(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 More(February 4, 2021) Today the Ontario Superior Court of Justice (Justice Morgan) approved the Settlement Agreement between investors and FSD Pharma, Inc. (“HUGE”), that will require HUGE to convey $5.5 million, inclusive of costs, legal fees, and taxes, to investors. Investors received more than the available directors and officers insurance. The Claim alleges that the…
Read More(December 16, 2020) Morganti & Co., P.C., is pleased to announce that effective January 1, 2021, it will integrate into Kim Spencer McPhee Barristers P.C. in order to continue and expand our Shareholder Litigation Practice. “After a decade of mutual respect and desire to provide relentless representation to investors against multinational corporations that raise capital…
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…
Read More(June 17, 2020) Today the Court of Appeal for Ontario (MacPerson, Pardu and Huscroft JJ.) released an Endorsement affirming the Divisional Court’s decision, dated January 6, 2020, concerning the responsibilities of investment banks and certifying that offering memoranda and prospectuses contain accurate information, to the best of their knowledge. Today’s decision affirms the reversal the…
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