Fionnuala Martin

The plaintiff brought a proposed class action against Aphria Inc., its directors/officers, and several underwriters, alleging misrepresentations in both the primary and secondary markets regarding two corporate acquisitions.

The plaintiff sought leave to discontinue certain claims, leave to assert secondary market claims under the Securities Act, and certification of the class action.

The court granted the discontinuances and leave for the secondary market claims, certifying them on consent.

For the primary market claims against the underwriters, the court held that the 'Ragoonanan Principle' still applies in Ontario, meaning a representative plaintiff must have a direct cause of action against each defendant.

Since the plaintiff only purchased shares in the secondary market, it could not represent primary market purchasers.

However, the court conditionally certified the primary market claims, giving class counsel 100 days to recruit an eligible representative plaintiff who purchased shares in the prospectus offering.

The plaintiff brought a proposed global class action under the Class Proceedings Act, 1992 against a foreign holding company and its former employee, alleging misrepresentations in the secondary market regarding anti-money laundering compliance and Libor/Euribor manipulation.

The defendants brought a motion to dismiss or stay the action for lack of jurisdiction simpliciter or on the basis of forum non conveniens.

The plaintiff brought a cross-motion for a declaration that the corporate defendant was a 'responsible issuer' under the Securities Act.

The court found that the corporate defendant did not carry on business in Ontario and rebutted any presumptive connecting factors, concluding that the court lacked jurisdiction simpliciter.

Furthermore, the court held that even if jurisdiction existed, Ontario was forum non conveniens.

The statutory claims were dismissed and the common law claims were stayed.