The investigation focuses on whether Petroteq issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Petroteq issued a press release after the market closed on July 16, 2021, titled: “Petroteq Announces Expected Late Filing of Financial Statements and Application for Management Cease Trade Order; Cautions Against Reliance on Certain Previously-Issued Financial Statements.” Among other statements in the press release, Petroteq disclosed that certain financial statements from 2018 through 2021 could not be relied on, and would be the subject of restatements. Petroteq added: “the Company will be unable to file its quarterly report on Form 10-Q (and related certifications) for the period ended May 31, 2021…until it has completed the planned restatements…, which is anticipated to take several weeks-well beyond the extended filing deadline of July 20, 2021.” Based on this news, shares of Petroteq fell on July 19, 2021.
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