Court to determine whether certain documents previously requested by the AMF from the Company are subject to solicitor-client privilege."
"Previously requsted
These statements are irrefutable evidence that the AMF investigation was going on long before it was ultimately revealed to the public.
An additional fact is that this was revealed to the public only after the AMF mandated that the company issue a press release regarding the investigation, much like it mandated Pyrogenesis to clarify by press release that Drosrite was in fact not a customer of Pyrogenesis, as the company had intimated for more than two years, but was in fact a subsidiary of Pyrogenesis solely owned by Pascali's son.
This also raises additional questions regarding the circumstances surrounding Curleigh's departure.
The AMF investigation is focused on a transaction carried out by Pascali with his own father on behalf of Pyrogenesis and its shareholders.
The transcation in question occurred on February 9th, 2018.
Very late that year, on December 10th, 2018, the company released an unrelated press item regarding Alan Curleigh's sale of 60,000 shares, which he had sold two days earlier.
In that specific news release, Pascali assured readers that everything was fine, and that Curleigh's status at the company was intact. He wasn't going anywhere.
Curleigh resigned 9 months later, on September 29th, 2019
Remember, Curleigh's sale of the stock, one raised attention worthy of a press release, was reported on December 7th, 2018.
At the same time, remember that the currently ongoing AMF investigation is focused on a transaction by Pascali in February of 2018.
Also keep in mind that Curleigh's sale of 80,000 shares and subsequent resignation happened fully three years and five months prior to Pyrogenesis publicly revealing the AMF investigation for the first time.
I wonder, did he Alan Curleigh know about the investigation when he sold his stock, and then left the company?
As well, we now know beyond any doubt that Curleigh sold his remaining shares after he resigned and before he came back.
The truly intriguing part, the punchline, if you will, the "kicker", is that Curleigh's return was announced on February 8, 2023.
The company's first ever public revelation of the investigation, one that very well that might see both he and Pascali potentially barred from directorships for 5 years, was announced less than two weeks later.
The press release was dated February 21, 2023.
The timing of these events raises any number of questions.
Why on Earth would a company hire back a President who is under investigation and might be facing banishment?
And why would they do it less than two weeks before announcing it?
Was it so that he and Pascali could get their stories straight?
We now know that Curleigh didn't own any shares of Pyrogenesis when he returned.
He had sold his 60,000 sometime between his September 29, 2019 resignation, and his return 3 1/2 years later.
As sure as the sun will rise tomorrow, he must have known the company was being investigated well before the news was public.
Here you have a snopsis of just some of the many actions that have been taken by Peter Pascali and Alan Curleigh, your President and CEO, and your Chairman.
The people you've entrusted your money with.