Jensen Shawa Solomon Duguid Hawkes LLP and Siskinds LLP have launched a class action against Bayer Inc., Bayer Healthcare Pharmaceuticals Inc., Bayer Pharma AG, Janssen Pharmaceuticals, Inc., Janssen Research & Development, LLC, and Janssen Ortho LLC. in respect of the pharmaceutical drug Xarelto. Xarelto, an anti-coagulant, is touted as effective in preventing the formation of blood clots, and to lower the risk of stroke caused by a blood clot.
In the Statement of Claim, the Plaintiffs allege that Xarelto is a dangerous drug with no known antidote or reversal agent for its potentially life-threatening and even fatal side effects. The Plaintiffs allege that the Defendants knew of the risks and failed to warn the Plaintiffs, their health care providers and medical professionals of the severity of these side effects due to lack of reversal agent or antidote.
Any inquiries relating to the class action may be directed to:
Jensen Shawa Solomon Duguid Hawkes LLP and Siskinds LLP have filed a class action lawsuit against Boehringer Ingelheim Pharmaceuticals, Inc., Boehringer Ingelheim International GMBH, and Boehringer Ingelheim (Canada), Ltd., for their role in the design, manufacture, labelling, marketing, sale and/or distribution of the pharmaceutical drug Pradaxa. Pradaxa is advertised as an anti-coagulant drug, for the effective and safe treatment of stroke and blood clot prevention.
In the Statement of Claim, the Plaintiffs allege that consumers of Pradaxa were misled as to Pradaxa’s safety and, in particular, the lack of information for the fact that there is no known reversal agent or antidote for the anti-coagulant, which in some circumstances has resulted in consumers suffering severe, life-threatening and fatal bleeds.
Any inquiries relating to the class action may be directed to:
Jensen Shawa Solomon Duguid Hawkes LLP and Siskinds LLP have filed a class action lawsuit against GlaxoSmithKline for the production and distribution of the pharmaceutical drug ondansetron, marketed under the brand name Zofran. Zofran is advertised as an anti-nausea and vomiting drug for surgical patients and consumers suffering the effects of cancer treatment such as radiation and chemotherapy.
Zofran was marketed as a safe and effective treatment for nausea and vomiting during pregnancy, an off-label use. The Plaintiffs allege that the drug was never studied in pregnant women, and the drug is, in fact, not safe for use during the first trimester of pregnancy. In some circumstances offspring of women who consumed Zofran during the first trimester of pregnancy have suffered serious negative, and sometimes fatal, health consequences in utero.
Any inquiries relating to the class action may be directed to:
On December 18, 2015, Jensen Shawa Solomon Duguid Hawkes LLP filed a proposed Class Action against George Andrew & Sons Ltd., carrying on business as Astoria Hotel, George Andrew, Stephania Andrew and Pam Andrew (collectively, “the Defendants”). The Defendants are the owners and operators of the Astoria Hotel.
An Amended Statement of Claim was filed on February 3, 2016. The Amended Statement of Claim alleges that there were infestations of bed bugs at the Astoria Hotel in Jasper, Alberta. The Defendants are the owners and operators of the Astoria Hotel. The Amended Statement of Claim also alleges that the Defendants were negligent and conducted unfair trading practices by accepting reservations and housing guests at the hotel despite knowing that the hotel was infested.
The proposed Class includes all individuals who were guests at the Astoria Hotel between August 30, 2014 and October 27, 2015. ‘Guests’ includes all registered guests and any other individual who accompanied registered guests and stayed at the Astoria Hotel during this period.
Jensen Shawa Solomon Duguid Hawkes LLP and Siskinds LLP have launched a class action against Cook Incorporated, Cook Biotech Incorporated, Cook (Canada) Inc., Cook Medical Incorporated and Cook Group Incorporated in respect of the Defendants’ Pelvic Mesh Products. Pelvic Mesh Products are products used for the treatment of medical conditions in the female pelvis, including stress urinary incontinence or pelvic organ prolapse.
In the Statement of Claim, the Plaintiffs allege that these Pelvic Mesh Products are inherently dangerous and defective, unfit and unsafe for their intended and reasonably foreseeable uses, and do not meet or perform to the expectations of patients and their physicians
The Plaintiffs allege that the Defendants knew of the risks and high failure rate, and misled Health Canada, the FDA, the medical community and ultimately patients, as to the high injury and complication rates, its failure to perform as intended, the need for frequent and often debilitating re-operations, and that the Pelvic Mesh Products have been known to cause severe and irreversible injuries, conditions and complications.
