2 total
Tribunal partially excludes proposed expert evidence on valuation and audits as irrelevant to securities allegations.
The Ontario Securities Commission brought a pre-hearing motion to exclude the proposed expert opinion evidence of three witnesses tendered by the respondents, Emerge Canada Inc. and Lisa Langley.
The Tribunal granted the motion in part, ruling that proposed evidence regarding valuation methodologies, NAV calculation, and the scope of audits was inadmissible because those issues were not raised in the Application for Enforcement Proceeding.
However, the Tribunal dismissed the motion regarding proposed evidence on governance, oversight, and internal controls, finding it premature to exclude such evidence before the merits hearing, and deferred the determination of its admissibility and the experts' qualifications.
Adjournment of merits hearing denied; further and better witness summaries ordered for multiple respondents.
The Capital Markets Tribunal heard three procedural motions ahead of a scheduled merits hearing.
The respondents Emerge Canada Inc. and Lisa Langley sought an adjournment to retain counsel, which the Tribunal dismissed for failing to demonstrate exceptional circumstances.
The Tribunal granted the Ontario Securities Commission's motion requiring Emerge and Langley to provide further and better witness summaries.
Finally, the Tribunal dismissed the Commission's motion to pre-emptively exclude the anticipated factual testimony of a witness, finding it premature, but ordered the respondents to provide a more detailed summary of his expected evidence.
