A consortium of Ontario-based law firms is pleased to confirm that the Ontario Superior Court of Justice has awarded to them carriage of a proposed securities class action against CannTrust Holdings Inc. and various other defendants. The action arises out of CannTrust’s alleged failure to disclose material information regarding, among other things, the non-compliance of its cannabis-growing facilities with applicable laws and regulations.
The consortium to which the Court has awarded carriage is comprised of the law firms Henein Hutchison LLP, Kalloghlian Professional Corporation, A. Dimitri Lascaris Law Professional Corporation and Strosberg Sasso Sutts, LLP. Their action is brought on behalf of: (i) all investors who acquired CannTrust’s securities on the Toronto Stock Exchange from October 1, 2018 to September 17, 2019 and (ii) all investors who acquired CannTrust’s securities in CannTrust’s May 2019 prospectus offering.
The Defendants include certain current and former officers and directors of CannTrust, as well as CannTrust’s auditor, KPMG, and the underwriters of CannTrust’s May 2019 offering, Merrill Lynch Canada Inc., Citigroup Global Markets Canada Inc., Credit Suisse Securities (Canada) Inc., RBC Dominion Securities Inc., Jefferies Securities, Inc. and Canaccord Genuity Corp.
“We look forward to bringing this case before the courts at the earliest opportunity so that the rights of the class members can be addressed in a fair and timely way,” said Marie Henein, one of the lawyers representing the class.
“Cases like this show the power of class actions to bring access to justice to individuals who place their savings at risk in the stock markets,” said Dimitri Lascaris, one of Canada’s leading class action lawyers, and part of the team representing for the class of investors.
Members of the proposed class are encouraged to consult that website for updates regarding the progress of the litigation, at https://canntrustclassaction.ca/.