Any inquiries relating to the class action may be directed to:
Jensen Shawa Solomon Duguid Hawkes LLP (also known as JSS Barristers), is evaluating a potential class action lawsuit against the Board of Directors and senior management of Strad Energy Services Ltd. (Strad) (TSX: SDY). Specifically, we are evaluating the remedies potentially available to Strad shareholders as a result of Strad’s management and Board’s possible failure to properly respond to overtures from Total Energy Services Inc. regarding a potential business combination, and for potentially failing to bring all relevant and necessary information to the shareholders’ attention.
JSS Barristers provides litigation services to both commercial and individual clients. The firm’s lawyers appear at all levels of Court in Alberta and Canada, including the Court of Queen’s Bench, the Court of Appeal, Federal Court, and the Supreme Court of Canada. We act for substantial corporate entities as well as individuals, and we take pride in our advocacy on behalf of each one of our clients.
Affected Strad shareholders are encouraged to contact Carsten Jensen or Andrew Wilson.
May 26, 2015
Jensen Shawa Solomon Duguid Hawkes LLP and Morganti Legal have filed a proposed class action in the Alberta Court of Queen’s Bench, against Ithaca Energy Inc. (TSX:IAE) and a company officer/director. The class action alleges that Ithaca published statements that were materially false and misleading regarding Ithaca’s offshore oil and gas business and operations with respect to: (1) material modifications to its floating production facility; and (2) corresponding 2015 pro forma production and revenue projections for the Greater Stella Area located in the Central Graben area of the Central North Sea, on the United Kingdom Continental Shelf. Among other relief, the action claims damages on behalf of the proposed class members.
The proposed class includes persons who acquired securities of Ithaca from August 12, 2014 to and including February 25, 2015, and who held some or all of those securities at the close of trading on February 25, 2015.
For further information on the specifics of the Claim:
In August 2013, Siskinds LLP and Jensen Shawa Solomon Duguid Hawkes LLP filed a class action against Donnybrook Energy Inc. (now known as Stonehaven Exploration Ltd.) ("Donnybrook"), Donnycreek Energy Inc. (now known as Kicking Horse Energy Inc.) ("Donnycreek") and their current or former directors and officers in the Alberta Court of Queen’s Bench.
The lawsuit relates to a plan of arrangement between Donnybrook and Donnycreek that was completed and approved by the Court of Queen’s Bench of Alberta on November 4, 2011 whereby various assets of Donnybrook were transferred to Donnycreek (the "Arrangement"), as well as a private placement of Donnycreek shares on November 4, 2011 (the "Private Placement").
On January 22, 2015, Justice A.D. Macleod of the Alberta Court of Queen’s Bench certified the action as a class proceeding. The Alberta court also approved a notice of certification and an opt out form. The opt out deadline for this class action was May 5, 2015.
Settlement (Subject to Court Approval)
In July 2015, the parties to the class action proceedings entered into a Settlement Agreement agreeing, among other things, for the full and final release of all claims and allegations made in the class action, by the establishment of a $5.5 million settlement fund. The settlement is subject to court approval. The settlement class comprises all persons and entities, wherever they may reside or be domiciled, who held shares of Donnybrook at the time of the Arrangement and received shares of Donnycreek through the Arrangement, other than (i) certain excluded persons (certain persons associated with the defendants and persons who purchased Donnycreek shares in the Private Placement), and (ii) persons who have previously opted out of the class action. The settlement is made without any admission of liability, wrongdoing or fault by the defendants.
Order Respecting Notice to the Class of Settlement Approval Application
On July 29, 2015, Justice A.D. Macleod of the Alberta Court of Queen’s Bench approved an Order, which, among other things, approved the "Notice of Hearing of Application for Approval of Settlement in Donnybrook and Donnycreek Securities Class Action". The Application for Approval of the Settlement and Class Counsel’s Fees will be heard before Justice Macleod on October 9, 2015 at 1:00 pm; class members have until September 21, 2015 to comment on, or object to, the approvals being sought.
Click the link below to see the full Notice of Hearing:
Click the link below to see the full July 29, 2015 Order:
On October 9, 2015, a settlement approval order was issued by the Alberta Court of Queen's Bench. In addition to approving the settlement, the court also approved a notice that provides information on how class members may file a claim, and approved a claim form.
