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FAQ
Settlement
1. What is the CV Technologies class action about? Registering a Claim
13. What are the Released Claims? Opting Out
22. If I do not opt out, do I have the right to pursue litigation? Claims Administration
29. Who is the Administrator? In 2007, the plaintiffs commenced a class action against CV Technologies Inc. (now known as Afexa Life Sciences Inc.) ("CV"), certain officers and directors of CV and CV's auditor, Grant Thornton LLP in the Ontario Superior Court of Justice and in the Court of Queens Bench of Alberta. The plaintiffs allege that the defendants misrepresented CV's financial results for fiscal 2006 and the first quarter of 2007. The Defendants are CV, Jacqueline J. Shan, Gordon G. Tallman, Harry Buddle and Grant Thornton LLP. "Class" or "Class Members" means all persons, other than Excluded Persons, who acquired securities of CV on the Toronto Stock Exchange ("TSX") during the Class Period and who held some or all of those securities on March 26, 2007. "Excluded Person" means the Defendants and CV's past or present subsidiaries, officers, directors, affiliates, legal representatives, heirs, predecessors, successors and assigns, and any member of the Individual Defendants' families and any entity in which any of them has or had an interest. The Class Period commences on December 11, 2006 and ends on March 26, 2007. The action was litigated by the following law firms, collectively known as Class Counsel:
Jay Strosberg
Michael Robb After protracted arm's length negotiations between Class Counsel, on behalf of the Class Members, and representatives of the Defendants, the parties in the class action entered into a Settlement Agreement on April 28, 2010. Some of the Defendants have agreed to pay, collectively, the sum of $7.1 million to settle the claims of all Class Members and the costs of the litigation and administration (the "Settlement Fund"). Yes. The Defendants have negotiated an Opt Out Threshold. If the Opt Out Threshold is exceeded, that is, if Class Members holding a significant number of shares opt out of the settlement, the Defendants may exercise their discretion to terminate the Settlement Agreement. Copies of the Settlement Agreement, as well as the Plan of Allocation, the approval order and the Notices concerning this settlement may be downloaded from the Document page of this website. Click here to reach the Document page. The settlement has been approved by the Ontario Superior Court of Justice. Class Members were first notified of this settlement during the court approved notice program, which took place in June, 2010. This notice program, which advised Class Members of the hearing date on which the approval of the Settlement Agreement would be sought and their right to make objections, involved publishing the first notice in certain newspapers and posting the first notice on the website www.coldfxclassaction.com. Following the approval of this Settlement Agreement, a similar notice program was established to advise Class Members of the claims and opt out procedures. In addition to the notice mechanisms noted above, the second notice will be electronically transmitted to broker/dealers for dissemination to their clients and mailed to Class Members identified by Computershare Limited and Broadridge Financial Solutions Inc. as having an interest in the CV shares. "Released Claims" (or "Released Claim" in the singular) means any and all manner of claims, demands, actions, suits, causes of action, whether class, individual or otherwise in nature, whether personal or subrogated, damages whenever incurred, and liabilities of any nature whatsoever, including interest, costs, expenses, Administration Expenses, penalties, Class Counsel Fees and lawyers' fees, known or unknown, suspected or unsuspected, in law, under statute or in equity, that Releasors, or any of them, whether directly, indirectly, derivatively, or in any other capacity, ever had, now have, or hereafter can, shall, or may have as against the Releasees, relating in any way to the purchase, sale, pricing, marketing or distributing of Shares during the Class Period, or to any representations made by the Releasees during the Class Period to anyone concerning CV, its operations or the Shares, or relating to any conduct alleged (or which could have been alleged) in the Actions, including, without limitation, any such claims which have been asserted, would have been asserted or could have been asserted as a result of the purchase of Shares in the Class Period. The Defendants expressly deny any wrongdoing or liability. Anyone other than the Excluded Persons who purchased CV shares during the Class Period and held some or all of those shares on March 26, 2007 should register a claim. To be eligible to take part in this settlement, Class Members must submit a Claim Form and all required supporting documents to the Administrator no later than 5:00 p.m. Toronto time on January 6, 2011. Click here to reach the Online