CLAIMS PROCESS UPDATE
The deadline to submit a claim was December 15, 2023. The Claims Administrator is in the process of reviewing submitted claims.
If you wish to submit a late claim, click here. Please note that late claims are subject to approval by the Claims Administrator and/or by further order of the court.
Northland Resources S.A. Securities Class Action
Court:
Ontario Superior Court of Justice
Class Members:
If you acquired Northand Resources S.A. Securities between April 1, 2012 and January 23, 2013, you may be a member of the proposed class.
The content of this page has not been approved by the Court nor does it constitute legal advice. It is for the purpose of providing general information only.
Case Contacts
On January 23, 2013, Northland Resources S.A. announced a $425 million dollar cost overrun in the development of its Kaunisvaara mine project. What followed was a substantial reduction in the value of Northland’s publicly traded stock price, a delisting from the TSX and the Oslo Boerse, and a significant loss of investment value to holders of Northland securities.
This action was commenced on August 1, 2013 to recover losses suffered by shareholders. The case alleged that the company and certain of its officers and directors breached the Ontario Securities Act by making misrepresentations and/or by failing to make timely disclosure of those significant cost overruns.
Important Update
A SETTLEMENT HAS BEEN APPROVED BY THE COURT AND THE CLAIMS PROCESS IS ONGOING
A settlement of €7,550,000 has been reached for the benefit of Class Members in the Northland Resources S.A. class action.
The Court approved the settlement, the plan for distributing the settlement funds, and the payment of Class Counsel’s legal fees and other related costs on January 5, 2023. A copy of the Court’s orders, the settlement agreement, and the plan for distributing the settlement funds can be found below.
The settlement amount, minus Court-approved Class Counsel fees, disbursements, administration costs and applicable taxes, is being held in an interest-bearing trust account for the benefit of Class Members until distribution.
The deadline to submit a claim was December 15, 2023. The Claims Administrator is in the process of reviewing submitted claims.
Claims filed after December 15, 2023 are considered late and may only be accepted at the discretion of the Claims Administrator and/or by further order of the court.
WHO IS INCLUDED IN THE SETTLEMENT?
Eligible Class Members include all persons or entities who acquired Northland Resources Securities on a public exchange such as the TSX and the Oslo Bors between April 1, 2012 and January 23, 2013 and held some of all of those securities as of January 23, 2013.
HOW TO PARTICIPATE IN THE SETTLEMENT
Eligible Class Members must have filed a claim form prior to December 15, 2023, in order to participate in the settlement. Claims filed after the deadline may not be approved or eligible for compensation.
You can file a late claim online through the claims website, www.northlandclassaction.com, or file a paper claim form by contacting the Court-appointed Claims Administrator at the contact information below.
All late claims remain subject to the discretion of the Claims Administrator and/or by further order of the court.
For more information, visit the settlement website or contact the Claims Administrator.
Case Information
For all other case-related information, please visit the FAQ page on the dedicated settlement website.
Who Represents Me?
All inquiries relating to the claim form and claims process should be directed to:
Claims Administrator | RicePoint Administration Inc.
Email: northland@ricepoint.com
Phone: 1.888.756.7635
Mail: Northland Resources S.A. Class Action Settlement
c/o RicePoint Administration Inc.
P.O. Box 3355
London, ON N6A 4K3
Canada
Website: https://www.northlandclassaction.com
For questions regarding the class action, please contact:
Class Counsel | Foreman & Company
Email: northland@foremancompany.com
Phone: Anni Barry - 519.914.1175 x 107
Mail: Foreman & Company
Attention: Jonathan J. Foreman
4 Covent Market Pl
London, ON N6A 1E2
Canada