Leave Granted to Commence Action Against Imax Corporation and some of its Officers and Directors
27 Apr, 2012, 10:00 ET
TORONTO, April 27, 2012 /PRNewswire/ - The Plaintiffs in a class action commenced in the Ontario Superior Court of Justice ("Court") against Imax Corporation and certain of its current and former directors and officers have been granted leave to commence an action under section 138.3 of the Ontario Securities Act.
The Plaintiffs allege that Imax Corporation's February 17, 2006 press release, March 9, 2006 press release, audited annual financial statements for the year ended December 31, 2005 released March 9, 2006 and management's discussion and analysis for the year ended December 31, 2005 released March 9, 2006 misrepresented Imax's 2005 revenues and the number of theatre installations completed in its 2005 fiscal year. The defendants deny that the allegations have merit.
The action has been certified as a class proceeding on behalf of a class defined as:
All persons, other than Excluded Persons, who acquired securities of Imax on the TSX or the NASDAQ between the opening of trading on February 17, 2006 and the close of trading on August 9, 2006, and held some or all of those securities as of the close of trading on August 9, 2006.
Excluded Persons are individuals and companies that are associated with the defendants.
SOURCE Siskinds LLP
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