ATI under financial investigation

By Alun Williams

Posted on 17 Jan 2003 at 11:09

ATI, the Canadian-based graphics specialists, is facing investigation by Canadian authorities over the reporting financial results and insider share dealing.

It has been announced that the Ontario Securities Commission (OSC) has filed a Notice of Hearing and Statement of Allegations in relation to ATI. Specifically, matters surrounding the reporting of third quarter results from 2000 are under investigation.

The allegation is that ATI failed to disclose information regarding a drop in revenues in 2000, as required by the regulations of the Toronto Stock Exchange. ATI also stands accused of subsequently making misleading statements to the Canadian OSC in August 2000.

The CEO of ATI, K.Y. Ho, is among seven individual named in the Notice alleged to have engaged in insider share trading.

ATI promises that it also conducting an inquiry into the allegations.