Discovery Air Inc. Class Action
Overview:
This class action seeks relief from oppression pursuant to section 241(3) of the Canada Business Corporations Act against Discovery Air Inc., certain of its directors and officers, Clairvest Group Inc. and others, including compensation of over $35 million.
This action was certified by Order of Justice Koehnen dated April 20, 2021. Please view the court-approved Notice of Certification at the following links: [English] [Français]
Class Definition:
The action is brought on behalf of the holders of Discovery’s 8.375% convertible unsecured subordinated debentures.
Current Developments:
June 1, 2022: The parties are in the discovery phase of the litigation.
April 20, 2021: The court granted the Plaintiff’s motion for certification. A copy of the decision is available here. A copy of the court-approved notice of certification is available here.
January 2, 2021: The hearing of the motion for certification has been scheduled for April 16, 2021.
December 17, 2020: The hearing of the motion for certification has been adjourned. A new hearing date will be scheduled shortly.
August 30, 2020: The hearing of the motion for certification is scheduled for December 17, 2020.
August 13, 2020: Justice Koehnen granted the plaintiff’s motion to proceed with the oppression action. A copy of the decision is available here.
May 26, 2020: The parties appeared before Justice Koehnen of the Ontario Superior Court of Justice on a motion to determine whether the debenture agreement precluded the class action from proceeding. Justice Koehnen reserved his decision.
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For inquiries, please complete the form, email discovery@kalloghlianmyers.com or call (647) 243-7381.