Merry Christmas to All!Particularly those holding shares 3 years back when FC told shareholders that all should have a very Merry Christmas in a talk the fall after his June 2012 big news release of having 10+mm of Indicated gold, that had already had the indicated amount cut in almost half and finally a year or so later the indicated cut to about 10% of the 10mm oz stated in the very detailed news release of June 2012.
This is the current top news link on stockhouse that should appear next to this post, interesting!
Case Summary
An action has been commenced in the Ontario Superior Court of Justice against Baja Mining Corp., John Greenslade, Rowland L. Wallenius, Michael Shaw, Adam Wright and PricewaterhouseCoopers LLP (collectively the “Defendants”).
The action alleges that during the class period, the Defendants made misrepresentations and/or failed to make timely disclosure of significant cost overruns and project delays related to Baja’s Boleo Project located in Baja California Sur, Mexico.
The action was also commenced against Graham Thody, C. Thomas Ogryzlo, Wolf Seidler, Francois Marland, Giles Baynham, Gerald Prosalendis and Kendra Low (the “Dismissed Defendants”). On consent, the claims against the Dismissed Defendants have been dismissed by the Court.
On April 22, 2014, the Court granted permission (known as “leave to proceed”) to the Plaintiff to assert as against the Defendants, the statutory cause of action for secondary market misrepresentations in certain of Baja’s public filings during the Class Period. Obtaining leave is a requirement under the Ontario Securities Act and is a preliminary procedural matter.
On April 22, 2014, the Court also certified the action as a class proceeding (the “Class Action”). Certification is also a procedural matter. In granting certification, Harrison Pensa LLP was appointed Class Counsel on behalf of all persons and entities, wherever they may reside or be domiciled, who acquired Baja securities between November 1, 2010 and April 23, 2012 and who held some or all of those securities as of April 23, 2012.
The leave to proceed and certification Order (the “Order”) means that the Court has permitted the action to proceed to trial as a class proceeding and has granted permission to the Plaintiff to pursue the statutory claims under the Ontario Securities Act on behalf of the Class.
The Plaintiff is only pursuing the statutory claims described above against the Defendants. He will not be pursuing any other statutory or common law claims, including the claims in conspiracy, negligence and negligent misrepresentation originally asserted in the action. The dismissal of those claims has been approved by the Court.
Copies of the Certification and Leave to Proceed Order and Reasons for Decision of the Court can be accessed in the Documents tab.