Monday, October 21, 2019

SEC complaint against Northern Dynasty Minerals Ltd. - NDM.t

An advocacy group has made a complaint to the SEC detailing a flurry of stock trades and suspicious communications related to Northern Dynasty Minerals prior to a favorable ruling. The Pebble project near Bristol Bay, southwest of Anchorage, is controversial. Some 35m wild sockeye salmon spawn every year in those waters, making it one of the world's last untrammeled salmon runs of its kind. Volume spiked 800% in the days and weeks before the announcement on June 26.

Complainants pointed to online posts on a stock tip website during an investor's conference on June 19 that Northern Dynasty CEO Thiessen attended, a week before the EPA announcement. One post stated: "had a half-hour conversation with Ron [Thiessen] this morning" and later stated "if you are thinking about selling, don't."
Ron ThiessenThe posts were removed shortly after CNN began asking questions. Northern Dynasty has denied that its CEO released any inside information. It's said that he did, however, confirm he agreed with what the company called a "widely-held belief" that a decision on the project was imminent.