Securities LitigationTrusts and Estates Litigation
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.
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.
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”).
The Sino-Forest class action has been certified, and leave was granted to bring a claim under the Securities Act for secondary market misrepresentations.