WINDSOR, ON, Dec. 11, 2014 /CNW/ - On December 10, 2014, the law firm of Sutts, Strosberg LLP commenced a $75 million proposed securities class action against WesternOne Inc. (TSX:WEQ), some of its officers and directors and the lead Underwrites who underwrote WesternOne's $38 million offering in September, 2014.
The plaintiffs allege that WesternOne made a misrepresentation by failing to disclose that the company was experiencing significant delays in phase one of the Keeyask Manitoba Hydro Project.
On November 13, 2014, WesternOne informed the public that there was a significant decline in the its adjusted EBITDA for the nine months ended September 30, 2014 as a result of, among other things, increased labour and sub-contractor costs arising from delays in the Keeyask Manitoba Hydro Project.
The value of WesternOne's stock has declined dramatically since its November 13, 2014 announcement.
"It is imperative that publicly-traded companies make timely disclosure of all material events, particularly in the context of a substantial offering to the investing public." said Jay Strosberg of Sutts, Strosberg LLP.
If you acquired WesternOne securities during the period September 12, 2014 to November 12, 2014, please contact Sutts, Strosberg LLP at 1.519.561.6296 or email at [email protected]. Alternatively, investors can visit www.weqclassaction.com for more information about the proposed securities class action.
Sutts, Strosberg LLP, based in Windsor and Toronto, is one of Canada's foremost class action firms and has particular expertise in securities class actions. The firm has recovered more than $1.5 billion for its clients.
Image with caption: "Sutts, Strosberg LLP (CNW Group/Sutts Strosberg LLP)". Image available at: http://photos.newswire.ca/images/download/20141211_C6223_PHOTO_EN_9400.jpg
SOURCE: Sutts Strosberg LLP
For further information: Media contact: Jay Strosberg, 519.561.6285, [email protected]