NOTICE OF CERTIFICATION FOR SETTLEMENT PURPOSES AND SETTLEMENT APPROVAL HEARING
Read this notice carefully as it may affect your legal rights
LONDON, ON, July 6, 2018 /CNW/ -
THE CLASS ACTION
On October 20, 2014, an action was commenced in the Ontario Superior Court of Justice (Toronto Region) against GreenStar Agricultural Corporation [TSXV Delisted: GRE, CUSIP: 39573T101, ISIN: CA 39573T1012], certain of its former directors and executive officers and its former auditor. The Plaintiff alleges that certain disclosure and offering documents released by GRE on and after May 30, 2012 were materially misleading. The Plaintiff alleges this resulted in damage to GRE shareholders who acquired GRE securities during the period from and including May 31, 2011 to and including the cessation of trading in GRE common shares on June 3, 2014 (the "Class Period", "Class Members" and the "Action").
CONSENT CERTIFICATION FOR SETTLEMENT PURPOSES
The Plaintiff has entered into a settlement with G. Michael Newman, Brian J. Knebel, Francesco Galati, Michael Lam and Schwartz Levitsky Feldman LLP ("Settling Defendants" and "Settlement"). On June 26, 2018, the Ontario Superior Court of Justice ("Court") certified the Action as a class proceeding for settlement purposes. The Settlement provides for settlement funds of $500,000.00 (CDN), to be paid for the benefit of the Class Members before deductions for legal fees and expenses to administer the Settlement. The Settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of the Settling Defendants, all of whom have denied and continue to deny the allegations made against them in the Action.
Certification of the Action was obtained with the consent of the Settling Defendants and is conditional upon the Court's approval of the Settlement. Certification was also granted against the Defendants, GRE and its former director and CEO, Guan Lianyun, who have not defended the Action. The Court will hear the Plaintiff's request for approval of the Settlement at a hearing to occur at Osgoode Hall, 130 Queen Street West, Toronto, Ontario, on October 26, 2018 at 10 am.
Class Members' legal rights may be affected by the certification of the Action and/or the approval of the Settlement. The Settlement, if approved, will have the effect of ending the Action and releasing all Defendants, including GRE and Guan Lianyun, from claims made or that could have been made in the Action. It is strongly recommended that anyone who is or believes they may be a Class Member read the detailed long-form notice.
The detailed long-form notice explains, amongst other things:
| (a) |
considerations influencing the Settlement with the Settling Defendants; |
| (b) |
the potential non-viability of continuing claims against GRE and Guan Lianyun; |
| (c) |
that Class Members will be bound by the terms of the settlement and entitled to participate in it, if it is approved, unless they exclude themselves from the Action; |
| (d) |
the steps that a Class Member must take to validly exclude him, her or itself from the Action and the Settlement; |
| (e) |
that Class Members who make an election to "opt-out", in other words, exclude themselves from the Action, and provide the required information or suitable alternative documentation required to do so, will maintain the right to pursue their own claim(s) against the Defendants relating to the matters alleged in the Action; |
| (f) |
that Class Members who do not exclude themselves from the Action may still object to the terms of the Settlement or otherwise provide comments, and the process for doing so. |
OPTING OUT OF THE ACTION AND THE SETTLEMENT
Class Members who wish to opt-out of the Action must do so by 5:00 pm EDT on September 4, 2018 ("Opt-Out Deadline"). The procedure for doing so is set out in the detailed long-form notice and the information that should be submitted with an election to opt-out can be found on Class Counsel's website. Class Members who may wish to opt-out should note that if Class Counsel does not receive a properly supported opt-out election by the Opt-Out Deadline that such class member will be bound by the Settlement, if it is approved.
FOR MORE INFORMATION
For questions, including about the certification of the Action and the Settlement, Class Members' rights and the procedures for excluding themselves from the Action and the Settlement and/or for more information about any part of this notice, please consult the detailed long-form notice or contact Class Counsel at:
Siskinds LLP
680 Waterloo Street
London Ontario N6A 3V8
Nicholas Baker
Tel: 1-800-461-6166 x7868
[email protected]
Publication of this notice was authorized by the Ontario Superior Court of Justice
SOURCE Siskinds LLP
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