Faguy & Co. has the most active securities class-action practice in the province of Quebec.

In its active cases, Faguy & Co. is seeking to recover billions of dollars on behalf of its clients. In several cases Faguy & Co. is acting with one or more consortium partner law firms in Quebec, Ontario and British Columbia.

PCA

In one of the largest corporate meltdowns in Canadian history, Valeant Pharmaceuticals International Inc. went from being the the highest market-capped company on the TSX at over $110 billion in 2015, to less than $10 billion by the end of 2016. Over $100 billion in shareholder equity was wiped out, in large part, as a result of the very practices alleged against it in the proposed class action.

The proposed class action is brought against Valeant, its directors and officers, its auditor PriceWaterhouseCoopers and sixteen banks which underwrote the issuance of Valeant’s securities. The proposed class action alleges Valeant made material misrepresentations in its financial statements and other core documents, deceived the market and failed to disclose its relationship with a network of specialty pharmacies that were designed to artificially inflate Valeant’s earnings and share price. The class is defined as follows:

The proposed Class Members are comprised of:

a) Primary Market Sub-Class: All persons and entities, wherever they may reside or may be domiciled, who acquired Valeant’s Securities in an Offering, and held some or all of such Securities as of at least October 19, 2015; and

b) Secondary Market Sub-Class: All persons and entities, wherever they may reside or may be domiciled who, during the Class Period, acquired Valeant’s Securities in the secondary market and held some or all of such Securities as of at least October 19, 2015, and

i. are resident in Canada or were resident in Canada at the time of such acquisitions, regardless of the location of the exchange on which they acquired their Valeant Securities; or

ii. acquired Valeant’s Securities in the secondary market in Canada or elsewhere, other than in the United States;

“Class Period” means the period from February 28, 2013 to October 26, 2015, inclusive;

Excluded from the Class are the Defendants, the Individual Defendants, members of the immediate families of the Individual Defendants, and the directors, officers, subsidiaries, and affiliates of Valeant and its subsidiaries;

If you fit the criteria above, you are automatically included in the class. Nevertheless, if you would like to receive updates, you may sign up for mailings or contact us at info@faguyco.com.

The proposed class action is currently pending before the Superior Court of Quebec and the hearing authorizing it is set to take place in April 2017.

The Re-Amended Motion for Authorization can be viewed here.

On March 23, 2016, the Autorité des marchés financiers (AMF), the Quebec Securities Regulator, issued a press release stating it was filing 23 charges against Amaya Inc.’s CEO, Mr. David Baazov, and his coterie, in what the Globe and Mail has called the largest insider trading investigation in Canadian history.

The proposed class action is against Amaya, its former CEO and its directors and officers for making misrepresentations about its code of conduct, omissions of material fact in its publicly released documents and for engaging in a massive insider trading scheme which manipulated the price of Amaya’s publicly traded securities while it was raising capital to acquire its rivals.

The proposed class members are the following:

Other than the “Excluded Persons” (as defined further below):

All persons and entities that acquired or purchased Amaya’s securities during the Class Period.

“Class Period” means the period from March 31, 2014 to March 22, 2016, inclusively;

“Excluded Persons” means the Defendants, members of the immediate families of the Individual Defendants, and the directors, officers, subsidiaries, affiliates of Amaya and its subsidiaries;

If you fit the criteria above, you are automatically included in the class. Nevertheless, if you would like to receive updates, you may sign up for mailings or contact us at info@faguyco.com.

The proposed class action is currently pending before the Superior Court of Quebec.

The Re-Amended Motion for Authorization can be viewed here.

AVIS

Par jugement du 7 juin 2017, la Cour supérieure a autorisé Robert Landry à se désister de ses procédures d’action collective quant aux défendeurs suivants :

– Edward Borkowski
– Jordan Kupinski
– Wayne Kreppner
– Rochelle Fuhrmann
– Doug Deeth
– Patrick Vink
– PricewaterhouseCoopers LLP

Les procédures en vue de faire autoriser l’action collective continuent quant aux défendeurs suivants :

– Concordia International Corp.
– Mark Thompson
– Adrian De Saldanha

NOTICE

By judgment rendered on June 7, 2017, the Superior Court authorized Robert Landry to discontinue his class action proceedings against the following defendants:

– Edward Borkowski
– Jordan Kupinski
– Wayne Kreppner
– Rochelle Fuhrmann
– Doug Deeth
– Patrick Vink
– PricewaterhouseCoopers LLP

The proceedings to have the class action authorized continue against the following defendants:

– Concordia International Corp.
– Mark Thompson
– Adrian De Saldanha

——–

This securities class action arises out of the Defendant Concordia International Corp.’s (“Concordia”) failure to disclose adverse material facts as well as misrepresentations relating to Concordia’s business model, growth platform, pro forma revenues and dividend payments in documents released from March 23, 2016 to August 11, 2016.

