Two competing law firms brought motions for carriage of a proposed securities class action against Armtec Infrastructure Inc. and its directors and underwriters, alleging misrepresentations in a prospectus and press release.
The court evaluated the competing actions based on the nature and scope of the causes of action, the proposed class definitions, the named defendants, and the representative plaintiffs.
The court granted carriage to the Simmonds plaintiffs, finding their approach to the class definition and damages to be simpler and more cohesive, and their representative plaintiffs to possess significant business acumen.
The competing Locking action was stayed.