If you believe you may be a class member, please click here to complete the secure online information form found on the website of Siskinds LLP. Your information will be held in strict confidence, with disclosure only as required by law or with your express consent. By completing the form, you are not retaining Siskinds LLP or Jensen Shawa Solomon Duguid Hawkes LLP as your lawyers, nor do you incur any obligations in connection with this lawsuit.
Any inquiries relating to the class action may be directed to:
On January 11, 2013, Human Resources and Skills Development Canada ("HRSDC") announced that an external hard drive containing personal information of approximately 583,000 Canadians had gone missing. On January 17, 2013, Jensen Shawa Solomon Duguid Hawkes LLP ("JSS Barristers") filed a proposed Class Action against the Government of Canada alleging that HRSDC breached the privacy rights of Canadians who borrowed student loans through HRSDC between 2000 and 2006. The Claim alleges that personal information of borrowers was recorded or stored on the external hard drive that had been reported as missing from an HRSDC office. The Claim alleges that the personal information of borrowers, and in some cases their parents/guarantors, included Social Insurance Numbers, dates of birth, addresses and student loan amounts and balances.
Several other proposed Class Actions were also filed across Canada shortly after HRSDC's announcement. Each of the proposed Class Actions addresses the same subject matter and seeks the same or similar relief from the Government of Canada.
In an effort to streamline litigation and to better represent the interests of affected Canadians, several law firms formed a consortium (the "Class Action Consortium") to advance proposed Class Actions. The Class Action Consortium now consists of Branch McMaster LLP, Sutts, Strosberg LLP, Falconer Charney LLP and Bob Buckingham Law. JSS Barristers has agreed to cooperate with the Class Action Consortium so that there is not a multiplicity of proceedings. JSS Barristers has also agreed to support the Class Action Consortium's efforts in advancing a proposed Class Action in the Federal Court.
For an update on the current status of the proposed Federal Court class action, and to register for this proposed class action, please visit the Class Action website at: www.studentloansclassaction.com.
Update: On March 17, 2014, the Federal Court certified the Class Action.
Click here to see a copy of the Reasons for Judgment.
JSS Barristers has commenced proposed class actions in Alberta and British Columbia on behalf of APX shareholders in an attempt to recover their investment losses in APX. APX shares were halted on November 6, 2013 after it became clear that APX's board of directors had lost control of the company's sole material assets, being subsidiaries operating in China.
The claims allege that APX's former directors and auditors acted in breach of their duties and that they made misrepresentations regarding the true state of affairs of APX.
Article 9.2(c) of the Settlement Agreement provides that the Claims Administrator and Class Counsel may agree to extend the Claims Deadline. We have agreed to extend the Claims Deadline to April 8, 2016. Claim Forms have been received from a majority of Class Members, and are currently being processed. We have determined that extending the Claims Deadline will not significantly delay the processing of claims.
If you are a Class Member and have not yet submitted a Claim Form to the Claims Administrator, and you wish to be eligible for compensation from the Net Settlement Amount, you must file the Claim Form (along with supporting documentation indicated in the Claim Form) with the Claims Administrator on or before April 8, 2016. Please click here to access a copy of the Claim Form.
JSS Barristers has commenced a class action lawsuit against Assante Wealth Management (Canada) Ltd., Assante Capital Management Ltd., Brian Malley and Christine Malley, regarding investment and financial management decisions made by Mr. Malley for clients of Assante, and regarding Assante's supervision of Mr. Malley.
Please visit the Class Action website at: www.assanteclassaction.com.
The Settlement was approved by Justice Rooke on November 30, 2015. Click here to view the Approval Order
If you believe you are a Class Member and wish to submit a Claim Form, please click here to access a copy of the Claim Form. You must print off the Claim Form, complete it and submit it to the Claims Administrator, at the address indicated on the Claim Form. Please note that Claim Forms must be submitted to the Claims Administrator by no later than March 8, 2016.
If you wish to exclude yourself from the Settlement, you can opt out by sending the Opt-Out Form to Class Counsel by email, regular mail or fax by no later than December 29, 2015.
