Securities Litigation
Trusts and Estates LitigationOur Blog
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Securities law class actions are now common in Ontario. However, courts are still addressing some of the core elements of the conceptual approach to such issues. The recent decision in the Ontario Court of Appeal in Drywall Acoustic Lathing and Insulation, Local 675 Pension Fund v Barrick Gold Corporation (“Barrick Gold”) is a highly significant decision in this area, particularly in its treatment of the “public correction” requirement for securities class actions.
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On November 4, 2020, the Ontario Securities Commission (OSC) held its annual OSC Dialogue. Financial industry leaders, senior regulators and investors came together virtually to discuss changes in the industry and how they are working together.
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On May 6, 2020, the Canadian Securities Administrators, in conjunction with the Ontario Securities Commission, held a webinar on public companies’ COVID-19 continuous disclosure obligations. The main message is that there is no “one size fits all” when it comes to fulfilling continuous disclosure obligations in light of COVID-19. COVID-19 will impact reporting issuers in a variety of ways, and these need to be detailed for investors.
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Jenn Power co-authored the blog Canada: Summary Of Actions Against Exxon Mobil For Securities Fraud which appeared on Mondaq. This article discusses the allegations brought against Exxon under securities fraud legislation by the Attorney General of New York State.
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In September 2018, the U.S. Securities and Exchange Commission (“SEC”) charged Elon Musk, the former Chairman of Tesla, Inc., with securities fraud. A series of Tweets on Musk’s personal page, the first of which read: “Am considering taking Tesla private at $420. Funding secured”, caused share prices to instantly soar. In reality, the potential transaction was uncertain and subject to a number of contingencies. Market confusion and disruption ensued.
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The past year has seen a flurry of interesting cases dealing with limitation periods. My colleagues and I have commented on them previously, including here and here. In Pennyfeather v Timminco Limited, the Court of Appeal for Ontario had the chance to weigh in on limitation periods under the Ontario Securities Act (“OSA”).
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The Sino-Forest class action has been certified, and leave was granted to bring a claim under the Securities Act for secondary market misrepresentations.
