Auxly Cannabis Group Inc.

THE TIME TO FILE A CLAIM TO PARTICIPATE IN THE SETTLEMENT FUND HAS CLOSED.

TORONTO – March 24, 2025 – We are pleased to report that after several months we have completed the audit of all the foreign-based retail investor filers and completed the proposed Distribution List and required report for the court.  These materials have been organized and being prepared to file with the Court, with Auxly Cannabis Group’s consent, for an order granting permission to distribute the funds to the Authorized Claimants identified in the Distribution List. For the time being, we have commenced the process of confirming the contact information from the Authorized Claimants.

TORONTO – February 25, 2025 – We are pleased to report that after several months we have completed the audit of all the institutional investor filers.  These audits are more complex than usual claim forms because of the number of trade transactions. “I am grateful towards a few of the managers employed by these institutional claimant filers.  They were willing to allocate hours participating in online conference to co-audit their records with me, which benefitted their clients and all the Authorized Claimants,” says Andrew Morganti, the Claims Administrator.   We are now contacting retail investors to clarify certain issues between their Claim Forms and Supporting Documentation.  Subject to any unforeseen issues, we are still anticipating on completing the Distribution List with the required report for the court’s review shortly.  During March 2025, we anticipate contacting each of you about the manner to send you the Distributions.

TORONTO – December 18, 2024 – Thank you for your patience as we process a high volume of claims received at the deadline. We extended the deadline multiple times to accommodate investors. We now anticipate having completed our review of all claims by December 31, 2024. We have already begun notifying investors as to how many of their shares have been authorized for inclusion in the settlement; for any investor that disagrees with our assessment, they will have 30 days to resolve any dispute. Once we have the final Distribution List, we can complete a required report for the court’s review. Thereafter, the Ontario Superior Court of Justice (Toronto) will provide us with an order granting us the ability to distribute the funds to investors. We will contact each of you about the method to distribute the settlement funds. In all of the circumstances, we anticipate distributing funds by March 2025.

TORONTO – April 1, 2024 – Berger Montague (Canada) has extended the deadline for investors to submit their Claim Forms with supporting documentation to May 1, 2024. Once the claims period closes we will commence the process of auditing each Claim Form in the same order as it was received. We anticipate being able to complete the audit before August 2024. Thereafter, we must prepare a final Distribution List and Report for the Court’s review and approval. The Court will provide us with an order granting us the authority to distribute the settlement funds to the investors on the Distribution List.

TORONTO – December 26, 2023 – Berger Montague (Canada) reminds investors that if they wish to participate in the Court approved settlement that their Claim Forms with supporting documentation must be received by April 13, 2024.

TORONTO — November 15, 2023 – Berger Montague (Canada) announced that the Ontario Superior Court of Justice (the “Court”) approved a settlement among all of the parties to the class proceeding styled as Daniel Relvas v. Auxly Cannabis Group Inc., bearing Court File No. CV-19-00617136-00CP (the “Action”). The decision can be read here. Members of the Class means that you are an investor who purchased shares of Auxly Cannabis Group, Inc., between November 12, 2018 and February 6, 2019.

Background

The Action was commenced on behalf of persons and entities who purchased or otherwise acquired Auxly Cannabis Group Inc. common shares in the secondary market, on or after November 12, 2018, and held some or all of those securities until the close of trading on February 6, 2019. In the Action it is alleged that during the Class Period, the Defendant made misrepresentations concerning material facts regarding the status of its project with FSD Pharma Inc. to build-out 220,000 square feet of cannabis cultivation space in Cobourg, Ontario. The Defendant denies the allegations and makes no admission of liability in connection with the Settlement.

At the conclusion of a full-day mediation in July 2023, the parties agreed to settle the Action to fully, definitively and permanently resolve all claims asserted against Auxly.

The Settlement

The terms of settlement (“Settlement”) include the payment of $4 million CAD on behalf of the Defendant, a full and final release of all claims that were asserted or could have been asserted against the Defendant by class members in the Action, and the Defendant’s express denial of any liability in respect of the claims alleged in the Action and of any kind whatsoever.

How to Collect Your Money

On December 15, 2023, we will be publishing the Claim Form and sending the Claim Form to registered investors of the instructions on how Class Members can file Claim Forms online to participate in the distribution of the net settlement funds and the deadline for doing so.

The Class

If you acquired common shares of Auxly, on or after November 12, 2018, and held some or all of those shares until at least February 6, 2019, you will likely be entitled to participate in the settlement after the Court has approved it.

Questions

Berger Montague (Canada) PC is a law firm that investigates, litigates and resolves economic and financial disputes.

Questions for the Class Members’ lawyers may be directed to:

Berger Montague (Canada) PC
330 Bay Street, Suite 1302
Toronto, ON  M5H 2S8
Tel: 647-576-7840

Or Contact Us