Siskinds | The Law Firm
Securities > Resolved Actions > CV Technologies Inc.
    CV Technologies Inc.
    The law firms of Siskinds LLP and Sutts Strosberg LLP are counsel in a jointly filed class action under Ontario's new investor protection legislation, Part XXIII.1 of the Ontario Securities Act. The action is brought against CV Technologies Inc. ("CV"), the manufacturer of Cold-FX. Also named as defendants are CV's CEO, two other members of CV's Board and CV's auditors.

    The action arises out of the June 2007 restatement of CV's financial statements, and is brought by two investors on behalf of all persons who acquired CV shares from December 11, 2006 to March 23, 2007 (the "class period"). This is the second proposed class action filed under Part XXIII.1 of the Ontario Securities Act. The first proposed class action, which was also filed jointly by Siskinds LLP and Sutts Strosberg LLP, was brought against Imax Corporation, and is currently before the courts in Ontario.

    In April 2010, the parties to the Ontario class action, and to a parallel class action which was commenced in Alberta agreed to settle the actions for CAD$7.1 million. The settlement is a compromise of disputed claims and the settlement agreement contains no admission of wrongdoing by CV or any of the other named defendants, all of whom expressly deny any liability or wrongdoing, and continue to do so. You may view a copy of the Settlement Agreement here: [Settlement Agreement].

    The Ontario Superior Court of Justice certified this action and approved the settlement by order dated August 5, 2010. In addition, the Court also approved a notice which provides information on how to file a claim for compensation or opt out of the settlement. Please review the court approved notice as it may affect your legal rights. You can view the notice here: [English] [Français].  You may also access the Claim Form here: [English] [Français].  The claims deadline has now passed. Cheques were mailed to all eligible claimants in December 2011.

    For further information concerning this action, please contact Nicole Young at 1 (800) 461-6166 (ext. 2380) or e-mail Nicole by clicking on the Contact Us link below. Updates concerning this action will be posted above.

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