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On November 20, 2019, Siskinds LLP and Mathew P Good Law Corporation filed a proposed securities class action in the Supreme Court of British Columbia against Reliq Health Technologies Inc. (“Reliq”) (TSXV: RHT) and its current or former directors and/or officers, Lisa Crossley, Aman Thindal, Giancarlo De Lio, Eugene Beukman and Brian Storseth (“Action”).

The Action arises out of alleged misrepresentations in Reliq’s disclosure documents pertaining to the number of paying patients using its iUGO Platform and its related financial results. It is alleged that Class Members (defined in the Developments section below) suffered damage as a result of the alleged misrepresentations. The Action alleges that the misrepresentations were corrected by a news release issued by Reliq on October 16, 2018. In that news release, Reliq disclosed, among other things, that it had decided to restate certain financial information reported for Q3 2018. Following that disclosure, the price of Reliq’s shares declined by approximately 58% during trading on the TSXV on October 16, 2018 from its closing price on the previous trading day.

The British Columbia Supreme Court has approved the settlement of the action. Please see “Developments” below for further details of the settlement.

Developments

The Plaintiff and Defendants have executed a Settlement Agreement providing for the settlement of the Action. The Settlement Agreement provides for the payment of CAD$2,500,000 in consideration of the full and final settlement of the claims of Class Members (defined below).

The Settlement Agreement, Class Counsel Fees, distribution protocol and other related matters were approved by the Court on July 11, 2022.

The following important deadlines apply to Class Members (defined below):

  • Claims Bar Deadline (to file a claim for compensation): 11:59pm Vancouver (Pacific) time on July 21st, 2022

On December 8th, 2021, the Court certified the Action as a class action on consent for settlement purposes on behalf of Class Members defined as all persons, wherever they may reside or be domiciled who:

  • (i) acquired securities of Reliq from and including February 23, 2018 to and including October 15, 2018; or
  • (ii) acquired Private Placement Units (consisting of one common share of Reliq and one-half of a common share purchase warrant, with each common share purchase warrant exercisable to acquire one common share of Reliq at an exercise price of $1.75 per common share) in Reliq’s private placement of 8,928,571 Private Placement Units at a price of $1.12 per Private Placement Unit that closed on or around January 9, 2018.
    • The following persons are excluded from the Class
      • (i) the Defendants;
      • (ii) Reliq’s past and present subsidiaries, affiliates, officers, directors, senior employees, partners, legal representatives, heirs, predecessors, successors and assigns;
      • (iii) any member of the Individual Defendants’ families; and
      • (iv) the Underwriters and their past and present subsidiaries, affiliates, officers, directors, senior employees, partners, legal representatives, heirs, predecessors, successors and assigns.

For more information regarding the Settlement and applying for settlement benefits consult the Long Form Notice of Certification and Settlement Approval Hearing (English, French).

Short Form Notice of Settlement Approval - (English, French)

Long Form Notice of Certification and Settlement Approval Hearing – (English, French)

Settlement Agreement dated November 24, 2021

Summary Rationale for Settlement

Guide to the Distribution Protocol

Distribution Protocol

Affidavit of Anthony O'Brien

Affidavit of Jared Rosenbaum

Affidavit of Ivan Bobanovic

Affidavit of the Representative Plaintiff

First Order

FAQs

What is a class action?

A class action is a lawsuit that is brought by one or more person on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Can I join the class action?

There are no steps required to “join” the class action. Unless you opted-out (excluded yourself from the class action), assuming you fall within the scope of the class definition, you are automatically included in the class action.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

The Plaintiff and Defendants have executed a Settlement Agreement providing for the settlement of the Action. The Settlement Agreement provides for the payment of CAD$2,500,000 in consideration of the full and final settlement of the claims of Class Members (defined below).

The Settlement Agreement, Class Counsel Fees, distribution protocol and other related matters were approved by the Court on July 11, 2022.

The following important deadlines apply to Class Members (defined below):

  • Claims Bar Deadline (to file a claim for compensation): 11:59pm Vancouver (Pacific) time on July 21st, 2022

On December 8th, 2021, the Court certified the Action as a class action on consent for settlement purposes on behalf of Class Members defined as all persons, wherever they may reside or be domiciled who:

  • (i) acquired securities of Reliq from and including February 23, 2018 to and including October 15, 2018; or
  • (ii) acquired Private Placement Units (consisting of one common share of Reliq and one-half of a common share purchase warrant, with each common share purchase warrant exercisable to acquire one common share of Reliq at an exercise price of $1.75 per common share) in Reliq’s private placement of 8,928,571 Private Placement Units at a price of $1.12 per Private Placement Unit that closed on or around January 9, 2018.
    • The following persons are excluded from the Class
      • (i) the Defendants;
      • (ii) Reliq’s past and present subsidiaries, affiliates, officers, directors, senior employees, partners, legal representatives, heirs, predecessors, successors and assigns;
      • (iii) any member of the Individual Defendants’ families; and
      • (iv) the Underwriters and their past and present subsidiaries, affiliates, officers, directors, senior employees, partners, legal representatives, heirs, predecessors, successors and assigns.

For more information regarding the Settlement and applying for settlement benefits consult the Long Form Notice of Certification and Settlement Approval Hearing (English, French).

Short Form Notice of Settlement Approval - (English, French)

Long Form Notice of Certification and Settlement Approval Hearing – (English, French)

Settlement Agreement dated November 24, 2021

Summary Rationale for Settlement

Guide to the Distribution Protocol

Distribution Protocol

Affidavit of Anthony O'Brien

Affidavit of Jared Rosenbaum

Affidavit of Ivan Bobanovic

Affidavit of the Representative Plaintiff

First Order

What is a class action?

A class action is a lawsuit that is brought by one or more person on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Can I join the class action?

There are no steps required to “join” the class action. Unless you opted-out (excluded yourself from the class action), assuming you fall within the scope of the class definition, you are automatically included in the class action.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

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