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.
Class Membership Criteria
This class action has been brought on behalf of:
- all persons and entities, wherever they may reside or may be domiciled, who purchased or otherwise acquired Xebec’s securities during the period from November 10, 2020 to March 11, 2021, and held some or all of such securities as of the close of trading on the Toronto Stock Exchange on March 11, 2021, except certain excluded persons.
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