Theratechnologies Leave Threshold Proves Too Robust For Plaintiff Shareholder In Securities Class Action

Theratechnologies¹ Leave Threshold Proves Too Robust For Plaintiff Shareholder In Securities Class Action

In Mask v. Silvercorp Metals Inc.² released on October 22, 2015, the Ontario Superior Court of Justice considered a motion for leave to commence an action for secondary market misrepresentation under section 138.8 of the Ontario Securities Act,³ and a motion to certify the action as a class proceeding under section 5(1) of the Class Proceedings Act, 1992.⁴

Deficient pleadings, uncontroverted expert evidence and a strict application of the Court of Appeal's analysis in Musicians' Pension Fund of Canada (Trustees of) v. Kinross Gold Corp.⁵ led Justice Belobaba to dismiss both motions.