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PharmaCielo Independent Investigation Concludes Short-seller Report Contains Accusations and Claims based on Faulty Interpretation of Events and Information
PharmaCielo Independent Investigation Concludes Short-seller Report Contains Accusations a...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"\n\n\n\nPharmaCielo Independent Investigation Concludes Short-seller Report Contains Accusations and Claims based on Faulty Interpretation of Events and Information\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 23, 2020\n\n\n\nCompany invites shareholders to review its full response, the Independent Review findings and supporting evidence at https://bit.ly/2wy4fNs TORONTO, March 23, 2020 /CNW/ - PharmaCielo Ltd. (\"PharmaCielo\" or the \"Company\") (TSXV: PCLO, OTCQX: PCLOF), has issued the Company's detailed response to a short seller report that contains incorrect analysis of a broad range of events and information on the Company's operations, land and property acquisitions, marketing and distribution contracts, and claims about the founders and directors, among others.  The Company referenced the misleading short seller report in its press release dated March 3, 2020. \n\n \n \n \n \n \n \n\n \nOn March 3, PharmaCielo's board of directors appointed Doug Bache, Audit Committee Chair, as lead independent director (the \"Lead Director\") to undertake an independent investigation of the allegations and claims made by a short seller against the Company and its founders. The Lead Director was mandated to perform an independent review (the \"Independent Review\") of the short seller's allegations and claims in conjunction with the Audit Committee's work in connection with the preparation and review of the Company's annual financial statements for the year ended December 31, 2019. The Lead Director retained external legal counsel and external forensic auditors to assist in connection with the Independent Review.\nPharmaCielo's detailed response, based on the findings of the Independent Review, along with a video statement by PharmaCielo's CEO David Attard, and additional visual assets related to the current operations at the Company properties in Colombia, are available for review at https://bit.ly/2wy4fNs. \nSummary of the Independent Review: \nNeither Anthony Wile nor Federico Cock-Correa, used their office or position...