TLDR The Ontario Securities Commission issued a failure-to-file cease trade order against NorthStar Gaming after the company missed its 2025 audited annual financial statements deadline. NorthStar’s auditor withdrew its report on 2023 and 2024 financials, citing an inability to verify a key technology vendor’s system controls. Trading of NorthStar securities is now halted across all Canadian jurisdictions, with limited exceptions for non-insiders selling through foreign markets. CEO Michael Moskowitz stepped down in December, and the audit committee chair also resigned, with Corey Goodman now serving as interim CEO. If filings are submitted within 90 days, NorthStar can apply to have the cease trade order revoked.
NorthStar Gaming Holdings has been hit with a cease trade order from the Ontario Securities Commission after the company failed to file its audited annual financial statements for 2025.
The order also covers related management discussion documents and CEO and CFO certifications that were due alongside the financials.
The company confirmed the cease trade order on Monday. It effectively halts all trading of NorthStar securities across Canadian jurisdictions until the required filings are submitted.
NorthStar’s auditor pulled its report on the company’s 2023 and 2024 financial statements. The auditor said it could not rely on its testing procedures without receiving a new System and Organization Controls report from one of NorthStar’s key technology vendors.
The SOC report is used to verify the systems that support player account management. Without it, the auditor said it could not confirm the accuracy of its earlier work.
NorthStar has pushed back on this position. The company maintains the vendor’s existing SOC report is reliable and that its financial statements fairly represent its financial position.
Auditor Dispute and Leadership Shakeup
The disagreement between NorthStar and its auditor sits at the center of the filing delay. NorthStar says
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