Update: Global Settlement With All the Defendants in Poseidon Class Actions
Update October 2020: Epiq Class Action Services Canada has been processing claims and expects to be in a position to disburse funds in October 2020.
April 2020: Epiq Class Action Services Canada has been processing claims and expects to be in a position to disburse funds in June 2020.
October 4, 2018: The Alberta Court of Queen’s Bench has approved the distribution of the proceeds of the Global Settlement and related matters. The Court-appointed Administrator, Epiq Class Action Services Canada, will issue a notice to Poseidon shareholders in the near future regarding the upcoming claims process. A copy of the Alberta Court of Queen’s Bench Order, dated September 25, 2018, is available below.
September 10, 2018: Representative Plaintiffs announce approval of the Global Settlement and applications for approval of the Proposed Claims and Distribution Protocol, Class Counsel fees and related matters. Subject to approval by the Alberta Court, these applications will determine the manner of use of the settlement funds and the distribution of the settlement funds net of legal fees and expenses amongst eligible shareholders of Poseidon. For more information, consult the notice available below.
June 15, 2018: By Orders dated June 15, 2018, the Ontario Court has recognized the Amended Plan of Compromise and Arrangement and dismissed the pending class action and other claims in Ontario. The Global Settlement continues to remain subject to approval of the Courts in Quebec and the United States.
May 4, 2018: The Amended Plan of Compromise and Arrangement and the Global Settlement were approved by the Alberta Court of Queen’s Bench presiding over Poseidon’s insolvency proceedings. These documents remain subject to recognition by the Courts in Ontario, Quebec and the United States before the Global Settlement becomes final and can be implemented.
April 20, 2018: The class action plaintiffs have reached a proposed settlement with all of the defendants in the Poseidon class actions, including Poseidon, its former directors and officers, its former auditor, its former underwriters and certain other related persons and entities (“Global Settlement”). The Global Settlement, which is subject to Court approval, supersedes the partial settlement previously announced on December 21, 2017. The Global Settlement has been reached within Poseidon’s insolvency proceeding, and will be presented to the Alberta Court of Queen’s Bench for approval as part of an Amended Plan of Compromise and Arrangement under the Companies’ Creditors Arrangement Act.
Details regarding the Global Settlement are available in the notice to the class members, available below:
If you are an investor who acquired Poseidon’s securities on or before February 14, 2013, you may be affected by the Global Settlement. You should read the notice carefully as it may affect your rights. If you wish to object to the settlement, you may submit the Objection Form included in the notice to class members by no later than May 3, 2018 at noon Calgary Time. If you do not wish to object to the settlement, you are not required to do anything at this time.
January 22, 2013
Jensen Shawa Solomon Duguid Hawkes LLP and Siskinds LLP, have filed a proposed class action against Poseidon Concepts Corp. (TSX:PSN), and certain of the company's officers and directors. The class action asserts that Poseidon Concepts, among other things, made statements that were materially false and misleading regarding Poseidon's financial position, financial performance and cash flows, and overstated the company's income by reporting inflated assets. Among other relief, the action claims $251 million in damages.
The proposed class includes persons who acquired securities of Poseidon Concepts on or prior to December 27, 2012, whether in a prospectus offering or in the secondary market.
Previously Siskinds has filed similar Claims in both Ontario and Quebec. Earlier this year Poseidon filed for creditor protection under CCAA legislation. The proposed class actions against Poseidon have been stayed, pending resolution of the CCAA issues.
For further information on the specifics of the Claim:
Robert J. Hawkes QC