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Securities class actions are brought on behalf of investors who acquire shares, bonds or other securities during a period when the issuer of the securities is alleged to have misrepresented material facts, or to have omitted to disclose material facts. In order to be eligible to participate in a securities class action, the investor does not need to own the securities at the time that the class action is commenced. When corporations and other business entities misrepresent material facts, the price of the security can become artificially inflated. A securities class action generally seeks to recover for investors the inflation that they paid, or the difference between what the actually paid and the true value of the security at the time that they bought it. In Canada, Siskinds LLP is a leader in securities class actions. It has successfully resolved numerous securities class actions, and is lead counsel or co-lead counsel in eleven of the twelve class actions filed under Ontario's new investor protection legislation, Part XXIII.1 of the Ontario Securities Act. Part XXIII.1 came into effect on December 31, 2005, and was designed to enhance the remedies that are available to investors under Ontario law.
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