Koskie Minsky LLP and Siskinds LLP announce filing in Ontario of a $6.5 billion class action against Sino-Forest Corp.

TORONTO, June 20, 2011 /CNW/ - The Ontario-based law firms of Koskie Minsky LLP and Siskinds LLP today announced the filing in the Ontario Superior Court of Justice of a proposed class action against Sino-Forest Corp. (TSX: TRE), Sino's senior officers and directors, and certain others.  The class action was filed on behalf of the Labourers' Pension Fund of Central and Eastern Canada, and seeks $6.5 billion in class damages.  Labourers will seek appointment as the representative plaintiff on behalf of all persons and entities who acquired securities of Sino from May 14, 2007 to June 2, 2011 (the "Class Period").

In the action, it is alleged among other things, that during the Class Period, the defendants materially misstated Sino's assets and results of operations, and thereby misrepresented that Sino's financial statements had been compiled in accordance with generally accepted accounting principles.

Dimitri Lascaris of Siskinds LLP, co-counsel to Labourers, stated that "this case raises some hard and troubling questions about the quality of diligence being performed by some well-compensated fiduciaries upon whom Sino's shareholders relied, and we look forward to establishing in a court of law whether those fiduciaries fell woefully short of the standards that the investing public rightly demands of them."

Kirk Baert of Koskie Minsky LLP, co-counsel to Labourers, added "gatekeepers are paid to protect the investing public, and when they fail in that responsibility, massive harm can result to investors, and the integrity of Canada's capital markets becomes suspect. This hurts not only investors, but it also damages issuers who comply with their disclosure obligations, because it raises their cost of capital."

Persons and entities who acquired securities of Sino during the Class Period are encouraged to contact counsel to the plaintiff for further information. Inquiries should be directed to either Nicole Young of Siskinds at (800) 461-6166 (ext. 2380) or at nicole.young@siskinds.com, or Jonathan Bida of Koskie Minsky LLP at (416) 595-2072 or jbida@kmlaw.ca.


For further information:

For media inquiries:

Dimitri Lascaris, Siskinds LLP
(519) 660-7844

Michael Mazzuca, Koskie Minsky LLP
(416) 595-2101


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.