North American Palladium Ltd. (TSX: PDL, NYSE MKT: PAL, FRA: NAPN)
(now known as Impala Canada Ltd.)
Ontario Superior Court of Justice, Court File No: CV-16-548624
The Plaintiff alleges that the Defendants published the MD&A and audited financial statements for annual 2014 with misrepresentations by omitting material facts about the probability of the Company breaching the financial covenants with regards to their July 7, 2013 Loan Agreement, and the likelihood of default and corresponding collapse of North American Palladium’s investment quality and share value. The Plaintiff further alleges that that the Defendants negligently or intentionally withdrew the going concern language from the Company’s quarterly financial statements commencing with the publication of its 2014 second quarter financials.
On January 11, 2021, the Plaintiff amended the statement of claim and dismissed the action against North American Palladium’s Auditor, as well as the Individual Defendants. The action continues against North American Palladium. The Court’s Order pertaining to that motion can be viewed here, and the new “Amended Second Fresh as Amended Statement of Claim” can be viewed here
Claim or Motion for Authorization issued: March 14, 2016
Class Period: July 30, 2014 to and including April 14, 2015
Shareholders’ Canadian Counsel: Andrew Morganti and Albert Pelletier, Morganti & Co.
Shareholders’ Canadian Expert(s): Andrew Mintzer, Hemming Morse LLP and Soheil Talebi, Lipton LLP
Defendants’ Canadian Counsel: Alan D’Silva and Alexandra Urbanski, Stikeman Elliott LLP
Auditor’s Counsel: Dana Peebles, McCarthy Tétrault LLP