RE:and there is no lawsuitAMF is not a court you dummy. You say no lawsuit but Liminal says there is:
LIMINAL BIOSCIENCES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2020
(In thousands of Canadian dollars, except for per share amounts)
33. Subsequent event
The Company is, in the course of its business, subject to lawsuits and other claims. On April 15, 2019, the Company announced its intention to enter into a series of related arrangements to restructure its outstanding indebtedness, reduce its interest and certain other payment obligations, and raise sufficient cash to build a robust balance-sheet for the next phase of its development, collectively the refinancing transactions, which included (i) an offering of common shares through private placements for gross proceeds of $75,000 (note 18a), (ii) the conversion of approximately $229.0 million of the outstanding SALP debt into common shares (note 16), (iii) the adjustment of the terms of certain outstanding warrants (note 16) and (iv) a rights offering to all shareholders whereby each shareholder received one right for each common share held (note 18a). The restructuring transaction occurred on April 23, 2019.
On March 2, 2021, the Company was served with an action instituted by multiple individual shareholder plaintiffs, or the plaintiffs, against the Company, SALP, the directors that were on the Company’s Board on March 31, 2019 or on April 15, 2019, certain officers of the Company and other parties involved with the above refinancing transactions, together referred to as the defendants. The plaintiffs allege, among other things, that, as part of the refinancing transactions, the defendants (i) undervalued certain products, (ii) reduced certain of their operational activities, (iii) artificially devalued certain assets in order for them to be written-off in the consolidated statement of financial position, (iv) conducted their business in a manner that prevented them from obtaining financing from certain parties and (v) never properly disclosed their financial difficulties, the alleged collective result of which was, among other things, that SALP and Thomvest Asset Management were able to take control of the Company to the detriment of the minority shareholders. The plaintiffs seek almost $700 million in damages, approximately $664 million of which is based on the loss of future value of the Company’s shares.
captsecord wrote:
AMF Concludes its Review of the Refinancing Transactions Completed by Liminal BioSciences in April 2019
PRNewswire 28-Nov-2019 4:40 PM
LAVAL, QC, ROCKVILLE, MD and CAMBRIDGE, United Kingdom, Nov. 28, 2019 /CNW Telbec/ - Liminal BioSciences Inc. (NASDAQ:LMNL) (TSX:LMNL) ( "Liminal BioSciences" or the "Company" ), a clinical-stage biopharmaceutical company focused on developing novel therapeutics to treat unmet needs in patients with liver, respiratory and kidney disease, acknowledges the press release issued today by the Autorit des Marchs Financiers ("AMF") in which the AMF announced that after a thorough investigation, the AMF has determined that no violation or breach of securities regulation occurred in connection with the refinancing transactions completed by the Company in April 2019. The AMF is the regulatory and oversight body for Qubec's financial sector.
"We are pleased that the AMF has completed its review and concluded that it did not identify any violation or breach of securities regulation in the context of our refinancing transactions", stated Kenneth Galbraith, the Chief Executive Officer of Liminal BioSciences. "We have been cooperative and transparent with AMF throughout the review and look forward to focusing our efforts on developing and commercializing new medicines that may address serious unmet healthcare needs of patients around the world."
In April 2019, the Company completed a series of refinancing transactions, which were subject to the prior review and approval of the Toronto Stock Exchange. On November 18, 2019, the common shares of Liminal BioSciences commenced trading on the NASDAQ Global Market.