Horizons HOU Class Action
This class action concerns the actions taken by Horizons on April 22, 2020 to fundamentally change its BetaPro Crude Oil 2x Bull ETF (HOU). These changes included the reduction of leverage from “two-times” to “one-times”, contrary to the terms of the Prospectus.
As a result of these changes, as oil prices rose following their low point in the spring of 2020, those who held shares in HOU were not able to reap the benefit of their investment (on a two-times leveraged basis) in accordance with the Prospectus.
It is alleged that Horizons’ actions were contrary to securities regulations, were oppressive and/or unfair to the class members, were negligent, and were not in the best interests of the class members. It is also alleged that Horizons misrepresented material features of HOU to investors and that HOU was negligently designed.
Koskie Minsky LLP and Sotos LLP are jointly prosecuting this class action on behalf of the Plaintiffs. Additional information concerning this case is available here.
If you held shares in HOU at the close of trading on April 21, 2020, please contact us at 1-833-786-0015 or houclassaction@kmlaw.ca for more information.
If you are interested in receiving email updates about this class action please complete the Class Action Information Form.
-
Latest Developments
-
May 2, 2022
The Plaintiffs and the Defendant will be attending a case management conference on May 25, 2022. At this conference, the Plaintiffs will be seeking to schedule a hearing for their motion for (1) permission to amend their statement of claim to assert additional negligence and misrepresentation claims; (2) leave to proceed with a misrepresentation claim under the Securities Act; and (3) certification of the action as a class proceeding. We will post another update to this page following the conference.
-
March 7, 2022
The Plaintiffs are seeking to amend the statement of claim for this action to assert additional negligence and misrepresentation claims against Horizons. Under Ontario law, these amendments require either consent of the Defendants or court approval. Once an amended statement of claim has been filed, the Plaintiffs will seek to set a new date for the motion to certify this action as a class proceeding.
-
January 5, 2022
The hearing of the plaintiffs’ motion to certify this action as a class proceeding has been adjourned. The action remains ongoing and the certification motion will be rescheduled.
-
March 10, 2021
The hearing of the Plaintiff’s motion to certify the action as a class proceeding has been scheduled for the week of January 10, 2022.
-
January 20, 2021
The Superior Court of Justice has issued an amended statement of claim reflecting the consolidation of the actions commenced by Koskie Minsky LLP and Sotos LLP. The Plaintiffs will soon be bringing a motion to certify the action as a class proceeding.
-
May 2, 2022
-
Documents
-
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.
I still have questions…
Please feel to contact us by using the contact information on this site.
-
Contacts
Toll Free: 1-833-786-0015
Email: houclassaction@kmlaw.ca
Receive Updates and Submit a Class Action Form
