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:
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.
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 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.