Transcontinental Clarifies Sale Mistake
MONTREAL—Transcontinental Inc. shouldered the blame for an administrative error in reporting the sale of stock that was reported nearly a year after the transaction took place, exonerating an employee in the process.
The company cited a notice in Autorite de marches financiers—the regulatory body for Quebec’s financial sector—weekly bulletin that reported Ginette Roy, a senior vice president, finance and technology for Transcontinental Media, was fined C$5,000 for belatedly reporting the sale of 2,920 shares of Transcontinental stock. The delay was, however, due to an administrative error by the company which, under its insider trading policy, is responsible for producing the reports on insider trading.
“Transcontinental management wishes to publicly apologize to Ms. Roy, a manager of great skill and integrity...for this unjustified damage to her reputation,” the company said in a statement on Tuesday.