Class Action Certified and Leave to Proceed Granted in Securities Class Action Against Baja Mining Corp.
LONDON, ON, March 31, 2015 /PRNewswire/ - Harrison Pensa LLP commenced an action under the Class Proceedings Act, 1992 against Baja Mining Corp., certain of its former directors and officers and the company's auditor, PricewaterhouseCoopers LLP. The action alleges that during the class period, the defendants made misrepresentations and/or failed to make timely disclosure of significant cost overruns and project delays related to Baja's Boleo Project located in Baja California Sur, Mexico.
On April 22, 2014, the Court granted permission (known as "leave to proceed") to the plaintiff to assert as against the defendants, the statutory cause of action for secondary market misrepresentations in certain of Baja's public filings during the class period. Obtaining leave is a requirement under the Ontario Securities Act and is a preliminary procedural matter.
On April 22, 2014, the Court also certified the action as a class proceeding. Certification is also a procedural matter. In granting certification, Harrison Pensa LLP was appointed as Class Counsel on behalf of: all persons and entities, wherever they reside or be domiciled, who acquired Baja Mining Corp. securities between November 1, 2010 and April 23, 2012 and who held some or all of those securities as of April 23, 2012.
The leave to proceed and certification Order means that the Court has permitted the action to proceed to trial as a class proceeding and has granted permission to the plaintiff to pursue the statutory claims under the Ontario Securities Act on behalf of the class.
The plaintiff is only pursuing the statutory claims described above against the Defendants. He will not be pursuing any of the common law claims originally asserted in the action. The dismissal of those claims has been approved by the Court.
If you want to participate in the class action, you do not need to do anything to continue to be included as a class member. As a class member, you will be entitled to participate in any settlement and/or judgment and you will be legally bound by the result of the Class Action. You will also be bound by the terms of any judgment or settlement, whether favourable or not, and you may not opt-out of this action in the future.
If you do not want to be a class member, you must exclude yourself by "opting-out" of the class action by June 1, 2015. Persons who opt-out will not be bound by the result of the class action and will not be entitled to participate in any settlement or judgment that may be obtained in the class action. To learn how to exclude yourself, please visit www.bajaminingclassaction.ca or contact Class Counsel at [email protected]
About Harrison Pensa LLP
Harrison Pensa LLP (www.harrisonpensa.com), based in London Ontario, is one of Canada's foremost class action law firms and has expertise in a full range of class action matters including securities litigation.
SOURCE Harrison Pensa LLP
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