Summary
This is a proposed derivative action brought against Agra Ventures Ltd. (“Agra”). Unlike a typical securities class action where investors usually sue a company for their investment losses, the Complainant is not seeking to sue Agra. Rather the Complainant seeks permission of the Court to represent Agra, and sue a number of other proposed Defendants, many of whom are current or former insiders or purported consultants to Agra and/or two other public companies.
The Complainant alleges that the proposed Defendants have been running a years-long conspiracy where they have used their respective positions to unlawfully siphon over $185 million in consideration rightly belonging to Agra.
Specifically, this proposed lawsuit alleges that the proposed Defendants used their positions to cause Agra to engage in 18 transactions between June 6, 2019 and November 5, 2020, whereby Agra (either directly or through an intermediary) acquired worthless companies and assets owned by the proposed Defendants at highly inflated prices, or provided loans to the proposed Defendants that were never repaid nor intended to be. Additionally, this proposed lawsuit alleges that the proposed Defendants caused Agra to engage in 17 share issuances between March 29, 2018 and May 1, 2020, whereby over $7 million in common shares and over 128.5 million options were granted to the proposed Defendants for allegedly sham consulting agreements, falsified achievement bonuses, and to settle sham debts.
Membership Criteria and Entitlement to Damages
Unlike a typical class action, there is no “Class” defined in this lawsuit. Shareholders of Agra, including the Complainant himself, will not be paid any net recovery directly. Rather any net proceeds recovered will be returned to Agra.
Register
We welcome all shareholders and interested parties to complete the form below to be added to our mailing list and receive future updates about the proceeding.
Additionally, anyone, other than current and past management of Agra itself, who is aware of any details about the alleged conspiracy is encouraged to use the form below and/or contact [email protected] to provide any information that they are willing to share. The identity of those who provide information will be kept strictly confidential.