(June 14, 2022) The Ontario Superior Court of Justice, the Honourable E.M. Morgan, J., granted the investors motion to direct the register of the court to note Wayland Group Corp. (“WAYL”) in default pursuant to Rule 19.01(1) of the Rules of Civil Procedure. The investors’ causes of action are two-fold: (a) relating to WAYL’s securities…
Read More(May 5, 2022) Wayland Group Corp., (“WAYL”) filed papers seeking bankruptcy protection and it was liquidated by selling assets for pennies on the dollar ~ and back to the same sellers! Investors lost. The Court approved and issued a “Stay of Litigation” so that investors could not advance their claims for damages. On February 28,…
Read More(November 2, 2021) The Ontario Superior Court of Justice – Divisional Court (Justices Swinton, Sachs, and Favreau), 2021 ONSC 7117, have allowed the investor claims against Auxly Cannabis Group, Inc. to proceed forward into discovery and trial by denying the appeal of Justice Morgan’s straight-forward (tell-it-how-it-is) decision granting investors leave to proceed with a statutory…
Read More(July 30, 2021) The U.S. Securities and Exchange Commission (“SEC”) has identified a number of China-based companies raising capital through offshore shell companies. In a number sectors in China, companies are not allowed to have foreign ownership and cannot directly list on stock exchanges outside of China. Some of these companies have gotten around the…
Read More(June 25, 2021) The Ontario Superior Court of Justice (Justice Morgan) certified a Class of investors that purchased Intellipharmaceutics International, Inc.’s securities (“IPCI”) listed on the Toronto Stock Exchange and scheduled a hearing date to approve a Settlement Agreement between investors and IPCI. The Plaintiffs allege that Intellipharm’s value and share-price were artificially inflated after…
Read More(June 16, 2021) The Ontario Superior Court of Justice has granted investors’ motion to allow them to proceed into discovery finding that there is a reasonable possibility that Auxly (“XLY”) released its 3Q 2018 MD&A with misrepresentations about its relationship with FSD Pharma Inc., (“HUGE”) and the status of the cannabis production facility it was…
Read More(April 26, 2021) We believe this certified shareholder class action is one of the longest running and complex (i.e., involving the bankruptcy court and multiple contested motions, including at the Court of Appeal) Primary Market (pursuant to a prospectus) shareholder class actions in Canada – visits to the bankruptcy court, adding investment banks, a half-dozen…
Read More(April 15, 2021) The Ontario Superior Court of Justice (Justice Morgan) approved the Settlement Agreement between investors and Colt Resources, Inc. (“GTP” and “P01”), that will require Colt to convey $950,000, inclusive of costs, legal fees, and taxes, to investors ($50,000 below the statutory liability limit and approximately $200,000 more than the amount improperly taken…
Read MoreThe law firms of Faguy & Co. (Montreal) and Morganti & Co. (Toronto) announce that on August 7, 2020, the Honorable Mr. Justice Duprat, the Superior Court of Québec authorized the bringing of a class action against Mr. David Baazov in Court File No. 500-06-000859-179. The allegations made in the class action have not been…
Read MoreMarkets go up. Markets go down. Investors beware? An investor accepts the risks of normal business successes and failures; but investors should never accept the risk that a company is withholding adverse facts from investors. Companies submit that they do not want to overwhelm investors with ordinary business operations that could cause confusion, so they decide…
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