Claims System and begin the online claims submission process. If you do not have Internet access, you can file a paper claim form. Paper claim forms are available here or from the Administrator by calling toll-free 1.877.858.9558. In order to be eligible for compensation pursuant to this Settlement Agreement, Class Members must submit their claim to the Administrator no later than 5:00 p.m. Toronto time on January 6, 2011. The Administrator must be in receipt of the signed Claim Form and all supporting documentation by the Claims Bar Deadline. There is no cost to Class Members to submit a Claim Form and receive compensation from the Settlement Fund. If you submit a Claim Form and you do not opt out, you will be precluded from pursuing further litigation. After a Claim Form has been submitted, the claim may be amended prior to the Claims Bar Deadline. After the Claims Bar Deadline however, only contact information may be amended. If you do not opt out of the class action, you are precluded from commencing an action in any court. The Settlement Agreement provides for a release of present and future related claims made by Class Members. No. If you opt out, you will not be eligible for any of the benefits of the Settlement Agreement. This means that you will be barred from making a claim and receiving payment pursuant to the Settlement Agreement. If you opt out, you will not be bound by the Settlement Agreement and will be entitled to pursue your rights against the Defendants. The only way to ensure that your right to pursue litigation against the Defendants in this class action is preserved is to opt out of the settlement. Click here to obtain an Opt Out Form. If you wish to opt out of the settlement, you must submit a valid Opt Out Form and the required supporting documentation to the Administrator by mail or courier by the Opt Out Deadline of December 7, 2010 at 5:00 p.m. Toronto time. In order to opt out of this Settlement, you must submit an Opt Out Form by mail or courier to the Administrator no later than 5:00 p.m. Toronto time on December 7, 2010. However, the deadline to opt out has passed. No. All persons who come within the definition of the Class will automatically be included in the Class unless they exclude themselves from the Class by opting out. If you do not want to be bound by the terms of the Settlement Agreement, you must opt out. Yes. If you do not opt out of the settlement you will be bound by the terms of the Settlement Agreement. All persons who come within the definition of the Class will automatically be included in the Class unless they exclude themselves from the Class by opting out. Marsh Risk Consulting Canada has been appointed by the Ontario Superior Court of Justice to be the Administrator. The Administrator is responsible for overall management of the administrative claims process including: Class Member opt out registration; Class Member claim registration; document collection; communications; help desk management; reminders; form transmission; claim management; claim evaluation; analyses; notifications; reporting; appeal procedures; processing of materials to and from the Referee; distribution analyses; Settlement Fund and audit control; and Class Member payout. The Administrator was appointed by the Ontario Superior Court of Justice after recommendation by Class Counsel. The Administrator may be contacted using the Online Claims System, and by email, phone, fax and mail. Click here for the Administrator's contact information. To contact the Administrator, by email, click here; to contact the Administrator by phone, call: 1.877.858.9558 The Administrator will complete the evaluation of all claims after the Claims Bar Deadline. Each Claimant will receive notice of the results of this evaluation. If I disagree with the Administrator's calculation of my compensation from the Settlement, what do I do? [ Top ]
The Plan of Allocation includes a procedure for Class Members to dispute decisions of the Administrator. Class Members may bring the dispute before a Referee appointed by the Ontario Superior Court of Justice for that purpose. Reva Devins has been appointed by the Ontario Superior Court of Justice to serve as Referee for this claims administration. It is the Referee's job to determine any disputes Class Members may have with the decisions of the Claims Administrator. In order to initiate a review of a dispute, Class Members are required to pay a deposit of $150 which will be applied to the cost of the reference. If the Class Member is in any way successful on the reference, the $150 deposit shall be returned to the Class Member, but if totally unsuccessful, the $150 deposit shall be applied to the cost of the reference. Payment can be made by certified cheque or money order, payable to the Administrator. As soon as practicable after the completion of the claims submission and election for review process, the Administrator will bring a motion for authorization to make final distributions of compensation to the Class Members. |