WesternOne Inc. Announces Agreement to Settle Securities Class Action Litigation
VANCOUVER, March 23, 2018 /CNW/ - WesternOne Inc. ("WesternOne") (Toronto Stock Exchange: WEQ and WEQ.DB) today announced that the parties to the pending class action lawsuit in Ontario against WesternOne and certain of its current and former directors and officers, among others, alleging misrepresentation have entered into an agreement to settle the proceedings. The claims are unproven, and the settlement is made without any admission of liability. The agreement will result in the dismissal of the action in its entirety, and all members of the class bound by the settlement will be prohibited from bringing further actions relating to the same subject matter of the lawsuit. The settlement is subject to court approval.
The agreement provides for a total settlement payment of $1 million for distribution to eligible class members in accordance with a plan of allocation to be approved by the court, less court-approved fees for class counsel and other expenses (including the litigation funder's fees). The entire settlement amount will be fully funded by insurance.
WesternOne continues to firmly believe that its disclosure satisfied applicable disclosure requirements and defended itself vigorously in this action. The agreement to settle the class action avoids the potential cost of a trial and brings to an efficient conclusion the disclosure litigation. Given these circumstances, WesternOne believes the settlement is fair, reasonable and in the best interests of WesternOne.
The agreement contains no admission of wrongdoing by WesternOne or any of its current or former directors and officers, nor are WesternOne or any of its current or former directors and officers acknowledging any liability, wrongdoing or violation of laws by entering into the settlement agreement.
The proposed settlement is subject to court approval. Details regarding the proposed settlement will be provided to potential class members. At this time, there can be no assurance that the settlement will receive the required court approval. Dates have not been set for settlement approval hearings.
Forward-looking Information
Certain statements in this news release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results to be materially different from any future results expressed or implied by such forward-looking information. Such information includes, without limitation, statements with respect to the prospective settlement of the securities class action litigation. Actual events or results may differ materially.
Forward-looking information contained in this news release is based on certain key expectations and assumptions made by WesternOne, including, without limitation, that court approval of the settlement will be obtained. Although the forward-looking information contained in this news release is based upon what WesternOne's management believes to be reasonable assumptions, WesternOne cannot assure investors that actual results will be consistent with such information.
Forward-looking information reflects current expectations of management as of the date of this news release. Such information involves significant risks and uncertainties, should not be read as guarantees of results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, including, without limitation, the risk that the settlement will not be finalized or approved by the court. If the settlement is not finalized, the ultimate resolution and the impact to WesternOne cannot be assessed. Whether or not the settlement is approved depends on various factors, including, without limitation, the number of and reasons for any potential objections to the settlement or the number of class members excluding themselves from the settlement.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne. The forward-looking information is made as of the date of this news release and WesternOne assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
About WesternOne
WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate value for its shareholders.
Additional Information
Additional information relating to WesternOne and other public filings is available on SEDAR at www.sedar.com or on WesternOne's website at www.weq.ca.
Trading Symbols
Toronto Stock Exchange: WEQ and WEQ.DB
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE WesternOne Inc.
Carlos Yam, Chief Financial Officer, WesternOne Inc., Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: (604) 678-4042, E-mail: [email protected]
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