Major success in Celestica securities class action: Ontario court grants leave to proceed and certification

TORONTO, Feb. 19, 2014 /CNW/ - Koskie Minsky LLP, class counsel in the Celestica securities class action, is pleased to announced that the Ontario Superior Court of Justice has granted the plaintiffs leave to proceed with claims under the Securities Act and certified the class action for those statutory claims. The plaintiffs seek $300 million on behalf of investors for alleged misrepresentations in Celestica Inc.'s public disclosure.

In granting leave to proceed, the Ontario court concluded there was a reasonable possibility that the plaintiffs would succeed at trial on their allegations that the defendants misrepresented the progress, timing and costs of Celestica's 2005 restructuring: "there is enough on the record to suggest that there is a reasonable possibility that having regard to what the Defendants knew about their customers, the nature of supply and demand, and their own facilities and capabilities, their opinions or estimates about restructuring were negligently made and therefore, a misrepresentation."

"This is another major success for this case, the second in two weeks", explained Celeste Poltak of Koskie Minsky LLP. "On February 3, 2014, the Court of Appeal rejected the defendants' arguments that the action was statute barred by limitation periods and today the Superior Court rejected the defendants' argument that the statutory misrepresentation claims had no merit."

The action is brought on behalf of persons who acquired Celestica shares by either primary distribution in Canada or on the TSX or other secondary market in Canada in the period between January 27, 2005 and January 30, 2007 and who still held those shares on January 30, 2007.

SOURCE: Koskie Minsky LLP

or copies of the courts' decisions or the statement of claim please contact Jonathan Bida of Koskie Minsky LLP at 416-595-2072 or at [email protected].