Overview
Case Status: Past Cases
Court: Ontario Superior Court of Justice, Court File No.: CV-20-644524-00CP
Ticker Symbol: CSE: IAN and FRA: 2IA)
CUSIP: 45074T102
Table of Contents
This securities class action relates to the Defendants releasing core and non-core documents that contain alleged misrepresentations that resulted in iAnthus unable to release its 4Q 2019, F/2019, and 1Q 2020 financial results and corresponding management, discussion and analysis. On April 6, 2020, iAnthus reported that it was unable to release its 4Q 2019 and F/2019 audited financial statements. The Plaintiff believes that this admission reflects that all of iAnthus’ quarterly financial statements or management, discussion and analysis must contain errors of material fact or omitted material facts.
Moreover, iAnthus’ former CEO has been forced to resign under questionable circumstances. Other Board members have resigned and iAnthus has omitted to disclose the material facts forming the basis of those resignations. On July 13, 2020, iAnthus announced that it was going to recapitalize that will result in shareholders losing over 97% of their equity interests.
UPDATES
During September 2021, the Ontario Superior Court of Justice granted a consent motion allocating carriage of the class proceeding to M. Singh Law Professional Corporation.
During July 2023, investor Michaël Bordeleau-Tassile, retained Berger Montague (Canada) PC to intervene into the class proceeding to seek carriage of the class proceeding.
Concurrently, M. Singh Law Professional Corporation announced that he reached a settlement with the defendants in the amount of CAD $500,000. The parallel U.S. Class Proceeding settled for USD $2.9 million.
The Court determined that Mr. Bordeleau-Tassile’s motion was premature and the better route would be to object to the proposed Settlement Agreement. On March 4, 2024, Mr. Bordeleau-Tassile was successful in objecting to the proposed settlement.
