An ASC panel judged the agency did not prove its case against former chief executive officer Robert Stan and his wife Kathryn, chief financial officer Anita Roncin, vice-president of marketing and transportation Eugene Nagai, former general manager Timothy Riordon and ex-controller Kevin Wade.

It ruled specifically that alleged material facts were not material facts left undisclosed at the time of the named parties' trading activities.

“Therefore, there was no breach of Alberta securities laws or conduct contrary to the public interest,” it said.

The ACS panel also spoke to the market at large in its ruling, reminding its participants “of the care and scrutiny that must be undertaken by those closely associated with a reporting issuer to ensure that all material information has been generally disclosed before they either purchase or sell that issuer's securities".

Stan and the group had been accused of selling GCC securities in 2008 prior to an announcement that the producer had not met its production goals.

The commission, meanwhile, claimed the individuals knew by May 26, 2008 that the company would not meet its targets and exercised options and sold securities improperly prior to confirmation of the news to the public months later on August 14.

The ASC panel said the group did not establish “with clear, convincing and cogent evidence” that the production information was a material fact that had not been released prior to August 14.

“We found that staff have not proved their allegations against the respondents and so we have dismissed all allegations made against the respondents,” the panel concluded.

GCC, based in Calgary, previously traded on the Toronto Stock Exchange but is no longer publicly traded following a 2012 sale to an investor consortium.

ASC is the regulatory agency responsible for administering securities laws in Alberta.