Canaccord Genuity Group says it faces an investigation related to its wholesale market\u002Dmaking activities. Read more
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The firm made the disclosure in a regulatory filing with Canadian authorities late Wednesday. It didn’t say which jurisdiction is conducting the probe.Canada's best source for investing news, analysis, and insight on investment strategies, stocks and more.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Canaccord’s capital markets division operates in the U.S., Canada, Australia, the UK and Europe, with a focus on serving small- and mid-cap companies in several sectors including technology, mining and cannabis. The U.S. is the largest segment, generating about 60 per cent of the unit’s $793 million in revenue for the fiscal year that ended March 31.
Canaccord “expects that the resolution of the enforcement matter will not have a material impact on its financial condition or results of operations,” the company said, but it “may incur a significant penalty and additional costs.” Canaccord added $13.4 million to its provision for legal cases in the most recent fiscal year, according to its annual report.
In a separate filing, Canaccord said Kassie plans to step down from an executive management role after the company’s shareholder meeting on Aug. 4, and from the chairman’s position after the meeting in 2024.
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