Blackberry faces trading ban
The
Ontario Securities Commission has ordered officers and insiders of BlackBerry maker Research in Motion Ltd., including co-CEOs Jim Balsillie and Mike Lazaridis, to stop trading in the company's stock after it missed financial reporting deadlines.
"RIM did not file the second-quarter disclosure documents by the prescribed deadline under Ontario securities law, namely Oct. 17, 2006," and has not filed them since, the commission said in an order dated Oct. 24.
"It would be prejudicial to the public interest to allow the respondents to trade in the securities of RIM until such time as all disclosure required by Ontario securities law has been made by RIM," the commission said.
RIM insiders cannot trade its stock until two full business days after the OSC receives up-to-date filings.
RIM disclosed Friday that the U.S. Securities and Exchange Commission has asked it to voluntarily provide documents and information related to its stock-option grants and practices.