On October 25, 2010 Siskinds LLP filed a proposed securities class action against easyhome Ltd. (TSX: EH). Also named as defendants are certain of easyhome’s current and former officers and directors, including David Ingram, Steve Goertz and Chris Fregren.
The easyhome Ltd. class action arises from easyhome’s disclosure of irregularities in one of its operating divisions. The plaintiff, who is seeking $15 million in damages, alleges among other things that easyhome misrepresented that its financial statements had been compiled in accordance with Canadian generally accepted accounting principles.
On March 26, 2012 the Justice Perell (i) granted leave to proceed with the Part XXIII.1 claims; (ii) certified the action as a class action; and (iii) dismissed certain claims against certain defendants. A copy of his reasons are available here [Reasons of Perell, J.]. Copies of the relevant orders are available for download below:
In February 2013, the parties reached an agreement in principle to settle the action in the amount of $2.25 million (the “Settlement”). You may view a copy of the Settlement Agreement here: [Settlement Agreement].
The Settlement Agreement and Plan of Allocation were approved by the Court by order issued June 10, 2013.
This settlement has concluded and all claims have been paid.
Pursuant to an order of the Court rendered on July 17, 2013, the University of Ottawa, Faculty of Law, has been approved as the recipient of any positive balance of the settlement funds after one hundred eighty (180) days from the date of distribution to the eligible class members. The amounts paid to the University of Ottawa, Faculty of Law, pursuant to this order will fund research in the area of shareholder issues in the context of securities regulation.