ASC alleges misleading and untrue statements by Hypower Fuel Inc.
CALGARY, March 18, 2013 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Hypower Fuel Inc., Thomas Hochhausen, and Douglas Bender breached Alberta securities laws by making unduly promotional, misleading, or untrue statements in Hypower Fuel news releases. ASC staff also allege that the named parties should have known these statements would reasonably be expected to have a significant effect on the market price or value of Hypower Fuel's securities.
The alleged misleading statements were contained in a series of Hypower Fuel news releases issued from February to September 2011 promoting developments at Hypower Fuel, particularly with respect to two acquisition targets. Throughout this time period, Hypower Fuel shares, which were quoted for trading on the over-the-counter (OTC) pink sheets, increased five-fold from less than one cent to more than five cents a share.
An appearance to set a date for a hearing in will be held on April 9, 2013, at 2:30 p.m. in the ASC Hearing Room on the 5th floor, 250 - 5th Street S.W., Calgary, Alberta.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission