In Canada today, a key hearing will take place in the IMAX Corp. securities class action. As reported in today’s Financial Post, the IMAX case is the first lawsuit to test amendments to the Ontario Securities Act that allow shareholders to sue directors and officers for alleged misrepresentations or omissions made in disclosure documents.
Securities Docket caught up with Dimitri Lascaris of Siskinds, who represents the class, as he was heading into the court in Brampton, Ontario this morning. Lascaris told us that “eleven other cases have been filed under the amended Securities Act but [IMAX] is the first where the court will decide how high to set the bar for granting leave to the plaintiffs to proceed with the securities class action. It is therefore a very important hearing for the future of securities class actions in Canada.”
We will try re-connect with Lascaris after the hearing to see where the matter stands.