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TORONTO, Aug. 29, 2024 (GLOBE NEWSWIRE) — Kim Spencer McPhee Barristers P.C. is investigating a possible class action lawsuit against EdgePoint Wealth Management Inc., OneMove Capital Limited, Engine Capital LP, and Blacksheep Fund Management Ltd. (collectively, the Activist Shareholders).
The class action would be brought on behalf of shareholders of Dye & Durham Limited other than the Activist Shareholders and any shareholder who may have been acting jointly or in concert with the Activist Shareholders.
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What is this proposed lawsuit about?
As of October 2023, the Activist Shareholders collectively held in excess of 20% of the issue and outstanding common shares of Dye & Durham. Since October 2023, the Activist Shareholders have, in aggregate, acquired additional shares of Dye & Durham. Kim Spencer McPhee is currently investigating whether Activist Shareholders were acting jointly and in concert with each other in relation to Dye & Durham once that threshold was reached.
Under the Securities Act (Ontario), a takeover bid is an offer to acquire more than 20% of a class of securities by a single person or by two or more persons acting jointly or in concert. Where a takeover bid is made, the bidder must, among other things, issue a takeover bid circular, issue a news release and make the bid to all holders of the class of securities, offering the same terms to all holders.
Pursuant to section 105 of the Securities Act, where a bidder or bidders have not complied with the takeover bid provisions of the Act and regulation under the Act, the Ontario Superior Court of Justice may, among other things, make an order compensating an interested party for damages suffered as a result of a contravention of the Act or the regulation. Damages could be equal to the consideration that shareholders would have received had the Activist Shareholders complied with the Act and regulation and made a bid to all holders on the same terms as the Activist Shareholder paid in acquiring shares in market and private purchases.
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What is a class action?
A class action is a lawsuit by which one or more representative persons makes a claim on behalf of a similarly situated class of persons who have the same or a similar legal claim. A class action seeks to hold a defendant or defendants responsible for their conduct that affects each member of the class, by resolving issues that are common to the class in the same legal proceeding, instead of each class member bringing their own claim.
The representative plaintiff or plaintiffs who commence the lawsuit must ask the Court for permission to proceed as a class action. If permission is granted, the Court will approve the appointment of the individual or individuals to represent the best interests of the defined class in the litigation, following which the case may proceed as a class action. Each person who meets the criteria of the class group is considered to be a member of the class.
Interested in serving as a representative plaintiff?
Our firm is interested in hearing from shareholders of Dye & Durham. If you have been a shareholder of Dye & Durham since October 2023, and are interested in serving as a representative plaintiff, please contact:
Contact:
Megan B. McPhee, Managing Principal
Kim Spencer McPhee Barristers PC
Email: mbm@complexlaw.ca
Tel: (416) 349-6574
1200 Bay Street, Suite 1203
Toronto ON M5R 2A5
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