LITIGATION UNLEASHED - Stikeman Elliott

B-3 SUMMARY OF LIABILITIES
TYPE OF CLAIM:
CLAIMS AGAINST: MISREPRESENTATION – Non-core Document
– Released by Influential Person
Responsible Issuer
Plaintiff proves it acquired or disposed of securities between release and correction of
misrepresentation, and that a director or officer of issuer authorized, permitted or
acquiesced in the release (or where issuer is investment fund, manager authorized, permitted or
acquiesced in release)
Plaintiff proves issuer either knew of misrepresentation at time of release or deliberately
avoided acquiring knowledge or was guilty of gross misconduct
Defences: Plaintiff knew of misrepresentation, Reasonable Investigation,
Forward-Looking Information, Reliance on Experts, Release without issuer’s knowledge,
Derivative Information
Director of
Responsible Issuer
Plaintiff proves it acquired or disposed of securities between release and correction of
misrepresentation, and that the director authorized, permitted or acquiesced in the release
Plaintiff proves director either knew of misrepresentation at time of release or deliberately
avoided acquiring knowledge or was guilty of gross misconduct
Defences: Plaintiff knew of misrepresentation, Director made a Reasonable Investigation,
Forward-Looking Information, Reliance on Experts, Release without director’s knowledge,
Corrective Action, Derivative Information
Officer of
Responsible Issuer
Plaintiff proves it acquired or disposed of securities between release and correction of
misrepresentation, and that the officer authorized, permitted or acquiesced in the release
Plaintiff proves officer either knew of misrepresentation at time of release or deliberately
avoided acquiring knowledge or was guilty of gross misconduct
Defences: Plaintiff knew of misrepresentation, Officer made a Reasonable Investigation,
Forward-Looking Information, Reliance on Experts, Release without officer’s knowledge,
Corrective Action, Derivative Information
Influential Person
Plaintiff proves it acquired or disposed of securities between release and correction of
misrepresentation
Plaintiff proves influential person either knew of misrepresentation at time of release or
deliberately avoided acquiring knowledge or was guilty of gross misconduct
Defences: Plaintiff knew of misrepresentation, Influential Person made a Reasonable
Investigation, Forward-Looking Information, Reliance on Experts, Release without Influential
Person’s knowledge, Corrective Action, Derivative Information
56 LITIGATION UNLEASHED STIKEMAN ELLIOTT LLP