My email to the OSC....
posted on
Jul 04, 2017 12:08PM
Subj: Complaint regarding Resverlogix, Symbol RVX.TO - Re selective disclosure
To whom it may concern,
I have been a shareholder of Resverlogix for over 3 years and wish to make a formal complaint regarding some recent activity which the company has failed to address. Typically I have found their IR department to be very responsive, but not at all on the situations I am about to relate.
On June 19th 2017 the company did an investor presentation at the Bio International Convention in San Diego complete with a Power Point Presentation. The presentation slides they used were made available on the company's website and one item in particular was very noteworthy. On slide #5 the company was telling attendees in San Diego that the company's debt figure was $117.6 million. That was in direct contradiction to all available information which had the company's debt at $68.8 million.
I sent an email to Resverlox's IR department which was answered promptly explaining that the debt was in fact $68.8 million and the slides used for the presentation were subsequently deleted and replaced with several changes made to slide #5. Here is a google cached link to the original presentation as it was made in San Diego on June 19th:
Scroll down to page 5 and you will see the slide as it was presented in San Diego. The company has since replaced that presentation with a new one with several changes made to slide #5. Specific changes include the amount of debt, number of outstanding shares and market cap. Here is the update that was released after the original PPP had been replaced:
http://www.resverlogix.com/upload/media_element/281/02/bio-international-2017-v2.pdf
I have sent repeated messages to IR seeking to find out what was disclosed during this June 19th event when the original slide presentation was used but have had no answer. They responded very promptly when I sent my first email pointing out the divergence in debt figures, advising me that they were replacing the Presentation slides they used in San Diego, but no answers to repeated messages asking what was disclosed to attendees at that event.
A second concern is that the company disclosed on their website that they would be attending an event called BioEquity Europe in Paris on May 22nd. They then failed to attend but did not disclose this fact to investors until after the fact, and then only when I sent an email to inquire if they'd attended, and if they hadn't the reason or reasons why. I received a reply stating that they had not attended, but despite repeatedly asking why no answer was given at all.
Regards,