In July 2010, Smart Technologies Inc. (“SMART”) issued shares in an initial public offering ("IPO") conducted in Canada and the United States. Following the IPO, SMART’s shares began trading over the Toronto Stock Exchange ("TSX") and the NASDAQ in the United States.
On February 8, 2011, Siskinds filed a class action in the Ontario Superior Court of Justice on behalf of persons who acquired the shares of SMART in its Canadian IPO of July 2010. The statement of claim alleges that the Prospectus under which the IPO was conducted did not make full, true and plain disclosure of all material facts. The plaintiffs seek to act on behalf of all persons and entities who acquired the securities of SMART during the period of distribution, or during distribution to the public, of the shares offered by the Prospectus.
In April 2013, the parties reached an agreement in principle to settle the actions pending in the Ontario Superior Court of Justice (the “Canadian Court”) and the United States District Court for the Southern District of New York (the “US Court”) in the amount of US$15.25 million (the “Settlement”). You may view a copy of the Settlement Agreement here: [Settlement Agreement]. The Settlement Agreement is subject to the approval of the Canadian and US Courts. The hearing dates for the approval of the Settlement Agreement are scheduled for September 13, 2013 in Toronto and September 17, 2013 in New York, respectively.
The Court has approved a Notice which provides information on how Class Members may (1) file a claim for compensation under the Settlement Agreement; or (2) file a notice to exclude themselves from the Class and the Settlement, in the manner identified in the notice, foregoing any entitlement to compensation under the Settlement Agreement. Please review the Notice here: [English]
You may access the Claim Form here: [English].
The claims deadline was October 4, 2013. This settlement has concluded and all claims have been paid.