1. The law firms of Sutts, Strosberg LLP and Siskinds LLP ("Class Counsel") are counsel in a proposed class action against CV Technologies Inc. (now known as Afexa Life Sciences Inc.) ("CV"), CV CEO and two members of its Board of Directors, and CV former auditor, Grant Thornton LLP. Class Counsel are working with Docken & Company, who are counsel in a similar class action in Alberta.
2. The claim is on behalf of all persons who acquired CV securities between December 11, 2006 and March 23, 2007 and who held some or all of those securities on March 26, 2007(the "Class Members").
3. The plaintiffs allege, among other things, that the defendants negligently or recklessly overstated CV's revenues for fiscal 2006 and the first quarter of 2007 and thereby artificially inflated the trading price of CV securities.
4. The parties have reached a settlement and on August 5, 2010, Justice Strathy of the Ontario Superior Court of Justice released reasons approving the settlement, certifying the action as a class proceeding for settlement purposes and approving the fees, disbursements and taxes of Class Counsel.
5. The settlement of $7.1 million provides that Class Members will be compensated in accordance with the Plan of Allocation, which may be reviewed here.
6. The parties will submit an order for Justice Strathy to sign shortly. Once the order is signed, information about how to make a claim, or how to opt out of the action, will be posted on this website.
7. If you have any questions, please call Sutts, Strosberg LLP at at 1.888.460.0824 or Siskinds LLP at 1.800.461.6166, ext. 2380.
8. If you would like to know more about how a class action works, please click here.
IMPORTANT NOTE
This website provides general information to potential class members on a class action that has been commenced concerning the acquisition of securities of CV Technologies Inc.. The court will ultimately decide who will be included as a class member.
The site is not designed to answer questions about your individual situation or entitlement. Do not rely upon the information provided on this website as legal advice in respect of your individual situation nor use it as a substitute for individual legal advice.
The information collected about potential class members will assist counsel in prosecuting the class action and assessing what damages were suffered by the class as a whole. Providing the information requested does not make you a client of Sutts, Strosberg LLP or Siskinds LLP.
This website is updated from time to time to provide potential class members with further information.
