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Be the first with the news that moves the market- HEXO (HEXO) has won the dismissal of a class action lawsuit pending before the Quebec Superior Court
- The lawsuit was filed on November 19, 2019, on behalf of certain primary market and secondary market purchasers of HEXO securities
- It cited alleged misrepresentations and breaches of disclosure obligations in certain HEXO statements between April 11, 2018, and March 27, 2020
- The plaintiff has a right to appeal
- HEXO is an award-winning licensed producer of innovative products for the global cannabis market
- HEXO (HEXO) is down by 0.46 per cent, trading at $2.17 per share
HEXO (HEXO) has won the dismissal of a class action lawsuit pending before the Quebec Superior Court.
The lawsuit was filed on November 19, 2019, against the company and its former CEO on behalf of certain primary market and secondary market purchasers of HEXO securities.
The lawsuit cited alleged misrepresentations and breaches of disclosure obligations – under the Quebec Securities Act and the Civil Code of Quebec – in connection with certain statements in HEXO’s prospectus, public documents and public oral statements between April 11, 2018, and March 27, 2020.
On January 23, 2023, the Superior Court of Quebec dismissed the plaintiff’s amended motion in its entirety, with costs, seeing “no reasonable possibility” that the secondary market claim filed under the Quebec Securities Act had a reasonable chance of success.
The Court also held that the plaintiff had not demonstrated an arguable case for a primary market class action or a civil liability class action for misrepresentation under the general principles of fault in civil law.
The plaintiff has a right to appeal.
“We’re very satisfied with the Court’s detailed opinion, which dismissed the plaintiff’s claims and supports HEXO’s position,” stated Charlie Bowman, HEXO’s President and CEO. “This favourable ruling is important for our company as we continue to build investor confidence and look to position HEXO for long-term financial success.”
HEXO is an award-winning licensed producer of innovative products for the global cannabis market. Its brands include Redecan, UP Cannabis, Original Stash, 48North, Trail Mix, Bake Sale and Latitude.
HEXO (HEXO) is down by 0.46 per cent, trading at $2.17 per share as of 11:49 am EST.
