RE:RE:Seems many shareholders with heavy losses, what's next ?Regarding a class action, sadly, some of us have seen this movie before with CLQ. There was a class action, but shareholders didn't see a penny. Only the lawyers got paid.
In April 2011, Siskinds LLP, acting on behalf of two investors in Canada Lithium Corp. (“CLQ”, now known as RB Energy Inc., and nergie RB Inc. in its French form) commenced a class action in the Ontario Superior Court of Justice alleging misrepresentations, in disclosure and offering documents, as to material scientific and technical information underlying a mineral resource estimate, contrary to the Canadian Securities Administrators’ National Instrument 43-101, Standards of Disclosure for Mineral Projects and Parts XXIII and XXIII.1 of the Ontario Securities Act.
On November 28, 2016, the Ontario Superior Court of Justice approved a settlement of the class action in the amount of CAD $400,000. The primary reason for the settlement was the insolvency of the RB group of companies.
The settlement amount is insufficient for distribution to class members; and, as such, there will not be a distribution.
As set out in the settlement approval order, in conjuction with the settlement:
- the class action has been dismissed;
- CLQ and the individual defendants have been released from the claims in the class action and released from the possibility of any further claims relating to the matters at issue or that could have been at issue in the class action; and
- class counsel fees of CAD $400,000 were awarded.