Auxly Cannabis Group Inc.

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

WE ARE IN THE PROCESS OF REVIEWING SEVERAL HUNDRED APPLICATIONS-CLAIM FORMS. IF WE HAVE ANY QUESTIONS WITH YOUR APPLICATION-CLAIM FORM WE WILL CONTACT YOU.

UPON COMPLETION OF OUR REVIEW WE WILL PREPARE A REPORT FOR THE COURT TO GIVE US AUTHORITY TO MAKE ARRANGEMENTS TO EITHER E-TRANSFER, WIRE-TRANSFER, OR SEND A CERTIFIED CHECK TO YOU.

TORONTO — November 15, 2023 –Berger Montague (Canada) today announces 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 that 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: 855-212-2601

Or Contact Us