Overview:

This action alleges that during the class period, CannTrust Holdings Inc. failed to disclose material information and made misrepresentations regarding (among other things) the compliance of its facilities with applicable laws and regulations.   The action alleges that when the falsity of the information was revealed, the price of CannTrust securities dropped significantly, causing damages and loss to the Class Members.  

Class Definition:

The action is brought on behalf of the following group of investors: (i) all persons and entities that acquired CannTrust's securities in its May 2019 primary market offering; and (ii) all persons and entities that acquired CannTrust's securities in the secondary market between June 1, 2018 and the close of trading on the Toronto Stock Exchange on September 17, 2019.

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​Latest Updates:

March 13, 2023: The class action plaintiff moved for orders certifying this action as a class proceeding, for leave to proceed under Securities Act Part XXIII.1, and to consolidate the class action with the company claim against KPMG. KPMG has moved to stay the company claim in favour of an arbitration.

January 19, 2021: The deadline for current and former CannTrust shareholders to submit a claim for compensation from the settlement fund is March 16, 2022.  For more information, please see the following documents:

Notice (EN) (FR)

Claim Form (EN) (FR)

A dedicated settlement website has been established to process claims and provide information to investors.  For further information, or to submit your claim form, please visit the following website:

www.canntrustsecuritiessettlement.ca

All inquiries related to the claims process may be directed to the Claims Administrator:

Epiq Class Action Services Canada Inc. / Les Services D'Actions Collectives Epiq Canada
CannTrust Securities Settlements Claims Administrator
Email: info@CannTrustSecuritiesSettlement.ca
Tel.: 1-833-871-5359

January 6, 2021: The Plan of Arrangement, including the settlements with CannTrust, its directors and officers, its insurers and its underwriters has now been implemented.

September 24, 2021: More information, including about how to make a claim for compensation, is available here: www.canntrustsecuritiessettlement.ca.

September 2, 2021: The motion to approve the proposed settlements in the United States court has been scheduled for December 2, 2021.

July 16, 2021: The CannTrust Plan of Arrangement ("Plan") was approved by Justice Patillo of the Ontario Superior Court of Justice.  The Plan permits the representative plaintiffs to proceed with settlements of the class actions against certain defendants and their insurers of approximately CAD $125 million.  These settlements are still subject to approval of the courts in the United States and certain other preconditions.  This page will be updated to advise of the hearing dates once they are set.

July 12, 2021: The motion to approve a revised CannTrust Plan of Arrangement has been scheduled for July 16, 2021.

June 24, 2021: Justice Patillo of the Ontario Superior Court of Justice dismissed the motion to approve the CannTrust Plan of Arrangement, with leave to bring it back on if certain issues are addressed.

April 20, 2021: The court scheduled May 28, 2021 for consideration of the Plan of Arrangement by affected creditors.

March 19, 2021: The court scheduled CannTrust’s motion to set a date for consideration of the Plan of Arrangement by affected creditors for a hearing on April 16, 2021.

January 29, 2021: The court granted the motion for an order appointing representative counsel in CannTrust’s CCAA (insolvency) proceedings. A copy of the representation order is available here. The court-approved notice of the order is available here.

January 20, 2021: CannTrust announced a restructuring support agreement with certain class action plaintiffs and their counsel. A copy of this announcement is available here. CannTrust is moving for an order appointing representative counsel in the CCAA. A copy of CannTrust’s motion materials is available here. The hearing is scheduled for January 29, 2021.

October 28, 2020: The stay of proceedings against CannTrust was extended to January 31, 2021. The parties are continuing to work with the court-appointed mediator.

July 2, 2020: The stay of proceedings against CannTrust was extended until October 30, 2020.

May 7, 2020: A court-appointed mediator was appointed to mediate the claims where CannTrust is a defendant.

March 31, 2020: CannTrust filed for insolvency protection under the Companies Creditors’ Arrangement Act (CCAA). Under the order granting the filing, all proceedings against CannTrust were stayed.

January 28, 2020: Kalloghlian Professional Corporation, A. Dimitri Lascaris Law Professional Corporation, Henein Hutchison LLP, and Strosberg Sasso Sutts LLP were granted carriage of a proposed securities class action.