Ontario Superior Court of Justice, Court File No: CV-14-504010-CP
The Shareholders allege that during the Class Period, Detour recognized or negligently failed to recognize a trend of discrepancies between its business operations and 2013 pro forma gold production numbers and ramping-up its processor to 55,000 TPD in a manner consistent with its guidance found in its Technical Report (October 2012), Annual Information Form, and subsequent press releases. In particular, it is alleged that although Detour reduced its guidances numbers, it knew or should have known that even the reduced numbers were impossible to achieve because its mill (processor) did not have the capacity to mill enough ore within the time-frame to achieve its own gold production guidance numbers.
The parties were originally scheduled to have the leave to proceed (pursuant to s. 138.8 of the Ontario Securities Act) and certification (pursuant to s. 5 of the Class Proceedings Act, 1992) motions heard on December 6-9 2016, but have mutually agreed to postpone the hearing of those motions to allow for further negotiations.
Claim Issued: May 12, 2014
Class Period: March 12, 2013 to and including November 7, 2013
Leave to Proceed Record Served: October 30, 2014
Shareholders’ Counsel: Andrew J. Morganti and Matthew M. A. Stroh, Morganti Legal
Shareholders’ Mining Experts: Christopher Lattanzi, Micon International
Shareholders’ Class Certification Experts: Frank Torchio, Forensic Economics, Inc.
Defendants’ Counsel: Luis Sarabia and Chantelle Spagnola, Davies Ward Phillips & Vineberg LLP
For more information about this action, or to obtain a copy of the most recent statement of claim, please contact the Firm at firstname.lastname@example.org.