The plaintiff sought leave to proceed with a statutory secondary market misrepresentation claim under Part XXIII.1 of the Securities Act and to certify the proceeding as a class action.
The claim alleged that the defendants failed to disclose material risks regarding the potential suspension of a mining license in Guatemala due to a lack of indigenous consultation.
The court found that the plaintiff established a reasonable possibility of success at trial based on credible expert evidence regarding Guatemalan law and economic materiality.
The court granted leave and certified the global class action, rejecting the defendants' objections regarding the representative plaintiff and the inclusion of foreign shareholders.
