Regulators check Corel CEO share deals
Business as usual, Cowpland says
Michael Cowpland, CEO of Corel, has been investigated by the Ontario Securities Commission for alleged insider trading, according to a report in the Canadian National Post. At issue is Cowpland's trading record in Corel shares in August 1997, when Cowpland sold 2.4 million shares a month before a reported loss of $32 million on the quarter, and a consequent 40 per cent decline in the share price. Apparently the investigation has been completed, but no decision has yet been taken by the OSC as to whether any action should be taken. A press release from Corel says the newspaper story is "unconfirmed and unsubstantiated" and "a complete surprise" since Cowpland had not been informed of any hearing. The OSC would not comment until a decision had been taken. Cowpland said it was business as usual at Corel. Meanwhile, Corel announced that it was partnering with DirectWeb to bundle WordPerfect Office 2000 and CorelDRAW. DirectWeb offers remotely-managed hardware, software and an Internet subscription service for a fixed monthly price.