05:09 PM EDT, 06/30/2025 (MT Newswires) -- Dynacor Group's ( DNGDF ) largest shareholder, iolite, on Monday said it filed a formal complaint with Quebec's securities regulator alleging potential disclosure violations by the company.

The complaint to the Quebec Autorite des marches financiers alleges the company has not disclosed management departures; large-scale dismissals at its Vera Dorada merchant gold-million operation in Peru and the hiring of unqualified and overpaid replacements; and failing to revise guidance "despite clear evidence of operational decline", among other allegations.

It is seeking the resignation of chief executive Jean Martineau and board chair Pierre Lepine.

"iolite has filed this complaint in good faith, in the interest of all shareholders, to accelerate long-overdue leadership change at Dynacor ( DNGDF ) and to ensure transparency and proper disclosure. The scope and severity of management's failures leave no credible reason for Messrs. Lepine and Martineau to remain in office; their continued presence exposes the Company to unacceptable operational, financial, and reputational risk," iolite said in a release.

Dynacor ( DNGDF ) has not yet returned an email query on its response to the allegations.

The company's shares closed up $0.12 to $4.51 on the Toronto Stock Exchange..