Manufacturing Industry
Air Canada fined after giving advance news of profit warning to analysts
Airline Industry Information, July 30, 2001
AIRLINE INDUSTRY INFORMATION-(C)1997-2001 M2 COMMUNICATIONS LTD
Air Canada has been ordered to pay a CAD1m fine for issuing a warning that profits were expected to be less than expected to a selected number of analysts.
The telephone call in October 2000 was made after trading hours but it gave the 13 analysts the chance to cut their profit and share forecasts for Air Canada overnight, according to Reuters. At the market opening the next day the value of the airline's shares fell almost 12%, reducing its market value by some CAD200m.
The profit warning was reportedly caused by higher fuel, labour and merger costs and a decline in expected revenues.
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.PUB 430 >PD JULY 30, 2001 >JN AIRLINE INDUSTRY INFORMATION .PRICEDATE NOT APPLICABLE .DAY
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