Class Action Authorization (Certification) and Proposed Settlement
There is now a proposed settlement of this class proceeding, and the action has been authorized (certified) for settlement purposes. The Authorization Judgment is available HERE.
A copy of the Settlement Agreement is available here in English and French.
More information about the certification and proposed settlement of this action, is available here in English and French.
The proposed plan to allocate and distribute the settlement amount (should it be approved by the Court), is available here in English and French.
To opt out (exclude yourself) from this authorized class action, please fill out the following form in English or French, and email the completed form to [email protected] or fax it to (416) 352-7638. Completed Opt-Out Forms must be received on or before August 31, 2023 at 11:59 p.m. ET to be valid.
If you want to stay in the class action, you have nothing to do or pay.
If you want to object to or comment on the proposed settlement, you must submit an objection or comment stating your name, when and how many shares of Xebec you acquired, and your comment or the reason for your objection. Your objection or comment must be sent by email to [email protected] or fax at (416) 352-7638 on or before September 8, 2023 at 11:59 p.m. ET to be considered.
If you have any additional questions about the class action and/or the proposed settlement of this class action, please email your questions to [email protected] or fax them to (416) 352-7638.
Summary
This is a securities class proceeding against Xebec Adsorption Inc. (TSX: XBC), certain of its current and former directors and officers and the financial institutions that acted as underwriters in connection with Xebec’s public offering of common shares in December 2020. The action arises out of the alleged misrepresentations in Xebec’s financial disclosures with respect to the revenue from its long-term, production type renewable natural gas projects. The action alleges that, as a result of execution and delivery issues on those contracts as well as Xebec’s problematic accounting practices, Xebec improperly overstated revenue during the relevant period.