Summary:
This action has been certified as a class action against the defendants. The class seeks compensation on behalf of shareholders who suffered losses in the primary and secondary markets as a result of Anaergia’s misrepresentations in various filings and communications with shareholders. The claim asserts combined losses of $400 million dollars resulting from misrepresentations in the IPO, a subsequent secondary offering, and in the secondary markets. The defendants are Anaergia and certain of its directors and officers.
Class Members
The Class consists of all persons and entities, wherever they may reside or be domiciled, who acquired Anaergia shares: (a) in the company’s June 2021 IPO; (b) in the distribution of shares by the company in April 2022; or (c) on the secondary markets during the class period. Certain individuals and entities are excluded based on their relationship with the defendants.
Key Developments
- March 27, 2023: Plaintiff has issued a statement of claim against defendants alleging violations of securities laws involving misrepresentations to investors.
- August 15, 2023: Plaintiff has filed an amended statement of claim against defendants alleging violations of securities laws involving misrepresentations to investors.
- March 8, 2024: Plaintiff has filed a second amended statement of claim against defendants alleging violations of securities laws involving misrepresentations to investors.
- January 27, 2025: The Court has ordered that the action against defendants, Cidel Trust Company and Neo International Investments Ltd., be discontinued. The action continues continues as against the other named defendants.
- April 14 to April 17, 2025: The Court heard arguments on motions for certification, leave, and partial summary judgment.
- November 20, 2025: The Court’s decision has been released. The Court has certified the action as a class action. In addition, the court has granted the plaintiff leave, pursuant to s. 138.3 of the Ontario Securities Act to pursue secondary market claims, and dismissed the defendants’ summary judgment motion.
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