Canadians could claim part of $8-million cannabis settlement
Canadians who invested in cannabis stock could cash in on a hefty settlement.
Law firm Berger Montague announced the approval of an $8-million settlement in a class-action lawsuit against Canadian cannabis company Wayland Group Corp. (formerly Maricann Group Corp.). It was approved by the Ontario Superior Court of Justice on March 19.
There are three plaintiffs in three related class actions against Wayland Group Corp., several former executives, and the company’s underwriters, Canaccord Genuity Corp. and RF Securities Clearing LP (formerly GMP Securities L.P.).
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According to a decision from the Ontario Superior Court of Justice, the plaintiffs allege that between Dec. 13, 2017 and Aug. 2, 2019, the cannabis company “made misrepresentations or failed to disclose” the status of expansion plans for one of its growing facilities in Langton, Ont., to convince investors to buy its stock.
Wayland Group Corp. eventually disclosed that information, but its stocks fell and the company was delisted.
The law firm says the defendants “deny the allegations and deny any wrongdoing or liability.”
Who is eligible for this settlement, and how can you make a claim?
According to the settlement notice, anyone who purchased or otherwise acquired common shares, units, and warrants of Wayland Group Corp. and Maricann Group Corp. on or after Dec. 13, 2017 and held some or all of those shares as of the close of trading on Aug. 2, 2019, is eligible to claim a part of the $8-million.
The claim form can be found on Berger Montague’s site or obtained by calling the administrator at (647) 576-7840.
You’ll need to submit the claim form to the administrator by using the secure online claims system at nuvoclaims.com. The law firm says you can only submit a paper claim form if you don’t have internet access.
“All members of the Class will be bound by the terms of the Settlement Agreement whether or not they submit a Claim Form or receive a payment under the settlement,” reads the notice.
Eligible Canadians will have until Aug. 20, 2026, to submit a claim for compensation.
Read the full notice for more details.