ASSANTE WEALTH MANAGEMENT (CANADA) LTD. CLASS ACTION
NOTICE OF CERTIFICATION AND SETTLEMENT APPROVAL
This notice is to all persons who held investment account(s) with Assante Wealth Management (Canada) Ltd. or Assante Capital Management Ltd., which were under the administration and direction of Brian Malley, during the time period of January 1, 2008 through to and including December 31, 2013
READ THIS NOTICE CAREFULLY AS IT MAY AFFECT YOUR LEGAL RIGHTS
COURT APPROVAL OF THE SETTLEMENT OF CLASS ACTION
In 2012, a class action was commenced against Assante Wealth Management (Canada) Ltd. and Assante Capital Management Ltd. (collectively, "Assante"), Brian Malley and Christine Malley (the "Class Action"). The Class (as defined below) includes those who were clients of Assante and whose investment accounts were under the administration and direction of Brian Malley. This Notice applies to clients of Brian Malley, Assante Wealth Management (Canada) Ltd., and Assante Capital Management Ltd. between January 1, 2008 and December 31, 2013.
The parties to the Class Action reached a settlement that has now been approved by the Alberta Court of Queen’s Bench (the "Court") (the "Settlement Agreement"). The Settlement Agreement provides that the Defendants will pay $10,000,000.00 (the "Settlement Amount") in full and final settlement of all claims of the Class Members. The Settlement Amount includes all legal fees, disbursements, taxes and administration expenses. In return for the Settlement Amount, the Defendants will receive releases and a dismissal of the Class Action.
The settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of any of the Defendants, which have disputed, and continue to dispute, the allegations advanced in the Class Action.
By an Order dated November 30, 2015, the Court certified the action as a class proceeding pursuant to section 5(1) of the Class Proceedings Act, SA 2003, c C-16.5 ("CPA"), and certified the class as a settlement class, as defined in section 4 of the CPA, as follows:
all persons, corporations, partnerships or other entities who held a beneficial interest in one or more investment account with Assante Wealth Management (Canada) Ltd. or Assante Capital Management Ltd., which were under the administration and direction of Brian Malley during the time period of January 1, 2008 through to and including December 31, 2013, excluding Opt-Out Parties and the named Defendants in Court of Queen’s Bench Action No. 1210-01029, being Brian Malley, Christine Malley, Assante Wealth Management (Canada) Ltd. and Assante Capital Management Ltd. ("Class" or "Class Members").
The Court also approved the Settlement Agreement and declared that it is fair, reasonable and in the best interests of the Class Members. The Court also awarded Jensen Shawa Solomon Duguid Hawkes LLP ("Class Counsel") legal fees, expenses and applicable taxes in the total amount of $3,335,123.27 ("Class Counsel Fees"). As is customary in such cases, Class Counsel conducted the class action on a contingent fee basis. Class Counsel was not paid as the matter proceeded and funded the expenses of conducting the litigation. The amount awarded for Class Counsel Fees includes $270,252.94 for the reimbursement of amounts spent by Class Counsel in the conduct of the class action. The remainder, net of applicable taxes, will be Class Counsel’s only compensation for conducting the class action. Class Counsel Fees will be deducted from the Settlement Amount before it is distributed to Class Members.
Expenses incurred or payable relating to approval, notification, implementation and administration of the Settlement ("Administration Expenses") will also be paid from the Settlement Amount before it is distributed to Class Members.
The Court has appointed NPT RicePoint (now RicePoint Administration Inc.) as the Claims Administrator of the Settlement. The Claims Administrator will, among other things: (i) receive and process the Claim Forms; (ii) make determinations of each Class Member’s eligibility for compensation pursuant to the Distribution Plan; (iii) communicate with Class Members regarding their eligibility for compensation; and (iv) manage and distribute the Settlement Amount. The Claims Administrator can be contacted at:
RicePoint Administration Inc.
P.O. Box 3355
London, ON N6A 4K3
CLASS MEMBERS’ ENTITLEMENT TO COMPENSATION
Class Members will be eligible for compensation pursuant to the settlement if they timely submit a completed Claim Form, including any supporting documentation, to the Claims Administrator.
To be eligible for compensation under the settlement, Class Members must submit their Claim Form and required documentation postmarked no later than March 8, 2016 (the "Claims Deadline"). Click here to download the Claim Form. The Claim Form is also available at www.assanteclassaction.com.
Only Class Members are permitted to participate in the settlement. In particular, the following persons are not permitted to participate in the settlement: (1) "Excluded Persons", which are defined as the named Defendants; and (ii) persons who opt out of the Class Action.
The Net Settlement Amount, after deduction of Class Counsel Fees, and Administration Expenses (the "Net Settlement Amount"), will be distributed to Class Members in accordance with the Distribution Plan.
