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Nature of the Proceedings
On August 1, 2013, Harrison Pensa LLP filed a proposed class action against Northland Resources S.A. (“Northland”) and certain of its senior officers and directors.
The class action is brought on behalf of all persons and entities who acquired securities of Northland between April 1, 2012 and January 23, 2013 (the “Class Period”). The action alleges, among other things, that during the Class Period, the defendants made misrepresentations and omissions with respect to the costs overruns of the Kaunisvaara Project.
Status of the Proceedings
The parties to this litigation have reached a Standstill and Tolling Agreement. The Tolling Agreement protects the position of the Class against any applicable limitation periods under the Ontario Securities Act. The Standstill Agreement limits the involvement of certain Defendants in the litigation and provides for a discontinuance of the litigation as against them for current purposes without prejudice to the potential that they could be added to the litigation again in the future if necessary. The purpose of the Agreement is to protect the interest of the Class and to streamline and focus the litigation in respect of the core allegations which have been advanced.
A copy of the Court’s Order Approving the Standstill and Tolling Agreement can be accessed here.
The parties are in the process of scheduling the Motion for Certification and Leave to Proceed under the Ontario Securities Act.
Further details of the progress of this action will be posted on this website as they occur.