The class action was instituted further to Concordia reporting “organic growth” which, in actual fact, was the result of unsustainable material price increases across its products. On August 12, 2016, Concordia issued a Corrective Disclosure in which it announced that the Company was materially reducing its Earnings Guidance to reflect the impact of competition on several products in its North America segment and foreign exchange rates. The Corrective Disclosure announced that Concordia was reducing its 2016 projected revenues from $1.02/1.06 billion to $859/888 million and reducing its adjusted EBITDA from $610/640 million to $510/540 million. As well, Concordia announced that two (2) of its drugs were faced with an impairment charge of $567.1 million, that its Board of Directors agreed to suspend its $0.075/common share quarter dividend and that its Chief Financial Officer was stepping down. Following the Corrective Disclosure issued by Concordia’s former CEO, Concordia’s stock price on the Toronto Stock Exchange fell roughly 54.1%.

The Class Period concerned in this class action is from March 23, 2016 to and including August 11, 2016.

The proposed class members are the following:

All Quebec-based persons and entities who, from March 23, 2016 to August 11, 2016, acquired Concordia’s securities and held some or all such securities as of August 12, 2016, other than the Defendants, members of the immediate families of the Individual Defendants, and the directors, officers, subsidiaries, and affiliates of Concordia.

If you fit the criteria above, you are automatically included in the class. Nevertheless, if you would like to receive updates, you may sign up for mailings or contact us at info@faguyco.com.

The Re-Amended Motion for Authorization can be viewed here.

A class action against Volkswagen Aktiengesellschaft (hereafter “VW”) was instituted further to the release of documents containing misrepresentations and omissions of material fact with respect to VW secretly installing software to manipulate the quantity of pollutants being discharged from certain of its diesel engines while the vehicles with said diesel engines were being tested for compliance with the applicable emissions standards. In its disclosures and in an effort to attract investors, VW stated that it was more environmentally friendly as it was the first automaker to commit to cutting NO2 emissions.

It was later revealed that VW defrauded investors and the public by deliberately cheating U.S. emission tests and making its diesel vehicles appear cleaner than they actually were.

The Class Period concerned in this class action is from March 12, 2009 to and including September 18, 2015.

The proposed class members are the following:

All residents of Quebec who purchased VW’s securities from March 12, 2009 to September 18, 2015 and held all or some of those acquired VW securities until after September 18, 2015 other than VW’s subsidiaries, affiliates, officers, directors, executive level employees, legal representatives, heirs, predecessors, successors and assigns.

If you fit the criteria above, you are automatically included in the class. Nevertheless, if you would like to receive updates, you may sign up for mailings or contact us at info@faguyco.com.

The Motion for Authorization can be viewed here.

This securities class action arises out of the Defendant David Baazov’s (“Baazov”) alleged market manipulation scheme to drive up the price of Amaya Inc.’s (“Amaya”) share price and increase the value of his considerable stake in the company.

On February 1, 2016, Baazov published a public document indicating that he intended to make an offer to purchase all of Amaya’s outstanding stock and take the company private. Following the publication of this document, the value of Amaya’s shares jumped by 17%. A second similar document was published on November 14, 2016 in which Baazov made a formal offer to acquire Amaya at the price of CDN$24/share. Subsequent to this news, the value of Amaya’s shares jumped once again by another 12%. It was later revealed, and admitted by Baazov himself, that he did not have the financing required to make his offers and take Amaya private. This class action alleges that Baazov hatched a scheme to drive up Amaya’s share price so he could increase the value of his holdings in the company.

The Class Period concerned in this class action is from February 1, 2016 to November 21, 2016 inclusive.

All persons and entities who purchased Amaya Inc. securities from February 1, 2016 to November 21, 2016 inclusive and held all or some of those securities as of November 22, 2016, other than the Defendant and members of his immediate family.

If you fit the criteria above, you are automatically included in the class. Nevertheless, if you would like to receive updates, you may sign up for mailings or contact us at info@faguyco.com.

The Motion for Authorization can be viewed here.