The Alberta Securities Commission (ASC) has ordered a cease-trade order against Papa Chocolat, Bernard Callebaut’s more than two-year-old chocolate company.
The order prohibits any trading or purchase of Papa Chocolat Distribution Inc. securities until the cease-trade order has been revoked or varied.
“The cease trade order was issued after ASC staff determined Papa Chocolat Distribution Inc.’s offering memorandum, dated November 26, 2012, was not completed in accordance with Alberta securities laws,” stated a June 17 press release from the ASC.
“We’re working on correcting the offering memorandum,” remarked Callebaut. “This is something we hired someone to do and we tried to make sure they completed it.”
Callebaut opened Papa Chocolat after his first business, Chocolaterie Bernard Callebaut, went into receivership and was later purchased by another company.
