Class Action and Secondary Market Misrepresentation Claim Against Ithaca Energy Inc.


On October 24, 2019, Justice Neufeld granted an Order that, amongst other things, allowed for the filing of an Amended Amended Amended Statement of Claim, certified the class proceeding, appointed David Stevens as the Representative Plaintiff, granted leave to proceed under the Alberta Securities Act and approved the form of Notice of Certification.

The deadline for any Class Members to opt out of the Action has since passed and no opt outs were received.

The parties are presently working on a form of Discovery Plan Protocol which will assist in managing the disclosure of records by the Defendants.

If you believe you may be a class member we would strongly urge you to contact us both to sign up for updates and to answer a few questions that will better allow us to protect your rights.


On June 24, 2019, Mr. Justice R.A. Neufeld issued Reasons for Judgment wherein he granted leave to the representative plaintiff to proceed with securities misrepresentation claims against the Defendants regarding 3 out 4 of the alleged misrepresentations (October 7, 2014, November 13, 2014 and January 12, 2015), and certified a class action for a defined Class Period of October 7, 2014 through to and including February 24, 2015, with the "Class" defined to mean:

…all persons, other than Excluded Persons, who acquired Ithaca’s common shares during the Class Period and who held some or all of those securities, either beneficially or as the holder of record, at the close of trading on February 24, 2015.

May 26, 2015

Jensen Shawa Solomon Duguid Hawkes LLP and Morganti Legal have filed a proposed class action in the Alberta Court of Queen's Bench, against Ithaca Energy Inc. (TSX:IAE) and a company officer/director. The class action alleges that Ithaca published statements that were materially false and misleading regarding Ithaca's offshore oil and gas business and operations with respect to: (1) material modifications to its floating production facility; and (2) corresponding 2015 pro forma production and revenue projections for the Greater Stella Area located in the Central Graben area of the Central North Sea, on the United Kingdom Continental Shelf. Among other relief, the action claims damages on behalf of the proposed class members.

The proposed class includes persons who acquired securities of Ithaca from August 12, 2014 to and including February 25, 2015, and who held some or all of those securities at the close of trading on February 25, 2015.

For further information on the specifics of the Claim:

Speaking to a Lawyer

Affected Woodward Asset Management clients are encouraged to contact:

Robert J. Hawkes KC
(403) 571-1544 

Gavin Price
(403) 571-0747