An environmental group is warning federal regulators about a series of stock trades and communication centered around the company attempting to develop the Pebble Mine.
The Washington D.C.-based group, Earthworks, sent a letter to the Securities and Exchange Commission detailing possible insider trading involving the mining company — Northern Dynasty Minerals Limited.
The letter points to a sharp increase in the volume of Northern Dynasty stock trades in the weeks leading up to a late-July announcement that could make it easier for the company to get a mining permit.
That announcement from the federal Environmental Protection Agency caused the company’s stock prices to rise. Earthworks is alleging that news of the announcement was leaked to people who then traded on the information before it was made public.
A company spokesperson for Northern Dynasty told CNN that the allegations are “entirely false.”