AirBoss announces settlement in Canadian class action lawsuit
by CM Staff
The settlement will not be final unless the court grants final approval.
NEWMARKET — AirBoss of America Corp. announced that, subject to court approval, it has reached a settlement of the class action lawsuit pending against the Company in Canada.
As previously disclosed in the company’s December 16, 2022 press release, a statement of claim was issued (under the Class Proceedings Act, 1992) in the Ontario Superior Court of Justice against AirBoss and several named officers.
The proceedings were commenced by Jonathan A. Callowhill and Shane Chambers, who sought an order for leave to proceed under Ontario’s Securities Act, certifying the proceeding as a class proceeding and appointing them as representative plaintiffs. The plaintiffs sought, among other relief, a declaration that the company made misrepresentations contrary to the Securities Act during a period extending from November 9, 2021, to September 6, 2022, as well as unspecified damages.
Following a mediation between the plaintiffs and the defendants, the parties entered into a settlement agreement to resolve this matter. The plaintiffs will file a motion to establish a process for court approval of the settlement. None of the defendants are admitting any liability, wrongdoing, or fault as part of the settlement.
If a preliminary order is granted by the court, the plaintiffs will send notice of the settlement to potential class members. Subject to certain conditions outlined in the settlement, the parties expect to seek final approval of the settlement from the court after the applicable notice periods.
The settlement will not be final unless the court grants final approval.
