- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
SouthGobi Resources Reports Interim Decision of Ontario Superior Court on Class Action
SouthGobi Resources (TSX:SGQ) provided an update on class action proceedings in Ontario, reporting the interim decision of the Ontario Superior Court of Justice deciding two preliminary motions in the proceedings.
SouthGobi Resources (TSX:SGQ) provided an update on class action proceedings in Ontario, reporting theĀ interim decision of the Ontario Superior Court of Justice deciding two preliminary motions in the proceedings.
As quoted in the press release:
On or about January 6, 2014, Siskinds LLP, a Canadian law firm, filed the Action against the Company, certain of its former senior officers and former and current directors, and its former auditors, Deloitte LLP, in the Court in relation to the Restatement.
To commence and proceed with the Action, the plaintiff was required to bring preliminary motions to seek leave to commence the Action under the Securities Act (the āLeave Motionā) and to certify the Action as a class proceeding (the āCertification Motionā). The Court rendered its decision on the Leave Motion on November 5, 2015.
The Court dismissed the plaintiffās Leave Motion as against each of the former senior officers and former and current directors of SouthGobi named in the Action on the basis that the ālarge volume of compelling evidenceā proved the defence of reasonable investigation on the balance of probabilities and provided the basis for dismissing the Leave Motion as against them.
The Court granted the preliminary Leave Motion against SouthGobi on the basis that, at this stage, the plaintiff met the low legal standard of āreasonable possibility of success.ā In granting leave, however, the Court acknowledged the āā¦ compelling evidence of the defendant company ā¦ that may prevail at trial ā¦ā The Court refused an award of costs for both the Leave and Certification Motions to the plaintiff.
The Company firmly believes that it has a strong defence on the merits and will continue to vigorously defend itself against the Action through independent Canadian litigation counsel retained by the Company for this purpose.
Outlook Reports
Featured Industrial Metals Stocks
Browse Companies
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 2372.64 | -10.21 | |
Silver | 28.27 | +0.10 | |
Copper | 4.37 | +0.04 | |
Oil | 82.87 | -2.49 | |
Heating Oil | 2.58 | -0.08 | |
Natural Gas | 1.71 | -0.02 |
Investing News Network websites or approved third-party tools use cookies. Please refer to theĀ cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Ā