In a pair of decisions released the same day, Justice Katherine van Rensburg of the Ontario Superior Court of Justice became the first judge to consider the statutory remedy created under section 138.3 of the Ontario Securities Act (the “Act”) for shareholders of public companies who suffer damages from public company misrepresentations on the secondary securities market in documents such as annual financial statements and other public documents.

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Two recent Ontario decisions, GEA Group AG v. Ventura Group Co. and York University v. Bell Canada Enterprises and Rogers Communications Inc. have clarified the circumstances under which courts should grant the extraordinary equitable remedy of pre-action discovery, commonly known as a Norwich order.

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Two recent OSC decisions have sided against securities regulators on issues of documentary disclosure. In one case, an OSC panel found that there had been too much disclosure by OSC staff and, in another case, there had not been enough disclosure.

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Companies do not have to disclose merger negotiations as a material change until there is sufficient likelihood that the deal will close, the Ontario Securities Commission held recently in Re AiT Advanced Information Technologies Corp.

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Canada’s Supreme Court upheld the dismissal of Canada’s first-ever securities class action judgment in favour of investors relating to alleged misrepresentations on an initial public offering.

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