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
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 firstname.lastname@example.org, or Jonathan Bida of Koskie Minsky LLP at (416) 595-2072 or email@example.com.
SOURCE Siskinds LLP
For further information:
For media inquiries:
Dimitri Lascaris, Siskinds LLP
Michael Mazzuca, Koskie Minsky LLP