According to this newsletter from Canadian law firm Stikeman Elliott LLP, the first statements of claim (the Canadian equivalent of a complaint) to invoke the secondary-market liability provisions that were recently added to the Ontario Securities Act have been filed in a proposed class action against Imax Corporation and certain directors and officers of the company.
The statements of claim were filed in Ontario's Superior Court of Justice in early September 2006 and contain allegations similar to the class action complaints filed in the United States District Court for the Southern District of New York, namely that Imax's 2005 earnings were misrepresented during the class period by recognizing revenue from theatres that had not yet opened.
A copy of the relevant Ontario statute (Bill 198) can be found here.
Daily Trivia: IMAX technology premiered at the 1970 World's Fair and Exposition in Osaka, Japan.
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