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CIVIL LIABILITY - Secondary market disclosure - Elements - Release of document that contains a misrepresentation - Persons liable - Defences

Wednesday, October 04, 2017 @ 8:31 AM  

Appeal by the plaintiff, Rahimi, from the dismissal of his motion for leave to bring a secondary market misrepresentation action against the individual defendants and appeal by the corporate defendant from the order granting the plaintiff leave to proceed with the claim against it. The corporate defendant, SouthGobi Resources Ltd. (SGR), was a coal mining company. The individual defendants were two of its former CFOs and three directors and members of SGR’s audit committee. In November 2013, SGR issued a formal restatement of its prior financial...