Trades in Immunovaccine shares to be undone after hoax spurs 30 pct jump

Tue Mar 3, 2015 2:43pm EST
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TORONTO, March 3 (Reuters) - Canada's stock market regulator said on Tuesday it will amend or cancel trades in the shares of tiny pharmaceutical company Immunovaccine Inc after they surged on Friday following a hoax.

The stock jumped more than 30 percent to 89 Canadian cents after an unauthorized statement said Immunovaccine had entered a partnership with a much larger company.

The Investment Industry Regulatory Organization of Canada (IIROC) said it would amend the traded price to 73 cents a share or cancel the 136 trades executed between the time the stock first moved on the false news last Friday and when it was halted later in the day.

The changes will take place before settlement of the trades on Wednesday, IIROC said in a statement posted on its website. Those involved in the trades have been informed, and IIROC remains in touch with other regulators about the hoax. (Reporting by Alastair Sharp; Editing by Peter Galloway)