Overview
Table of Contents
Since 1970, Berger Montague has represented institutional, governmental and individual investors in some of the largest and most significant securities litigation in the United States, recovering billions of dollars for our clients. Berger Montague (Canada) is the result of an amalgamation with a Canadian boutique shareholder litigation law firm that had over a decade of success representing investors and had been ranked by ISS SCAS Top 50 (2017-2021).
Berger Montague (Canada)’s depth and versatility of talent are among our law firm’s greatest strengths. Whether in litigation, mediation or arbitration, or on behalf of an individual client or a class, we fully commit our resources and experience to maximizing recoveries. We are always ready, willing and able to take cases to trial, and defense lawyers know this. In fact, Berger Montague is one of the few firms in the country that has actually tried securities class action cases and won a substantial jury verdict. We also believe that a well-prepared case should be amenable to dispute resolution prior to trial, and our record of achieving excellent settlements for our clients speaks for itself.
Berger Montague (Canada)’s managing lawyers have successfully represented many institutional and governmental investors, including state and city pension funds, pension trusts and family offices. We also advocate the rights of individual investors, both high-net-worth and those of modest means, and have obtained outstanding settlements for the classes they represent in many high-profile cases.
Our Canadian Lawyers’ Results in Securities Class Actions Speak for Themselves
Gowanlock v. Auxly Cannabis Group, Inc., 2021 ONSC 4205. Leave to proceed granted recognizing that, “The court, on the other hand, comes to the event in retrospect, after the market impact (or lack thereof) has taken place. In the circumstances, the task at hand is to determine whether the alleged public correction was understood in the market as a correction. At this point, the market impact can be objectively determined by an examination of the stock’s subsequent price movements, and the market, reflecting economically rational investor behaviour, becomes the determinant of what the reasonable investor might think.”
Gauthier v. David Baazov (Amaya, Inc), 2020 QCCS 245. Alleged manipulating shares with false statements to take company private granted leave to proceed/authorization and Quebec court adopting Sharbern Holdings Inc (SCC) as the proper test to assess when fact becomes a material fact for satisfying the statutory claim.
Miller v. FSD Pharma Inc., 2020 ONSC 4054. Leave to proceed granted recognizing that final public corrective disclosure came from a formerly retained third-party company to oversee engineering project; also the first known case across Canada to conduct the s. 138.8 of the Ontario Securities Act submissions over video-conference.
LBP Holdings v. Hycroft Mining Corporation, et al, 2020 ONSC 59. The Division Court affirms that stand alone common law negligent misrepresentation claims can advance forward against investment banks that released certifications annexed to a prospectus containing alleged misrepresentations, the element of reliance can be dealt with through individual trials of each class member, and class actions do, in fact, provide access to justice to investors, including family offices and institutional investors.
Kauf v. Colt Resources Inc., 135 O.R. (3d) 100. Leave to proceed granted recognizing that an announcement of a C-level executive without anything more can serve as a partial public correction when company omits to disclose the reason for the resignation was because person engaged in improper conduct; also adopts the Sharbern Holdings Inc (SCC) as the proper test to assess when fact becomes a material fact for satisfying the statutory claim and Companies can be liable for storm warnings, e.g., not disclosing all the bad news in one disclosure.
Stevens v. Ithaca Energy Inc., 2019 ABQB 474. The first known Alberta court to adopt Sharbern Holdings Inc (SCC) as the proper test to assess when fact becomes a material fact for satisfying the statutory claim and granting leave to proceed with the statutory shareholder claim. Also the first known Alberta-based shareholders claim to be granted “leave to proceed” under the Securities Act.
Law Society of Upper Canada v. Farkas, 2018 ONLSTA 2 (Law Society Tribunal-Appeal Division).
Wong v. Pretium Resources Inc., 139 O.R. (3d) 353. First known Ontario court to adopt Sharbern Holdings Inc (SCC) as the proper test to assess when fact becomes a material fact for satisfying the statutory claim and granting leave to proceed with the statutory shareholder claim, which the Division Court denied the Defendants’ motion to appeal.
Paniccia v. MDC Partners Inc., 2017 ONSC 7298. Affirms that the Ontario Securities Act can reach shares traded on foreign stock exchanges and that Canadian investors are not limited to watch a foreign class action, which they are members, but can also advance a claim in Ontario pursuant to Ontario laws: when there is jurisdiction simpliciter, Ontario courts does not automatically stop being interested in regulating trading of securities on foreign stock exchanges.
Catucci v. Valeant Pharmaceuticals International Inc., 2017 QCCS 3870. The first known Quebec court to granting leave to proceed/authorization with the statutory shareholder claim.
Kaynes v. BP plc, 133 O.R. (3d) 29. The Court of Appeal lifted a stay of proceedings relating to shares purchased on foreign stock exchange when foreign class action claim was dismissed.
Fiorillo et al v. Ontario Securities Commission, 2016 ONSC 6559 (Divisional Court appeal dismissed).
Eda Marie Agueci et al. (Re) (2015), 38 OSCB 1573 (merits) and (2015), LNONOSC 375 (sanctions).
LBP Holdings Ltd v. Allied Nevada Gold Inc., 130 O.R. (3d) 401. Successfully adding underwriters to claim after the corporate defendant filed for bankruptcy.
Kaynes v. BP plc, 122 O.R. (3d) 162. The Court of Appeal affirms that once the Ontario Securities Act applies to a Canadian investor, it applies to shares traded on foreign stock exchanges.
Kaynes v. BP plc, 2013 ONSC 5802. The Ontario Court agrees with Ontario investors that the Ontario Securities Act can apply against foreign corporations with shares traded on foreign stock exchanges once jurisdiction simpliciter is established.
No Fees Without Recovery
Berger Montague (Canada) often litigates securities cases on a contingent fee basis, so plaintiffs and the class do not pay attorneys’ fees or court costs unless there is a recovery.
Contact Us to Learn More or to Report a Possible Breaches of Shareholders’ Laws
We invite you to learn more about our Securities & Investor Protection Group. If you have information about a fraud or misrepresentations affecting institutional, individual or governmental investors, or to schedule a confidential discussion about a potential case, please fill out the contact form on the right, email us at [email protected], or contact Andrew Morganti [email protected]. We are available to evaluate potential securities cases without charge.
