Ontario Superior Court of Justice, Court File No: CV-16-549792-CP
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The Shareholders allege that during and after the Class Period, the Defendants repeatedly published core and non-core documents and made other statements containing misrepresentations about the quantity and quality of the mineralized ore and corresponding amount of gold contained within Barkerville’s Cariboo Gold Project. In particular, Barkerville publicly released documents claiming that its Cow Mountain site within the Cariboo Gold Project contained indicated resources of over 10.6 million ounces of gold. The British Columbia Securities Commission took exception with the Company’s claims and cease-traded Barkerville’s securities for not preparing its technical report in the required form. Barkerville released an updated technical report which estimated that Cow Mountain contained indicated resources of only 1.04 million ounces of gold and inferred resources of only 3.9 million ounces. This caused Barkerville’s stock price to drop by over 53% on the first day once the Company’s stock resumed trading.
The Plaintiff served his materials for leave (permission) to commence a securities claim pursuant to s. 138.8 of the Ontario Securities Act on July 8, 2016 with the motion scheduled to be heard on October 16-19, 2017.
Claim Issued: March 30, 2016
Class Period: June 28, 2012 to and including October 8, 2013
Leave to Proceed Record Served: July 8, 2016
Shareholders’ Counsel: Andrew Morganti and Eli Karp, Morganti Legal
Shareholders’ Mining Experts: Benchmark Six
Corporate Defendants’ Counsel: Scott Kugler, Gowling WLG