Each Authorized Class Member’s actual compensation from the Net Settlement Amount will be his/her/its pro rata share of the Net Settlement Amount calculated as set out in paragraphs 18 through 21 of Schedule "F" to the Settlement Agreement. Entitlements of less than $5.00 will not be paid.
If a Class Member disputes the Claims Administrator’s decision, whether in whole or in part, the Class Member may appeal the decision by bringing an Application, on notice to the Plaintiffs, Class Counsel and the Claims Administrator, in the Court. The notice must be served within 10 days after the Claims Administrator renders its final decision. The Class Member must use its/his/her best efforts to ensure that the motion is scheduled and heard within 120 days after the notice has been served. A decision of the Court shall be binding and no further appeal shall lie therefrom.
If there is a positive balance after one hundred and eighty (180) days from the date of distribution of the Net Settlement Amount to Class Members, the Claims Administrator shall, if feasible, allocate such balance among Class Members in an equitable and economic fashion. Any balance below $25,000.00 which still remains thereafter shall be donated to the Alberta Securities Commission to be used solely for the purpose of educating investors and promoting or otherwise enhancing knowledge and information of persons regarding the operation of the securities and financial markets. The Claims Administrator shall make all reasonable efforts to minimize amounts donated to the Alberta Securities Commission pursuant to the Distribution Plan.
OPTING OUT OF THE PROCEEDINGS
If you would like to exclude yourself from the settlement agreements, you can opt out by sending the Opt Out Form, which is attached to this Notice, to Class Counsel by email, regular mail or fax by no later than December 29, 2015 to:
Carsten Jensen, Q.C. / Gavin Price
Jensen Shawa Solomon Duguid Hawkes LLP
800, 304 - 8 Avenue SW
Calgary, AB T2P 1C2
If you do not opt out of the settlement agreements in the manner required by this notice, you will be bound by the terms of the proposed settlement agreements and will be barred from instituting or continuing any legal action against the Defendants in relation to the subject matter of the action.
COPIES OF THE SETTLEMENT DOCUMENTS
Click here to download a copy of the Settlement Agreement and Distribution Plan. Copies of the Settlement Agreement and the Distribution Plan may also be found at www.assanteclassaction.com or by contacting Class Counsel at the contact information provided below.
CLAIM DEADLINE: MARCH 8, 2016
Claim Forms will not be accepted after the Claim Deadline. As a result, it is necessary that you act without delay.
Jensen Shawa Solomon Duguid Hawkes LLP are counsel to the Plaintiffs in the class proceeding, and can be reached by telephone at 403.571.1520.
NPT RicePoint (now RicePoint Administration Inc.) has been appointed by the Court to be the Claims Administrator and is responsible for the distribution of the Net Settlement Amount. They can be reached by telephone at 1-866-432-5534 or email at firstname.lastname@example.org.
If there is a conflict between the provisions of this notice and the Settlement Agreement, the terms of the Settlement Agreement will prevail.
DISTRIBUTION OF THIS NOTICE HAS BEEN AUTHORIZED
BY THE ALBERTA COURT OF QUEEN’S BENCH
October 15, 2015
The parties to the class action proceedings recently entered into a Settlement Agreement. The Settlement is for the all-inclusive sum of $10 million. The Settlement is subject to Court approval.
The proposed settlement Class includes all persons, corporations, partnerships or other entities who held a beneficial interest in one or more investment account with Assante Wealth Management (Canada) Ltd. or Assante Capital Management Ltd., which were under the administration and direction of Brian Malley during the time period of January 1, 2008 through to and including December 31, 2013, excluding parties who opt-out of the settlement and the named Defendants in Court of Queen’s Bench Action No. 1210-01029, being Brian Malley, Christine Malley, Assante Wealth Management (Canada) Ltd. and Assante Capital Management Ltd.
On October 9, 2015, Justice Rooke granted a Consent Order which, amongst other things, approved the Notice of Certification and Settlement, which is the formal notice of the Settlement. In addition to making it available on this website, the Notice of Certification and Settlement will be provided to Class Members by mail and email, and through publications in the Red Deer Advocate and the Rocky Mountain House Mountaineer.
The Settlement approval hearing will take place on November 30, 2015, before Justice Rooke, at 1:30 pm, in the Red Deer Court House. On that date, the Court will be asked to approve the Settlement. If the Settlement is approved, the claims process will start shortly thereafter.
The Parties have entered into a Settlement, which has been approved by Justice Belobaba, of the Ontario Superior Court of Justice, in a Decision dated October 29, 2013. A copy of the Decision is attached.
