Allied Nevada Gold (n/k/a, Hycroft Mining Corporation)(Formerly TSX: ANV, NYSE MKT: ANV)
Ontario Superior Court of Justice, Court File No.: CV-14-50851300-00CP
This action relates to the Defendants publishing core documents and making other statements containing misrepresentations, and their failure to make timely disclosure about a Material Change in Allied Nevada Gold Corp.’s (as Hycroft Mining Corporation was formerly known) business operations of its Lewis Leach Pad at the Hycroft Mine and resulting 2013 annual gold production numbers.
In May 2015, the Plaintiff served a motion to add the underwriters (for Allied Nevada’s May 17, 2013 secondary public offering), Cormark Securities Inc. (“Cormark”) and Dundee Securities Limited (“Dundee”), as defendants to this action. On April 27, 2016 at decision reported here, the Court granted, in part, and denied, in part, the Plaintiff’s motion to add the underwriters to the action. The Court disagreed with the underwriters’ submissions that adding them to the litigation would amount to non-compensable prejudice. The Court agreed that the Plaintiff could assert common law primary market claims against the underwriters. The underwriters moved for leave (permission) to appeal this decision to the Divisional Court while the Plaintiff appealed as of right to the Court of Appeal for Ontario. The underwriters also moved for leave to cross-appeal the issue of costs to the Court of Appeal for Ontario. On September 26, 2016 at decision reported here, the Divisional Court dismissed the underwriters’ motion for leave to appeal. The parties subsequently settled the appeal and motion for leave to cross-appeal to the Court of Appeal for Ontario. All routes of appeal have now been exhausted.
On March 15, 2017, the Ontario Superior Court of Justice granted the Plaintiff leave (permission) to discontinue all causes of action asserted in this lawsuit on behalf of secondary market purchasers during the period of January 18 to August 5, 2013. The order granting leave to discontinue the secondary market causes of action can be found here.
On October 6, 2017, the Ontario Superior Court of Justice heard the Plaintiff’s motion for certification of this action as a class proceedings. On October 6, 2017 at decision reported here, the Honourable Justice Paul M. Perell certified this action as a class proceeding, on consent, as against the corporate defendants (Hycroft Mining Corporation, Scott A. Caldwell and Robert M. Buchan) and dismissed the certification motion as against the underwriters (Cormark and Dundee). The Plaintiff has until November 23, 2013 to file an appeal of Justice Perell’s decision denying certification against the underwriters, if it chooses do to so.
On August 27, 2018, the Honourable Justice Edward P. Belobaba of the Ontario Superior Court of Justice approved the content and method of distribution of the Notice of Certification and Opt-Out Form and set the date after which Class Members are no longer permitted to opt-out of this action. A copy of the Order can be found here and a copy of the most recent version of the Statement of Claim can be found here.
A copy of the Notice of Certification can be found here:
To remove yourself from the Class, you must complete the Opt-Out Form available here. Your Opt-Out Form must be postmarked if sent by mail, or received if sent by e-mail or courier on or before November 30, 2018 at 5:00pm E.S.T. Otherwise you will be a part of the Class. Please note that after November 30, 2018, no further right to opt-out of this action will be provided.
Claim or Motion for Authorization issued: July 16, 2014
Class Period:: January 18, 2013 to and including August 5, 2013
Certification of Action Against Corporation Granted: October 24, 2017
Leave to Proceed Record Served: November 13, 2014 (secondary market claims were subsequently discontinued)