Back in late October the Ontario Securities Commission issued a cease-trade order for 65 of Research in Motion’s top executives because the company missed its deadline to file second quarter results. This type of action is to prevent insiders from having an unfair trading advantage due to their knowledge of and access to materials that hasn’t been made public.
Well, it looks like the OSC has extend the cease-trade order that was initially issued Oct. 24th and has ordered that the company return before the regulator if the financial filings aren’t current by Dec. 18th.
Once Q2 results are brought up to date Insiders can resume trading 2 full days after financial data is submitted. My guess with the stock price sitting upwards of $120 RIM’s auditors are working around the clock to get their numbers together.