Settlement of CannTrust Holdings Inc. Securities Litigation: Current and Former Shareholders May be Entitled To Compensation

TORONTO, Jan. 19, 2022 /CNW/ --

CANNTRUST SHAREHOLDERS MAY BE ENTITLED TO COMPENSATION  

DEADLINE TO SUBMIT CLAIMS: MARCH 16, 2022

Visit www.CannTrustSecuritiesSettlement.ca to submit a claim.

OVERVIEW

After extensive negotiations, settlements have been reached to resolve all securities litigation against CannTrust Holdings Inc. ("CannTrust"), certain of its directors and officers, the underwriters of its May 2019 share offering, and its insurers ("Settlements"), including the securities class actions commenced in Canada and the United States (the "Actions"). The Actions sought to recover losses incurred by investors following CannTrust's announcement in July 2019 that it was not compliant with Health Canada regulations.

The Settlements provide for approximately $126 million CAD (before legal fees and expenses) to be distributed to certain CannTrust shareholders, described below. The Settlements have been authorized by the Superior Court of Justice (Commercial List) in Canada and the U.S. Federal Court. The Settlements are subject to certain conditions.

A separate settlement notice packet was mailed in connection with the U.S. class action and was directed to members of the U.S. Settlement Class ("U.S. Settlement Notice"). If you already submitted the Claim Form that accompanied the U.S. Settlement Notice, you do not need to submit an additional claim.

More information about the Settlements is available at www.CannTrustSecuritiesSettlement.ca.

WHO IS ELIGIBLE FOR COMPENSATION FROM THE SETTLEMENTS?

The following may be entitled to a recovery from the settlement proceeds (the "Class Members"):

All persons, wherever they reside or be domiciled, that purchased or otherwise acquired common shares of CannTrust during the period from June 1, 2018 through September 17, 2019, inclusive, (subject to certain exceptions).

HOW DO I SUBMIT A CLAIM FOR COMPENSATION FROM THE SETTLEMENT?

You must submit a valid Claim Form by March 16, 2022 in order to be eligible for payment.

You may submit your claim securely online at www.CannTrustSecuritiesSettlement.ca.

Alternatively, you can submit a Claim Form by fax, email, or mail. You can also obtain a Claim Form by calling the Claims Administrator at 1-833-871-5359 or emailing them at [email protected].

WHO ARE THE LAWYERS AND DO I HAVE TO PAY THEM?

The courts have appointed the law firms A. Dimitri Lascaris Law Professional Corporation, Henein Hutchison LLP, Kalloghlian Myers LLP, Strosberg Sasso Sutts LLP, Labaton Sucharow LLP, and Weisz Fell Kour LLP to represent the interests of certain CannTrust shareholders, including the Class Members. The law firms have received court approval of a legal fee to be paid to them out of the gross settlement amount. You do not personally have to pay the lawyers to submit a Claim Form for compensation from the Settlements

DISTRIBUTION OF THIS NOTICE HAS BEEN AUTHORIZED BY THE ONTARIO SUPERIOR COURT OF JUSTICE

SOURCE A. Dimitri Lascaris Law Professional Corporation, Henein Hutchison LLP, Kalloghlian Myers LLP, Strosberg Sasso Sutts LLP, Labaton Sucharow LLP, and Weisz Fell Kour LLP