Wayland Group Corp. (CSE: WAYL, FSE: 75M, OTC: MRRCF)
Wayland Group Corp. (“Wayland”) was a Canadian cannabis producer which at all times relevant to this action was in the process of expanding its main production facility in Langton, Ontario (the “Langton Facility”). This shareholder class action relates to Wayland conducting multiple offerings thereby raising tens of millions of dollars from investors, and making alleged misrepresentations concerning:
- How the proceeds from those public offerings would be used;
- Regarding when each phase of the expansion of the Langton Facility would be completed and how much each phase would cost;
- That the expansion of the Langton Facility was fully-funded from prior public offerings; and
- About the increase in the pro forma output and revenues that would be achieved from the additional cannabis that would be produced beginning in 2019 as a result of the expansion of the Langton Facility.
On September 12, 2022, the Plaintiffs were to make submissions to the Court seeking authority from the Court to advance the statutory cause of action known as section 138.3 of the Ontario Securities Act. The Plaintiffs’ factum (formal submissions) and associated evidence can be reviewed by former shareholders of Maricann/Wayland by following the links submissions to court and compendium of evidence. Despite being fully prepared to make submissions, Wayland’s insurance company intervened to adjourn the submissions to a future date. Reluctantly, the Court accepted the insurance company’s proposal as reflected by this endorsement.
On May 4, 2022, the Quebec Court authorized the cause of action for Article 575(2) to be certified as a class action defined as all Québécois who acquired Wayland’s securities on or after January 24, 2018 through April 23, 2019, and held some or all of those securities until after the release of at least one of the Public Corrective Disclosures.
During April and May 2022, the Plaintiffs received disclosures (over a million pages of internal documents) from MNP LLP and Wayland. LORAX Litigation and Morganti & Co., P.C., are in the process of reviewing the disclosures and will be amending the Ontario and Quebec claims within the near future.