Ontario Superior Court of Justice, Court File No: 17-CV-572336-00CP
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This securities class action relates to the Defendants allegedly releasing core documents and making other statements containing misrepresentations about SociaLabra’s business operations, core technology (Market Research Cloud), intended uses of capital raised in the impugned Debenture offering, and associated 2014 pro forma revenues. This action also pertains to misrepresentations made by certain of the Individual Defendants regarding their anticipated investment in the aforementioned Debenture offering.
On June 16 2014, SociaLabra Inc. engaged in a private placement offering of convertible, interest-bearing debentures each with a face value of $15,000. The debentures have since gone into default, with the Plaintiff and Class Members demanding repayment plus accrued interest, in addition to the costs of this legal action.
Claim or Motion for Authorization issued: March 28, 2017
Class Period: N/A
Class Definition: All purchasers who acquired SociaLabra’s debentures pursuant to its June 2014 debenture offering
Leave to Proceed Record Served: N/A
Debentureholders’ Canadian Counsel: Andrew Morganti and Hadi Davarinia, Morganti & Co.
Corporate Defendant’s Canadian Counsel: N/A