Ahmad Erfan

The plaintiff sought leave to commence a secondary market misrepresentation action under the Securities Act and to certify a class proceeding against the defendants for misrepresentation, conspiracy, and oppression.

The plaintiff alleged that the defendants fabricated a financial crisis by including a 'going concern' note in the company's financial statements to artificially depress the share price, allowing insiders to acquire shares cheaply.

The court dismissed the motion for leave, finding no reasonable possibility of success at trial, as the financial disclosures were factual, required by GAAP, and made after reasonable investigation.

The court also refused to certify the conspiracy claim due to a lack of factual basis and struck the oppression claim, ruling that the Ontario Superior Court lacked subject-matter jurisdiction over an oppression remedy under the British Columbia Business Corporations Act.

The plaintiffs brought a motion to certify a class action against the defendants, the manufacturers of the antipsychotic drug Seroquel.

The plaintiffs alleged that Seroquel caused various health risks, including weight gain and diabetes, and that the defendants were negligent in their design, testing, marketing, and failure to warn, particularly regarding off-label uses.

The court dismissed the certification motion, finding that the plaintiffs failed to satisfy any of the criteria under section 5(1) of the Class Proceedings Act.

The statement of claim was found to be fundamentally deficient, failing to disclose a valid cause of action.

Furthermore, the court found no identifiable class, a lack of common issues capable of being assessed in common, that a class action was not the preferable procedure, and that the proposed representative plaintiffs were unsuitable.