Quebec’s securities watchdog clears Bombardier in probe of executive stock-sale program GlobeBusiness
Quebec’s securities watchdog has cleared Bombardier Inc. of any wrongdoing in a probe of its executive stock-sale program but said the plane and train maker should consider scrapping the controversial plan.
Bombardier shares fell 4.6 per cent to $2.37 in trading Friday morning on the Toronto Stock Exchange, losing more ground after the company issued a profit and revenue warning Thursday. One of the key questions is whether Bombardier management was in possession of potentially market-moving information at the time the company set up the plan for its executives. On Nov. 8, just weeks after the system was set up, the plane maker announced a major restructuring effort that included 5,000 job cuts as well a US$600-million shortfall in cash-flow projections for the year because of delays in delivering trains. The stock dropped 24 per cent that day.
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