Welcome to the settlement website for Poseidon Concepts Corp. Securities Litigation
The Courts in Alberta, Ontario, Quebec, Colorado and New York have approved and recognized a global settlement reached within the insolvency proceedings of Poseidon Concepts Corp. (“Poseidon”) which, among other things, finally resolves securities class proceedings brought against Poseidon, certain of its former directors and officers, its former auditors, its former underwriters and Peyto Exploration & Development Corp (in its capacity as the successor to Open Range Energy Corp.).
The securities class proceedings were brought on behalf of all persons and entities who purchased or otherwise acquired the securities of Poseidon on or before February 14, 2013, other than certain excluded persons, and alleged that Poseidon’s financial statements and disclosure documents issued between October 2011 and February 2013 contained misrepresentations.
Pursuant to the settlement (which does not constitute an admission of liability, but represents a negotiated compromise of disputed allegations and claims), the defendants in the class proceedings pay at least $34,632,800 and up to $36,606,200 for the benefit of the eligible shareholders of Poseidon.
Who is eligible to claim compensation from the settlement?
Pursuant to an Order of the Alberta Court of Queen’s Bench and the approved Claims and Distribution Protocol, the proceeds of the settlement net of legal fees and administration and other expenses will be distributed to the eligible shareholders of Poseidon.
A person or entity would be eligible to claim compensation from the Net Settlement Fund if he, she or it purchased or otherwise acquired Poseidon common shares:
- pursuant to the spin-off transaction involving Open Range Energy Corp., which was implemented on November 1, 2011; and/or
- in the primary market pursuant to a Final Short-Form Prospectus dated January 26, 2012; and/or
- in the secondary market at any time between November 4, 2011 and February 14, 2013;
AND held some or all of those shares as of:
- November 15, 2012; and/or
- December 27, 2012; and/or
- February 14, 2013.
Determinations regarding a shareholder’s eligibility for compensation from the Net Settlement Fund and his, her or its actual compensation will be made by the Administrator in accordance with the Claims and Distribution Protocol and relevant Court Orders after the Claims Bar Deadline has lapsed and the valid Claim Forms have been reviewed and processed by the Administrator.
The Claims Bar Deadline in this matter is extended to February 21, 2019.
Summary of Rights and Options Under the Settlement
|Make a Claim
The only way to receive compensation or a distribution from the Settlement is to submit a Claim.
The very important Claims Bar Deadline is extended to February 21, 2019. Claim Forms must be submitted by no later than February 21, 2019.
The Claim Form is available as a PDF HERE, and can be submitted via courier, fax or email. Claim Forms that are mailed must be postmarked no later than February 21, 2019 to be valid.