Court File No.: CV-14-50851300-CP
SUPERIOR COURT OF JUSTICE
LBP HOLDINGS LTD.
ALLIED NEVADA GOLD CORP., SCOTT A. CALDWELL, ROBERT M. BUCHAN, CORMARK SECURITIES INC., and DUNDEE SECURITIES LIMITED.
Proceeding under the Class Proceedings Act, 1992
CLAIMS BAR DEADLINE IS 5:00 PM EST ON DECEMBER 4, 2021
THE CLASS ACTION SETTLEMENT WAS APPROVED BY THE COURT ON JULY 30, 2021
On August 14, 2014, a proposed class action was commenced on behalf of investors who purchased shares pursuant to a secondary public offering in the Ontario Superior Court: LBP Holdings Ltd. v. Allied Nevada Gold Corp., Scott A. Caldwell, Robert M. Buchan, Cormark Securities Inc., and Dundee Securities Limited, brought in the Court under Court File No. CV-14-50851300-CP (the " Action"). The Plaintiff in the Action alleges that the Defendant made misrepresentations related to a short-form prospectus dated May 9, 2013.
The substance of the litigation (i.e. that the Defendants made misrepresentations in a 2013 short-form prospectus (the “Prospectus”) released May 9, 2013 concerning a secondary public offering) has not been adjudicated by the Court. The Defendants deny the allegations.
This lawsuit alleges that the Prospectus contained misrepresentations about the Company’s business and operations at its Hycroft Mine. The lawsuit further alleges that when the Company issued statements correcting these misrepresentations on July 22, and August 6 and 7, 2013, the price of Hycroft’s stock declined to reflect the true state of events, thereby harming Class Members.
The Settlement Agreement may be viewed In the Documents section of this website.
THE TERMS OF THE PROPOSED SETTLEMENT:
The Defendants will pay or cause to be paid USD $4,375,000 (the “Settlement Amount”), in full and final settlement of all claims. The Settlement Amount, less the lawyers’ fees and disbursements, administrator’s expenses, and taxes (the “Net Settlement Amount”), if approved by the Court, will be distributed to the Class in accordance with the court-approved Plan of Allocation.
LAWYERS’ FEES, DISBURSEMENTS AND TAXES:
The lawyers for the Class Members will ask the Court to approve legal fees in the amount of thirty (30) percent of USD $4,375,000.00 plus disbursements, plus taxes. This fee request is consistent with the retainer agreement entered into between Class Counsel and the representative Plaintiff at the beginning of the litigation. As is customary in such cases, Class Counsel conducted the Action on a contingent-fee basis. Class Counsel has not been paid as the matter has proceeded, has paid all of the expenses of conducting the litigation, and has borne all of the risk of adverse cost awards.
The approval of the Settlement is not contingent on the approval of the Class Counsel Fees requested. The Settlement may still be approved even if the requested Class Counsel Fees are not approved.
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