ATI Technologies Inc.said Tuesday that Canadian securities regulators have approved a settlement agreement related to alleged shortcomings in the company's 2000 earnings disclosure.
Cleared by the Ontario Securities Commission, the agreement settles charges that the company did not make a timely disclosure of an earnings shortfall in 2000 and then made a misleading statement to investigators. The settlement calls for ATI to pay $900,000 Canadian ($742,000 U.S.) and provide a letter confirming its practices and procedures related to trading and corporate governance.
"Settlement with the OSC is in the best interests of the company, our employees and our shareholders," the Markham, Ontario-based company said in a statement. "We are pleased to put the matter behind us and to continue to focus on company operations."
Eric Pelletier, a spokesman for the OSC, said that hearings on insider trading charges will take place Tuesday and Wednesday for individual company officials -- including ATI chairman Kwok Yuen Ho and his wife.