Michael Cowpland, chief executive of Canadian software maker Corel, has been charged with three counts of violating securities law.
The charges relate to Cowpland’s sale of shares in 1997, just one month before Corel reported a surprising $32 million third-quarter loss that sent the stock into a 40 percent decline, falling to a low of $5.35 per share in Canadian currency in September. Cowpland sold his shares when they were trading between $8.20 and $8.80.
Cowpland has maintained the investigation is routine and that he will be vindicated. If found guilty, he faces up to two years in jail, a fine of up to $1 million, and other financial penalties.
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