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Securities Regulation - Civil liability - Secondary market disclosure - Elements - Release of document that contains a misrepresentation

Thursday, September 22, 2016 @ 8:00 PM  

Motion by the proposed plaintiff, Kaynes, for an order lifting the stay of proceedings. Kaynes sought to sue on behalf of Canadians who, like himself, purchased BP shares between 2007 and 2010 based on misrepresentations in documents BP sent to shareholders. These alleged misrepresentations were made before and after an explosion and oil spill that occurred in the Gulf of Mexico. Kaynes purchased his BP shares on the New York Stock Exchange. A class proceeding was pending in the United States based upon similar allegations. BP...