LONDON and WINDSOR, ON, July 20 /CNW/ - The law firms of Siskinds LLP and
Sutts Strosberg LLP today announced that they have jointly filed a
$110 million 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.
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.
Dimitri Lascaris, a lawyer in Siskinds' class actions department, said
"we are determined to ensure that the potential of Part XXIII.1 is fully
realized, and that investors be afforded meaningful relief when they suffer
losses due to inaccurate information. Our securities laws must have teeth if
the investments of Canada's working families are to be protected."
Jay Strosberg of Sutts Strosberg LLP added "it is alleged that the
financial statements at issue were misleading. Investors and members of the
public expect that a company's financial statements can be relied upon at all
times. Our goal is to prosecute this class action and seek meaningful
compensation for the class members."
For further information:
For further information: please visit www.coldfxclassaction.com; Dimitri
Lascaris can be reached at (519) 660-7844; Jay Strosberg can be reached at