Isuggest someone in Toronto contact the following lawyer. Why? He isVERY informed (they specialize) re Class Action. Importantly, hebelieves that these situations should be pursued, because if not, theypromote the continued abuse of Canadian Shareholders. I am not inCanada, and it is not practical for me to lead this. I have in the pasthad experience however.
Here are some extracts, to give folks an idea of how these things proceed.
Costs: here is an extract -"
Youwill findattached our standard form retainer agreement. Most of it isboilerplateand required by our Solicitors Act. Most importantly toyou, the agreementprovides for a fee of 25% plus expenses of anysettlement or judgment (all ofwhich is ultimately subject to courtapproval), and we pay all of thecosts."
Re why to pursue legal action - in a lawyers words...
"if everyone decides it is not worth their while, these small Canadian companies, including
many in the oil patch, will continue to do what they have always done.
Shareholders will be disregarded because there really are no
consequences - regulators are largely passive and underfunded, and
nobody wants to become involved in a private action.
.... It is true that our firm will likely get the largest recovery if we are successful, but
also we will take all the risk and expend substantial time and resources
to ensure that the company is held accountable for their errors, and
will get the best recovery we can for all involved."
Contact information:
Charles M. Wright
Siskinds LLP
680 Waterloo Street
London, ON N6A 3V8
Tel: (519) 660-7753
Fax: (519) 660-7754
Mail:
charles.wright@siskinds.com
Web:
www.siskinds.com
You can check out their web site, and also look up current class actions they are dealing with.
Isuggest someone, in Ontario area would be best to contact this lawfirm, and perhaps even this particular lawyer, and see what they (he)thinks. The point is, they know this business, these sorts ofsituations, and ALL the shenanigans that go on with these CanadianCompanies etc etc. Also they currently have a number of Class ActionLaw Suits on the go.
I will contribute to any legal fund, ororganized group, but again, not being in Canada for an extended period,means my input is limited. However, I want and am an avid supporter topursue this, if possible, as I do not like these people, the way theycarry on, and in particular beyond them I take very strong exception toCanadian Authorities, which again I say are ridiculous in theirabsence. I will post a further reply I received from the Canadians in abit. glta