TORONTO, Feb. 20, 2013 /CNW/ - Siskinds LLP today announced the filing
in the Ontario Superior Court of Justice of an application against
National Bank of Canada (TSX: NA).
The application seeks leave to commence a secondary market
misrepresentation claim against National Bank of Canada pursuant to
provincial securities legislation. National Bank of Canada is alleged
in the proposed action to be an "influential person" (within the
meaning of provincial securities legislation) in relation to a
TSX-listed company, Poseidon Concepts Corp. ("Poseidon Concepts," TSX:
The market price of the shares of Poseidon Concepts plummeted by more
than 95% within the last three months following a series of revelations
that Poseidon Concepts had massively overstated its revenues in recent
quarters. These revelations emerged within a year of Poseidon
Concepts' $82.5 million stock offering in which National Bank Financial
Inc., a subsidiary of National Bank of Canada, acted as the lead
underwriter (the "January 2012 Share Offering"). Trading in Poseidon
Concepts' securities was recently halted pursuant to an order of the
Alberta Securities Commission.
The applicant in the Application against National Bank of Canada seeks
to represent all persons who acquired securities of Poseidon Concepts
on or before February 14, 2013, and requests on behalf of such persons
damages totalling $651 million.
Commenting on the application, Dimitri Lascaris, a partner with Siskinds
LLP, stated "Canada's banks have a lengthy history of aggressively
promoting the securities of upstart issuers in the resource sector.
Too often, the banks' promotional efforts result in handsome profits
for the banks, but disaster for investors. Regrettably, the case of
Poseidon Concepts is the most recent in a long list of such disasters."
Putative members of the class are advised that proposed class actions
are currently pending in the Provinces of Alberta, Ontario and Quebec
against Poseidon Concepts and certain of its current and former
officers and directors. The class period in those actions is being
extended through to February 14, 2013, and will therefore conform to
the class period in the proposed class action against National Bank of
Siskinds LLP also announced today the filing in the Ontario Superior
Court of Justice of a proposed class action against the underwriters of
the January 2012 Share Offering. The proposed representative plaintiff
in that action seeks $51 million in damages on behalf of all persons
and entities who purchased Poseidon Concepts' shares in that Offering.
If you acquired securities of Poseidon Concepts on or prior to February
14, 2013, please complete the online information form at: http://www.classaction.ca/JoinAction.aspx?action=poseidon
About Siskinds LLP
In both 2010 and 2011, Securities Class Action Services, a unit of
Institutional Shareholder Services (ISS), named Siskinds LLP the top
Canadian law firm in its annual global ranking of the world's 50
leading securities class action law firms. Siskinds was co-lead counsel
in the Imax Securities Litigation, the first securities class action in which leave was granted to
commence an action under Part XXIII.1 of the Ontario Securities Act, and Siskinds has been lead or co-lead counsel in all Ontario
securities class actions in which such leave was granted. Siskinds was
also the first law firm to secure certification of a class proceeding
under the Class Proceedings Act, 1992.
SOURCE: Siskinds LLP
For further information:
Any inquiries regarding these proceedings may be directed to Denise Kinting of Siskinds LLP. Ms. Kinting can be contacted by telephone (toll free) at (800) 461-6166 (ext. 2360) or by email at firstname.lastname@example.org.