TerraVest Insider Information Allegations

How a $780 Million Deal Allegedly Triggered Insider Trading

According to Woodstock Sentinel Review, the alleged scheme traces back to December 12, 2024. That is when Pellerin reportedly learned that TerraVest was about to acquire Entrans International LLC, a U.S. tank trailer maker, for $780 million — the largest deal in the company's history. The acquisition was not publicly announced until March 17, 2025.

In the weeks before that announcement — between March 10 and 17, 2025 — nine people linked to Pellerin made high-volume stock trades that stood out sharply from their normal buying habits, Journal de Montréal reported. The group collectively pocketed an estimated $6.8 million in gains. Financier Jean-Philippe Choquette alone allegedly made $3.2 million. Pellerin's father, Yvon Pellerin, allegedly made $2.6 million.

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Pellerin's Family and Associates Named in AMF Probe

Quebec's financial regulator, the Autorité des marchés financiers (AMF), obtained a search warrant on February 3, 2026. The AMF — Quebec's equivalent of the SEC — is probing what it calls a coordinated chain of communication from Pellerin outward. Named in the investigation are Pellerin's spouse Mylène Lavigne, his father Yvon, his three sons Maxime, Alexandre, and Jérémy, Choquette, and three regional businessmen, according to Sudbury Star.

Under Quebec's Securities Act,

Under Quebec's Securities Act, tipping someone with privileged information is illegal. Penalties can include fines of up to three times the profit made and potential prison time. The AMF may also seek to strip the nine individuals of their $6.8 million in gains and impose five-year market bans, Toronto Sun reported.

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Board Reviews Allegations as Analysts Reel From the Drop

TerraVest's board — excluding Pellerin — released a brief statement after the crash: "The Company takes these allegations seriously... the board is undertaking a process to review these allegations," according to Calgary Sun. Pellerin holds roughly a 15% stake in the company, worth over $500 million before the collapse.

Before June 5, analyst sentiment was overwhelmingly bullish. Canaccord Genuity and BMO Capital Markets both held "Buy" ratings with price targets above $180. Shares had peaked at $149.76 in late March 2025, just after the Entrans deal closed. They closed at roughly $108.40 on June 5, 2026, Edmonton Examiner noted.

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Class Action Investigation Compared to Quebec's Amaya Insider Case

Kalloghlian Myers LLP, led by partner Garth Myers, is now collecting information from shareholders who lost money. The firm's theory is a disclosure failure: investors were trading at inflated prices while insiders allegedly used non-public information. Sault This Week reported the firm is urging affected investors to come forward.

Local media have compared the case to the 2016 Amaya affair, one of the biggest insider trading scandals in Quebec history. Some analysts argue TerraVest's underlying business — a serial acquirer of niche industrial firms — remains fundamentally sound. But the investigation creates an "overhang" that could raise the company's cost of capital and slow its acquisition-driven growth model, Northern News reported.

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