TORONTO AND WINDSOR, ON, June 17, 2011 /CNW/ - A class action has been
commenced in the Ontario Superior Court of Justice on behalf of all
investors who acquired shares of Armtec Infrastructure Inc. ("Armtec") during the period March 30, 2011 to and including June 8,
2011 (the "Class Period"). The plaintiff alleges that the defendants
engaged in violations of Ontario's Securities Act and the common law.
The plaintiff has retained Sutts, Strosberg LLP to prosecute the class action.
The plaintiff alleges that at the time Armtec raised capital in the
public market, the defendants knew or ought to have known that Armtec
had not achieved the level of earnings required in order to pay
On June 8, 2011, Armtec disclosed that it has suffered a net loss of $13
million during the first quarter of fiscal 2011 and that it suspended
payment of its quarterly dividend. After the disclosure, Armtec's
share price declined by more than 50 per cent on trading volume of more
than four million shares.
Jay Strosberg, a partner of Sutts, Strosberg LLP said, "Through this
class action, we hope to determine precisely what the defendants knew
about Armtec's financial results when Armtec raised more than $50
million from investors."
Sutts, Strosberg LLP pioneered securities class actions in Ontario. As
a result of resolving class actions such as YBM Magnex, Southwestern
Resources, Atlas Cold Storage, CV Technologies and NovaGold Resources;
Sutts, Strosberg LLP has recovered more than $150 million for its
clients in securities class action alone. Please visit the Sutts,
Strosberg LLP website www.strosbergco.com and www.arfclassaction.com for more information about the Armtec class action.
SOURCE Sutts, Strosberg LLP Barristers
For further information:
Sutts, Strosberg LLP
519.561.6285 or 1.800.229.5323, ext 8285