This class proceeding concerns the overstatement of earnings in financial reports by the Atlas Cold Storage Income Trust (“Atlas”).
The claim alleges that Atlas made misrepresentations in its prospectuses, financial statements and press releases, misrepresenting Atlas’s earnings in respect of Atlas Cold Storage Holding Inc., which was owned by Atlas. The trust units traded solely on the TSX under the symbol FZR.UN. Following an investigation that revealed Atlas had overstated its net earnings, Atlas announced, on August 29, 2003, that is was restating its financial earnings for years 2001 and 2002.
On July 9, 2008, the Honourable Madame Justice Lax of the Ontario Superior Court certified this action as a class proceeding and approved a settlement valued at $40 million. Eligible class members are entitled to receive up to $4.50 per trust unit depending upon their actual loss and the total amount of valid claims that are filed.
The class of persons this action represents is specifically detailed in the Certification and Settlement Judgment, below. Generally it is comprised of persons who purchased or acquired Atlas Cold Storage Income Trust Units during the period March 1, 2002 and August 29, 2003 under the terms of a prospectus offering, on the TSX, or in any other fashion, and held some or all of those Trust Units at the close of trading on the TSX on August 29, 2003.
For more information on this action and the settlement please visit www.atlasclassaction.com.