Here is what I think is the relevant legislation about disclosure of material fact. I am not a lawyer, but the way I read this, bad news is just as requiring of a news release as is good news. I've obviously done some editing. The example is from the legislation itself.
Lar
NATIONAL POLICY 51-201 DISCLOSURE STANDARDS
2.1 (2) Announcements of material changes should be factual and balanced. Unfavourable news must be disclosed just as promptly and completely as favourable news. Companies that disclose positive news but withhold negative news could find their disclosure practices subject to scrutiny by securities regulators. A company's press release should contain enough detail to enable the media and investors to understand the substance and importance of the change it is disclosing. Avoid including unnecessary details, exaggerated reports or promotional commentary.
4.1 (2) The definition of a "material fact" includes a two part materiality test. A fact is material when it (i) significantly affects the market price or value of a security; or (ii) would reasonably be expected to have a significant effect on the market price or value of a security.
Examples: • any development that affects the company's resources, technology, products or markets
