Today, InnoVent writes to the Ontario Securities Commission to warn it that Boralex lies either to French courts or to stock market investors by stating in its annual report the opposite of what it pleads before the judges.
Boralex’s annual report is supposed to contain no false or misleading information, under penalty of heavy sanctions.
Yet Boralex’s annual report keeps repeating that the operation of wind turbines is subject to multiple legal, natural and technical risks (taxation, regulatory obligations, price changes, amount of energy produced, climate change, etc.).
If Boralex officers and directors are honest with the market and investors, these assertions are true. But in its lawsuit against InnoVent, Boralex claims that there is no operating uncertainty.
Boralex goes so far as to present as certain until 2043 (i) all tax rates of the five taxes applicable in France, (ii) the amount of energy produced by wind turbines (to the nearest MWh), (iii) the price of electricity in €/kWh to the nearest ten-thousandth of euro (!) or (iv) future legislation and regulations relating to the sale of electricity.
If Boralex’s annual report is not a web of lies deceiving shareholders, Boralex’s case before the judge and its alleged expertise try to deceive the magistrates by presenting as certainties simple assumptions of profitability.
Boralex cannot play both sides by arguing before the judges the opposite of what it states in its annual report. This is the subject of our alert to the Canadian stock exchange watchdog.