Superior Court refuses leave to securities class action based on the difference between “Material Facts” and “Material Changes”

In a recent decision declining to grant leave under Part XXIII.1 of the Securities Act to proceed with a proposed class action on behalf of purchasers of securities on the secondary market, the Ontario Superior Court clarified and highlighted the difference between “material change” and “material fact” under the Ontario Securities Act. Material facts and material changes both require similar effects on market price of a public company’s securities, but the reason for those effects must be internal for it to be a material change. The only exception is where external effects are so overwhelming that the company is no longer ... [more] Full article
Ontario’s top court reinstates securities class action against Cannabis company
In Reasons released on September 26 in Badeesha v. Cronos Group Inc., the Court of Appeal for Ontario unanimously overturned a decision refusing to grant leave to proceed with a ... [more] Full article
Fiduciary Duty for advisors not created by “Best Interest” standard alone
The Ontario Divisional Court recently confirmed the dismissal of a certification motion against an investment dealer and two individual advisors for breach of fiduciary duty. In Boal v. International Capital ... [more] Full article
Dirty Diesel: The Challenge of Isolating Compensable Losses in a Motion for Certification
In 2015, the Environmental Protection Agency of the United States (EPA) made waves when it determined that millions of Volkswagen “clean diesel” cars sold worldwide were cheating government emissions tests. ... [more] Full article
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- Ontario Affirms Gatekeeping Function Of Robust Leave Test For Securities Class Actions
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