The Minister of the Economy and Energy, Christine Fréchette, invited investors who feel cheated by the debacle of Lion Électrique to contact the Financial Markets Authority (AMF).
She recognized that the stock market debacle of the electric bus manufacturer was a “sad” event for small investors who bet on the company, on the sidelines of a speech to the Chamber of Commerce of Metropolitan Montreal on Thursday afternoon. . “If they feel that they have been cheated, I invite them to contact the AMF to see how they can take action in conjunction with the company. »
“This company has responsibilities: it must disclose a certain amount of information,” she adds. So, we must ensure that this information has been disclosed as it should. »
The comments follow a report by - that cites former Lion managers who say the company embellished the information it communicated to investors.
Lion Électrique defended itself from having broadcast misleading information and asserted that the - report contained “several erroneous facts which damage the reputation of the company,” in a statement sent by email.
“As a Quebec company listed on the stock exchange, Lion has complied, and continues to comply, with its disclosure obligations under applicable securities laws,” assures company spokesperson Patrick Gervais. .
For her part, Minister Fréchette believes that the information communicated to her by the company was compliant, but she raised the possibility that verifications would be carried out.
“Look, I can judge at my own level that the information seemed adequate to me,” she replies.
-“Now a more complete exercise can be done,” she continues. As you know, I arrived barely four months ago, so here we are, to see if, on our side, the ministry has received all the required information. This is an exercise that can be done. »
A parliamentary committee?
The Quebec government supported Lion Électrique to the tune of $177 million. These sums were, however, allocated under the leadership of the previous Minister of the Economy, Pierre Fitzgibbon.
Last fall the company was in contact with Mme Fréchette in order to find the necessary liquidity to avoid bankruptcy.
“We considered perhaps reinjecting money throughout the fall, but, as you know, we demanded that the private sector also be there,” she emphasizes. There were discussions until the very last minute and the private sector was not there at the level it needed to be. »
The Liberal Party of Quebec (PLQ) requested earlier Thursday that a parliamentary commission look into Quebec’s intervention in the company. “Obviously, there are investors who have been brazenly deceived and who have lost enormously, or even their entire savings. We cannot stand idly by,” denounces Monsef Derraji, the spokesperson for the official opposition on transport and sustainable mobility, in a press release.
Mme Fréchette does not see the use of a commission at the moment. “I am not of the opinion that it is necessarily necessary to go through a parliamentary committee,” she replies.
Lion Électrique is under the protection of its creditors. As part of its restructuring plan, the company wants to pause truck manufacturing and focus on school buses. It would bring all production operations back to Quebec.
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