The Ontario Securities Commission admitted that it got a press release wrong last week when it announced its reasons for dropping financial manipulation charges against the former CEO of Atlas Cold Storage Income Trust, Patrick Gouveia.

On Friday, the OSC issued a correction, saying it “regrets any harm or confusion that may have resulted from its earlier press release.” On Tuesday, the regulator said in a statement that it decided to drop the case because it received late evidence that “impaired” the ability of a key witness to “provide useful testimony at the trial.”

On February 27, counsel for OSC asked Justice Shamai to dismiss the charges against Gouveia.

At the conclusion of his remarks, counsel for the OSC stated “Given the new information that has come to our attention over the last several weeks, and the comprehensive review that we have conducted in light of it, we have determined that the prosecution no longer has a reasonable prospect of conviction”. As a result, the charges were dismissed by Justice Shamai.

The OSC issued a press release later that day in respect of the dismissal of charges. The OSC has been asked to replace the February 27 press release with a press release containing the full text of the statement made by OSC counsel to the court. Counsel’s statement is contained in its entirety in the Court transcript of proceedings that is available at www.osc.gov.on.ca.

The February 27 press release has been removed from the OSC website.

On Friday, the OSC said it “is committed to transparency in respect of court proceedings and regrets any harm or confusion that may have resulted from its earlier press release.”