The Settlement provides that Class Members can continue to redeem their Groupon vouchers at the purchase price or, if redemption is not possible, they can apply to recover money back from a Settlement Fund. Groupon will deposit $535,000 into the Settlement Fund for eligible claimants; counsel fees of $235,000 and administration fees of $100,000 will be deducted from the Settlement Fund, leaving approximately $200,000 for Class Member claimants. Any unclaimed balance will be returned to Groupon.
More information can be found at www.grouponclassaction.ca.
On October 11, 2012, Jensen Shawa Solomon Duguid Hawkes LLP filed a proposed Class Action against Paramount Investments Inc. (aka "Paramount Group of Companies"), Gateway Village II Limited Partnership, 1334926 Alberta Ltd., Iron-Gate Acquisitions Limited Partnership, Iron-Gate Acquisitions Inc., Adeeb Azizi, Samir Sawhney and Bryan Serbu (collectively, "the Defendants").
The case involves the sale of limited partnership units associated with real estate developments in Edmonton. The Statement of Claim alleges that the units in question were both marketed and sold to investors to whom the Defendants were not permitted to sell the units without a prospectus. The Statement of Claim also alleges that, in contravention of Alberta law, the units were sold to investors without a prospectus being issued.
The Statement of Claim alleges that the Defendants orchestrated a scheme whereby the Defendants misled those individuals to whom they were not permitted to sell the units in order to extract funds from them. Those funds have not been returned to the investors. The Statement of Claim also alleges that some or all of the Defendants benefited by earning commissions, fees, incentives or other rewards in connection with the sale of the limited partnership units.
The proposed Class includes all individuals who provided funds to the Defendants to invest in the Gateway Village II and Iron-Gate Acquisitions II Limited Partnerships, and to whom no exemption applied pursuant to which the Defendants were permitted to sell the units without a prospectus.
Update: The defendants applied to have the claim dismissed on the basis of the Limitations Act. This application was dismissed by the Court of Queen's Bench, and the Alberta Court of Appeal dismissed the defendants' appeal of the issue on December 9, 2013.
January 22, 2013
Jensen Shawa Solomon Duguid Hawkes LLP and Siskinds LLP, have filed a proposed class action against Poseidon Concepts Corp. (TSX:PSN), and certain of the company's officers and directors. The class action asserts that Poseidon Concepts, among other things, made statements that were materially false and misleading regarding Poseidon's financial position, financial performance and cash flows, and overstated the company's income by reporting inflated assets. Among other relief, the action claims $251 million in damages.
The proposed class includes persons who acquired securities of Poseidon Concepts on or prior to December 27, 2012, whether in a prospectus offering or in the secondary market.
Previously Siskinds has filed similar Claims in both Ontario and Quebec. Earlier this year Poseidon filed for creditor protection under CCAA legislation. The proposed class actions against Poseidon have been stayed, pending resolution of the CCAA issues.
For further information on the specifics of the Claim:
In May 2010, Siskinds LLP and Jensen Shawa Solomon Duguid Hawkes LLP filed a proposed class action against Sonde Resources Corp., formerly known as Canadian Superior Energy Inc. ("Sonde Resources"). Also named as defendants were Challenger Energy Corp. ("Challenger"), and certain senior officers of Sonde Resources and Challenger. The class action asserted claims in negligence, negligent and fraudulent misrepresentation, unjust enrichment and oppression. In addition, the plaintiffs intended to seek leave to pursue claims under Part XXIII.1 of the Ontario Securities Act.
The allegations in the statement of claim concerned, among other things, disclosures relating to Sonde Resources' and Challenger's natural gas exploration project in Block 5(c), located offshore in the Republic of Trinidad and Tobago, as well as Sonde Resources' stock option practices.
A similar action was also filed in the United States District Court for the Southern District of New York.
In June 2011, the parties to the Ontario and U.S. litigation entered into an agreement to settle the plaintiffs' claims in all actions for US$5.2 million. The settlement class comprises all persons who purchased or otherwise acquired Sonde Resources common stock between January 14, 2008 and February 17, 2009, except for certain excluded persons. The settlement agreement is made without any admission of liability, wrongdoing or fault by the defendants.
The Ontario and U.S. courts have approved a notice which provides information on how class members may file a claim, opt out of the class or object to the settlement.
The courts have also approved a claim form.
On November 24, 2011, a Settlement Approval Order was issued by the Ontario Superior Court of Justice.
Further updates concerning this class action will be posted here.