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Material Difference Between Issuer’s Financial Results and Analysts’ Estimates is a Material Fact


Area Corporate and Commercial, Corporate Finance and Securities


Staff at the Ontario Securities Commission recently issued a news release regarding a warning letter sent to CP Ships Limited. OSC Staff found that trading by certain insiders of CP Ships prior to the end of the interim period ending June 30, 2004 should not have taken place because the insiders had knowledge at the time of the trading of internal forecasts that results for the period were expected to be materially below market expectations.  Staff expressed the view that it is a material fact if forthcoming financial results of an issuer are expected to vary materially from analysts' estimates.

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