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
Allied Nevada Gold Corp. Canadian Securities Class Action Settlement
Secondary Public Offering (“SPO”) acquired through the Canadian Prospectus with a Settlement Date of May 17, 2013
On May 17, 2013, Allied Nevada Gold Corp. conducted a secondary public offering at a price of USD $10.75 (CAD $11.04) per share. The Canadian shareholder class action is on behalf of the 254 investors that purchased 7,271,373 shares in this secondary public offering.
PLEASE REFER TO THE REVISED SHORT FORM NOTICE POSTED UNDER “NOTICE” ON THIS WEBSITE
THE REVISED DEADLINE TO SUBMIT A CLAIM FORM IS 5:00 PM EST ON MARCH 7, 2022
THE ONLINE CLAIMS ADMINISTRATION PORTAL HAS BEEN REOPENED
FOR AMENDMENTS TO EXISTING CLAIM FORMS AND THE COMPLETION AND SUBMISSION OF NEW CLAIM FORMS.
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.
Pursuant to paragraph 41 of the Plan of Allocation:
“Claimants must complete and submit Claim Forms electronically using the online claims portal on or before the Claims Bar Deadline.”
Pursuant to paragraph 10 (c) of the Plan of Allocation:
“if a Claimant fails to provide the Administrator the required calculations for their Maximum Entitlement (July Disclosure) or Maximum Entitlement (August Disclosure) and Supporting Documents in an organized manner and clear format to allow the Administrator to readily discern the amount of the Claim and the adjudication of the Claim Form, the Administrator may exercise the right to reject the Claim Form in its entirety;”
“Class Member” means all persons, other than Excluded Persons, who acquired common shares of Hycroft pursuant to the SPO, during its distribution period ending May 17, 2013, and continued to hold those common shares until at least July 22, 2013;
“Hycroft” means Hycroft Mining Corporation, formerly d/b/a Allied Nevada Gold Corp, Inc., and, as the context may require, includes its subsidiaries and affiliates;
“Qualified Shares” means Shares purchased or acquired pursuant to the SPO during its distribution period from May 9, 2013 ending May 17, 2013, and continued to be held until at least the close of trading on July 21, 2013;
“Qualified Shares (July Disclosure)” means Qualified Shares disposed of between the close of trading on July 21, 2013 and the close of trading on August 2, 2013;
“Qualified Shares (August Disclosure)” means Qualified Shares disposed of or held after the close of trading on August 2, 2013;
“Shares” means common shares of Hycroft that were disposed of pursuant to the SPO;
“SPO” means Hycroft’s secondary public offering by way of a final short-form prospectus dated May 9, 2013, in the form of a bought deal, available for distribution from May 9, 2013 to May 17, 2013;
“Supporting Documents” means true copies of (i) statements confirming the acquisition and/or subscription of Qualified Shares, and/or (ii) all trade confirmation slips in respect of the disposition or sale transactions, or monthly statements, for Qualified Shares (July Disclosure), and/or (iii) all trade confirmation slips in respect of the disposition or sale transactions, or monthly statements, for Qualified Shares (August Disclosure) up to and including August 8, 2013.
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Please see the contact page of this website for contact information for Class Counsel.