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by Mike Caswell

Preveceutical Medical Inc.'s former lawyer, Jonathan Lotz, denies accusations that he was negligent in reviewing the company's disclosure in 2018. The company claims that Mr. Lotz failed to properly review a news release about a private placement, but Mr. Lotz claims that the company withheld information. That news release resulted in the company being named in a B.C. Securities Commission action that targeted Preveceutical and other Canadian Securities Exchange listings over abusive share issuances.

The denials from Mr. Lotz come in response to a lawsuit that Preveceutical filed in the Supreme Court of British Columbia on June 5, 2024. The case stemmed from a controversial news release that the company issued on June 29, 2018, about a $6.5-million financing. On the surface, there was nothing out of the ordinary about the news. The company said that it was "very pleased to announce this oversubscribed placement" and that it planned to use the proceeds for research and development programs and for general working capital.

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