Fasken represents Guyana Goldfields Inc. (“GGI”) in a proposed securities class action brought against GGI for certain alleged misrepresentations about its business and operations made by GGI in its public disclosure.
On March 18, 2020, Ian McDonald issued a Statement of Claim in Ontario under the Class Proceedings Act, 1992 against GGI and Scott Caldwell (the “Claim”). Mr. Caldwell is named as a defendant in his capacity as a former President, CEO and director of GGI.
The Plaintiff proposes to represent two classes: (i) the “Oppression Class”: all persons and entities who were registered or beneficial shareholders of GGI as of the close of trading on April 30, 2018, and continued to hold shares of GGI as of the close of trading on October 29, 2018, April 17, 2019 and October 30, 2019 (the dates on which a corrective disclosure was released); and (ii) the “Securities Act Class”: all persons and entities, who acquired common shares of GGI at any time between April 30, 2018 and October 30, 2019, inclusive, and who held some or all of those shares at the close of trading on October 29, 2018, April 17, 2019 and October 30, 2019 (together the “Proposed Classes”).
The Plaintiff claims an unspecified amount of damages for three alleged misrepresentations made by GGI about its business and operations in various public disclosure released between December 14, 2017 and July 30, 2019.
Fasken advises GGI with a team comprised of Paul Martin, Sarah Armstrong, Carolyn Flanagan and David Ziegler.
Jurisdiction
- Canada
