RE:RE:$100M LawsuitThis is what MRE posted on their 1st Quarter Release.
In addition, the Company and certain of its officers and directors have been served with a Notice of Action and Statement of Claim that was filed in Windsor, Ontario by an alleged shareholder (the "Statement of Claim"). In the Statement of Claim, the plaintiff seeks, among other things: an order certifying the proceeding as a class proceeding; a declaration that the defendants made negligent misrepresentations in the time period from March 6, 2006 to December 18, 2013 by representing that the Company's financial statements were prepared in accordance with GAAP and/or IFRS; an order granting leave to amend the claim to assert causes of action under the secondary market liability provisions of the Securities Act (Ontario); and special and general damages and costs of notice in the class action in the sum of $100 million.
Problem I have is that neither Nat Rea (Rea Holdings) or the lawyers behind this action were at all impressed by several MRE news releases that PWC completely exonerated management in their full Forensic Audit.