EN /FR
Celestica Inc. (2005-2007 Restructuring)
This is a shareholder class action alleging that the public filings of Celestica Inc. contained misleading statements about Celestica’s restructuring from January 2005 to January 2007. It alleges the shareholders suffered damages as the shares traded at an inflated price during this time and dropped significantly when Celestica revealed the true state of its restructuring. The one-day drop on January 30, 2007 (end of proposed class period) was 23%.
The proposed class of persons in this class action generally includes persons or entities who acquired Celestica shares in Canada between January 27, 2005 and January 30, 2007.
If you are interested in receiving email updates about this class action please complete the Class Action Information Form.
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Latest Developments
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January 30, 2017
The plaintiff’s motion to continue this action as an individual action and dismissing the continued action has been granted. To view the Honourable Justice Perell’s order, please click here.
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May 24, 2016
Justice Perell released his reasons quashing the plaintiff’s motion to certify the class action. A copy of the reasons are available here.
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April 15, 2016
The Defendants’ motion to quash was heard by Justice Perell. Justice Perell has reserved his decision.
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February 25, 2016
The Plaintiff has moved to certify the class action. The Defendant has brought a motion to quash the Plaintiff’s motion for certification. The motion to quash is to be heard first on April 14, 2016.
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December 4, 2015
The Supreme Court of Canada allowed Celestica’s appeal, finding that the statutory cause of action asserted on behalf of purchasers of Celestica’s securities on the secondary market pursuant to Part XXIII.1 of the Ontario Securities Act is time-barred and that neither the doctrine of nunc pro tunc nor the doctrine of special circumstances could revive the action. Class counsel continue to consider the implications of the decision.
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February 9, 2015
The appeal was heard by the Supreme Court of Canada. The Supreme Court has reserved its decision.
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December 3, 2014
The appeal to the Supreme Court of Canada is scheduled to be heard on February 9, 2015.
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August 7, 2014
Leave to the Supreme Court of Canada has been granted in respect of the Court of Appeal’s decision to uphold Justice Perell’s determination on the motion to strike in October 2012. A hearing date has not yet been set.
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April 22, 2014
The court-approved notice of certification of this action as a class proceeding can be viewed here. As this action has been certified, the parties are in the discovery process. The parties have agreed to exchange relevant documents by August 1, 2014 and oral examinations for discovery are scheduled for Spring 2015.
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February 19, 2014
The Ontario court has granted leave to proceed with claims against Celestica Inc. and the other defendants and certified the action as a class proceeding.
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February 18, 2014
The Court of Appeal has upheld Justice Perell’s determination on the motion to strike in October 2012. The plaintiffs’ claims are not statute barred. The parties are awaiting a decision on leave to proceed with statutory claims and certification as a class proceeding.
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April 9, 2013
There will be an appeal in the Ontario Court of Appeal during the week of May 13, 2013 to consider whether certain claims should be struck on the basis that deadlines for advancing those claims were not met. In the motion below, Justice Perell rejected these arguments, finding that they were “entirely technical”. The plaintiffs will argue that Justice Perell’s decision was correct.
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January 15, 2013
The plaintiffs have brought a motion for an order quashing the defendants’ appeal to the Court of Appeal.
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December 19, 2012
The defendant’s motion for leave to appeal to the Divisional Court is dismissed.
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December 18, 2012
The defendant’s motion that their appeal be heard during the week of February 4, 2013 was denied.
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November 14, 2012
The defendants have brought a motion for an order that the appeal of the motion to strike be heard at the same time and by the same panel as the appeals in Green v. Canadian Imperial Bank of Commerce and Silver v. Imax Corp., during the week of February 4, 2013.
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November 13, 2012
The defendants have brought a motion to appeal their motion to strike to the Court of Appeal.
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October 23, 2012
The defendants have brought a motion for leave to appeal their motion to strike to the Divisional Court.
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October 15, 2012
The defendants’ motion to strike was denied. The reasons for this decision can be viewed in the documents section of this website. The decision struck certain claims and dismissed the balance of the defendant’s motion to strike.
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October 2, 2012
The defendants have brought a motion to strike the plaintiffs’ claims as legally untenable. The motion is being heard on October 3 and 4, 2012 before Justice Perell. The legal arguments can be viewed in the documents section of this website.
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May 22, 2012
The court has ordered the defendants to deliver their statement of defence by June 26, 2012. The plaintiffs may then deliver a reply. Once these pleadings are completed, the defendants may bring a motion relating to various limitation period arguments and other challenges to the legal tenability of the claims advanced. The motion, if it goes forward, is scheduled for October 3 and 4, 2012.
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March 20, 2012
The parties will attend a case conference on April 13, 2012 to schedule the plaintiffs’ motion for certification and motion for leave to advance claims under Part XXIII.1 of the Securities Act. The defendants have indicated they may also bring motions to challenge the class action.
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January 30, 2017
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Documents
- April 17, 2014 Notice of Certification and the Granting of Leave to Proceed with Statutory Secondary Market Misrepresentation Claims and Opt Out Form
- May 1, 2014 Avis de certification et d'autorisation de poursuite des réclamations prévues par la loi pour fausses déclarations sur le marché secondaire
- April 17, 2014 Order Regarding Notice Plan
- April 17, 2014 Order Regarding Amending Title of Proceedings
- February 19, 2014 Order Regarding Certification
- February 3, 2014 Reasons
- December 27, 2012 Amended Fresh as Amended Statement of Claim
- October 15, 2012 Reasons for Decision
- October 2, 2012 Factum of the Moving Defendants (returnable October 3, 2012)
- October 2, 2012 Factum of the Responding Plaintiffs (returnable October 3, 2012)
- July 3, 2012 Statement of Defence
- May 14, 2012 Fresh As Amended Statement of Claim (Notice of Action Issued July 20, 2011)
- April 8, 2011 Statement of Claim issued April 8, 2011
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FAQS
What is a class action?
A class action is a lawsuit which provides a method for a large group of people with common claims to join together to advance one large claim. Class actions are a more efficient and cost-effective way for groups of people with common claims to gain access to the legal system and seek justice.What does certification mean?
In order for an action to proceed as a class action, the court must determine whether it is appropriate for the case to be treated as a class action. Some of the factors the courts consider are the extent to which the claims of the class members are common, and whether a class action is preferable to other methods (such as individual actions) of advancing the issues. The decision as to whether a class action should be certified takes place at a certification hearing and is decided by a judge. If certified, a representative plaintiff will advance the action on behalf of all of the class members.
How do I know if I am a Class Member?
The certification order will always contain a description of who is a class member. We post the certification orders in our actions so that you can review them. You do not need to “sign up” to become involved in a class action. If you are included in the class description, you are automatically a class member who will be affected by the outcome of the class action unless you decide to “opt out”.
Are Class Members notified of the certification of the class proceeding?
Yes. After the claim has been certified, the court will authorize notice to be given to the members of the class.
Can I opt out of a class action and pursue independent legal action?
Yes. When a class action is certified, class members are always given an opportunity to opt out of the action. A deadline is imposed for opting out. If you do not opt out by the given deadline, class members will be bound by the outcome of the class action, whether it is successful or unsuccessful. If you opt out, you will not receive any benefit if the action is successful.
Will there be any cost to class members for legal fees?
Typically, class actions are handled on a contingency fee basis, which means that the class action lawyers will be paid only if the class action is successful at trial or settled. In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds as approved by the court. In addition, the plaintiff may seek funding assistance from the Class Proceeding Fund which, if funding is granted, may provide funding for disbursements.
I still have questions…
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