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