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Misrepresentation Secondary Markets

Bennett Jones LLP

Ontario Court of Appeal Puts Teeth Into Leave Test for Secondary Market Misrepresentation Claims Under the Securities Act

Bennett Jones LLP on

It was another active year in securities class actions, with appellate courts demonstrating renewed interest in secondary market misrepresentation claims. In one such decision from February 2024, Drywall Acoustic Lathing and...more

Stikeman Elliott LLP

Ontario’s Top Court Affirms Evidentiary Principles on Motions for Leave to Commence a Secondary Market Misrepresentation Action

Stikeman Elliott LLP on

In Drywall Acoustic Lathing and Insulation (Pension Fund, Local 675) v. Barrick Gold Corporation, 2024 ONCA 105, the Ontario Court of Appeal affirmed the lower court’s decision denying in part the motion for leave to commence...more

A&O Shearman

Northern District Of California Dismisses Certain Claims In Putative Class Action Against Cryptocurrency Company For Failure To...

A&O Shearman on

On February 26, 2020, Judge Phyllis J. Hamilton of the United States District Court for the Northern District of California dismissed certain claims in a putative class action asserting violations of the Securities Act of...more

Mintz - Securities Litigation Viewpoints

Canadian Appellate Court Confirms That Judges Must Consider Evidence From Both Parties when Deciding a Motion for Leave to Bring a...

As detailed repeatedly in this space, the Canadian court system has issued a number of decisions which have altered the practice of bringing – or defending against – a securities class action for secondary market...more

Blake, Cassels & Graydon LLP

Access Denied: Primary Market Liability Regime Not Available to Secondary Market Security Holders

In its recent decision in Rooney v. ArcelorMittal S.A. (Rooney), the Court of Appeal for Ontario (Court) held that primary market investors have the option of suing both the offeror and its directors and signatories for...more

Blake, Cassels & Graydon LLP

Honest Weight: Court of Appeal Affirms Threshold for Leave in Secondary Market Securities Class Action

In its recent decision in Mask v. Silvercorp Metals Inc. (Mask), the Court of Appeal for Ontario (Court) dismissed an appeal of the denial of leave and certification to a proposed statutory secondary market securities class...more

Mintz - Securities Litigation Viewpoints

Ontario Superior Court Decision Confirms That “Public Correction” Requirement is a Temporal Marker

Under the Ontario Securities Act (“OSA”), a statutory right of action exists for secondary market misrepresentation for any person who acquires or disposes of an issuer’s securities within the relevant time period. An action...more

Mintz - Securities Litigation Viewpoints

CIBC v. Green: The Supreme Court of Canada Clarifies Key Provisions of the Ontario Securities Act and the Ontario Class...

A recent decision by the Supreme Court of Canada offers both clarity and further questions on the timing of secondary market misrepresentation claims brought under the Ontario Securities Act (the “Securities Act”). While we...more

Blake, Cassels & Graydon LLP

Court Endorses High Threshold for Leave, Certification of Secondary Market Securities Class Actions

In its recent decision in Coffin v. Atlantic Power Corp. (Coffin), the Ontario Superior Court of Justice denied a proposed securities class action leave to proceed as a statutory secondary market action and refused to certify...more

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