Read this notice carefully as it may affect your legal rights
LONDON, ON, June 30, 2017 /CNW/ -
THE CLASS ACTION
On February 13, 2017, an action was commenced in the Ontario Superior Court of Justice in London, Ontario against Home Capital Group Inc. ("HCG",TSX: HCG, CUSIP: 436913107, ISIN: CA4369131079) and certain of its former directors and executive officers. The Plaintiff alleges that certain of HCG's public disclosures released during the period November 5, 2014 to July 10, 2015 ("Class Period") were materially misleading, which resulted in damage to HCG shareholders who acquired HCG common shares during the Class Period (the "Action" and "Class Members").
CONSENT CERTIFICATION FOR SETTLEMENT PURPOSES
A settlement of the Action has been agreed between the parties to the Action; and, on June 28, 2017, the Ontario Superior Court of Justice ("Court") certified the Action as a class proceeding for settlement purposes. The subject settlement provides for settlement funds of $29.5 million (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.
Certification of the Action was obtained with the consent of the defendants to the Action, and is conditional upon the Court's approval of the settlement described above. The Court will hear the plaintiff's request for approval of the settlement at a hearing to occur at 80 Dundas Street, London, Ontario, on August 21, 2017 at 10 AM EDT.
Additionally, before the settlement of the Action can take effect, the Ontario Securities Commission ("OSC") must approve a parallel settlement of related regulatory action against HCG and others. A hearing for OSC approval of the resolution of the related regulatory action is scheduled to be held on August 9, 2017 at 10:00 am EDT.
Class Members' legal rights may be affected by the certification of the Action and/or the approval of the settlement. 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:
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;
the steps that a Class Member must take to validly exclude him, her or itself from the Action and the settlement;
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 not be able to make a claim to receive compensation from the settlement funds but will maintain the right to pursue their own claim against the defendants relating to the matters alleged in the Action;
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 the Action must do so by 5:00 pm EDT on August 8, 2017 ("Opt-Out Deadline"). The procedure for doing so is set out in the detailed long-form notice. Class Members who may wish to opt-out should note that if the Court appointed administrator 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 the following:
Class Counsel at:
680 Waterloo Street
London Ontario N6A 3V8
Tel: 1-800-461-6166 x2380
Home Capital Securities Litigation
c/o RicePoint Administration Inc.
PO Box 4454, Toronto Station A,
25 The Esplanade
Toronto, ON M5W 4B1
SOURCE Siskinds LLP