WHAT IS THIS CLASS ACTION ABOUT?
On June 9, 2020, an Application for Authorization to Institute a Class Action and to Institute an Action for Damages Pursuant to Section 225.4 of the Securities Act was filed in the court record of the Superior Court of Québec against Laurentian Bank of Canada (hereinafter, the “Bank”), its officers François Desjardins and François Laurin as well as TD Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Laurentian Bank Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Barclays Capital Canada Inc. for having breached their obligations, notably provided by the Securities Act and the Civil Code of Québec, by omitting to disclose material facts and by publishing documents which contain misrepresentations regarding the Bank’s securitization activities, its quality control functions as well as its underwriting procedures. Due to the Defendants’ faults, the members of the contemplated class action acquired the Bank’s securities at artificially inflated prices that did not reflect their true value. Following the disclosures of the omitted and/or falsely represented facts, the value of the Bank’s securities dropped, causing significant damages to all members of the contemplated class.
WHO IS A CLASS MEMBER?
All persons who acquired one or more securities of the Laurentian Bank of Canada on a primary or secondary market between May 18, 2017 and September 3, 2018 inclusive and who held all or part of these securities between December 5, 2017 and September 4, 2018.
WHAT IS THE STATUS OF THIS CLASS ACTION?
The class action is currently at the authorization stage.
HOW CAN I STAY INFORMED REGARDING THE UPCOMING STEPS IN THIS CASE?
If you are a class Member, we invite you to subscribe to our mailing list; that way, we will communicate with you as soon as important developments occur in this file.
For more information, you can also directly contact Belleau Lapointe.
Filing of the Application for Authorization to Institute a Class Action and to Institute an Action for Damages Pursuant to Section 225.4 of the Securities Act