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Canadian Regulators Investigating ATI

After conducting an investigation of ATI that began last month, last night Canadian securities regulators filed a "Notice of Hearing and Statement of Allegations" against the company.
In the filing, the Ontario Securities Commission alleges that ATI failed to warn shareholders that it would report lower revenues and earnings in Q3 2000, and that executives -- including chairman and CEO, Kwok Yuen Ho -- sold shares just prior to telling the public. After that information was delivered on May 24, 2000, ATI's stock dropped by 42%. According to the OSC's allegations, Ho and his wife avoided a loss of $3.4 million (Canadian) using that insider knowledge. Six other ATI employees were also named by the OSC. As a result, ATI's stock has fallen sharply over the last 24 hours. Shares yesterday lost 15%, and today ATI's stock has lost another 12% -- currently trading at $4.29. The allegations will likely open the floodgates for class-action lawsuits against the company. A hearing is set for February 14.

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