1. The law firm of Sutts, Strosberg LLP (now Strosberg Sasso Sutts LLP) is counsel in a proposed class action commenced in the Ontario Superior Court of Justice against WesternOne Inc. (“WesternOne”), Peter Blake, Carlos K.H. Yam, Robert W. King, Geoffrey G. Shorten, Douglas R. Scott, Michael L. Ridley, Canaccord Genuity Corp., National Bank Financial Inc. and Raymond James Ltd..
2. The claim is on behalf of all persons, other than certain persons associated with the defendants, who acquired WesternOne securities on the open market, or pursuant to the prospectus, on or after September 12, 2014 to and including November 12, 2014, and held some or all of those securities at the close of trading on November 12, 2014.
3. On November 13, 2014, WesternOne disclosed, for the first time, that it had incurred increased labour and sub-contractor costs arising from delays in completing on-site civil and pre-engineered structure works for phase one of the Keeyask Generating Station Project’s accommodation complex. After the announcement, the price of WesternOne’s shares declined by more than 18 percent. The plaintiffs in this action allege that before WesternOne raised capital in public markets, the defendants knew or ought to have known that WesternOne was experiencing increased labour and subcontractor costs and delays to phase one of this accommodation complex.
4. The plaintiffs seek damages for negligent misrepresentation and liability for primary and secondary market misrepresentation pursuant to the provisions of Ontario's Securities Act.
5. The action has been transferred from Windsor to Toronto.
6. The plaintifs amended the statement of claim and are seeking a schedule for the hearing of the certfication/leave motion.
7. If you acquired WesternOne securities during the period from September 12, 2014 to and including November 12, 2014 and continued to hold some or all of those securities at the close of trading on the TSX on November 12, 2014, please enter the information requested on the communication page.
8. If you have any questions, please call Strosberg Sasso Sutts LLP at 1.800.229.5323, extension 296.
9. If you would like to know more about how a class action works, click here.
This website provides general information to potential class members on a proposed class action commenced against WesternOne and others. The court will ultimately decide who will be included as a class member.