What is the Alange class action about?
In 2011, the plaintiffs commenced a proposed class action against Alange Energy Corp. (“Alange”), now PetroMagdalena Energy Corp. (“PetroMagdalena”), and certain of its officers and directors alleging that the defendants misrepresented Alange’s production of barrels of oil equivalent per day. The action was certified as a class action on June 11, 2013 and the plaintiffs were granted leave to commence an action pursuant to Part XXIII.1 of Ontario’s Securities Act.
Who is a Class Member?
The “Class” or “Class Members” means all persons, other than Excluded Persons, who acquired Alange securities during the Class Period, August 30, 2010 to and including January 12, 2011, and who held some or all of these securities on January 13, 2011.
Who is an Excluded Person?
“Excluded Person” means Alange, PetroMagdalena, Luis E. Giusti and Horacio Santos and Alange and/or PetroMagdalena’s past or present subsidiaries, affiliates, officers, directors, senior employees, legal representatives, heirs, predecessors, successors and assigns, and any member of Luis E. Giusti’s and/or Horacio Santos’ families, and any entity in which any of them has or had an interest.
What is the Class Period?
The Class Period commences on August 30, 2010 and ends on January 12, 2011.
Who are Class Counsel?
Class Counsel are the lawyers for the Class Members in this action.
Class Counsel’s contact information is:
Sutts, Strosberg LLP
600-251 Goyeau Street
Windsor, ON N9A 6V1
Telephone: 800.229.5323 ext 8296
How did the Settlement come about?
Through negotiation, a settlement was reached. The defendants do not admit any wrongdoing or liability on their part. The settlement is a compromise of disputed claims.
How can I find out more about the specific terms of the Settlement Agreement?
Copies of the Settlement Agreement, the Plan of Allocation, the Approval Order and the Notices summarizing this settlement may be downloaded from the Documents page of this website.
Has the Court approved the Settlement Agreement?
The settlement has been approved by the Court.
How has the public been notified about the settlement?
Class Members were first notified of this settlement during a court approved notice program prior to the date of the hearing in which the approval of the Settlement Agreement was sought. Following the approval, a similar notice program was established. The Settlement Agreement, and the Notices summarizing the settlement, can be downloaded from the Documents page of this website. In addition to these notice mechanisms, the second notice will be electronically transmitted to broker/dealers for dissemination to their clients and mailed to Class Members identified by Computershare Limited and Broadridge Financial Solutions Inc. as having an interest in the Alange/PetroMagdalena shares.
Who should register a claim for compensation under the Settlement?
Persons, other than the Excluded Persons, who purchased Alange shares during the Class Period and held some or all of those shares on June 13, 2011 should register a claim.
How do I take part in this Settlement?
To be eligible to take part in this settlement, Class Members must submit a Claim Form and all required supporting documents to the Administrator no later than 5:00 p.m. (Eastern) on April 10, 2014.
Click here to reach the secure Claims System and begin the online claims submission process.
If you do not have a computer with Internet access, you can file a paper claim form. Paper claim forms are available from the Settlement Administrator.
What is the Claims Bar Deadline?
The Claims Bar Deadline is the final date to file a claim for compensation pursuant to this settlement.
In order to be eligible for compensation, Class Members must submit their claim to the Settlement Administrator no later than 5:00 p.m. (Eastern) on April 10, 2014. The Settlement Administrator must be in receipt of the signed Claim Form and all supporting documentation (the “Claim Package”) on or before the Claims Bar Deadline.
Do I have to pay to take part in this Settlement?
There is no cost to Class Members to register a claim and receive compensation from the settlement funds as Class Counsel’s fees, disbursements and taxes, and the costs of the settlement administration have been approved and will be paid as a first charge on the settlement amount.
Can I amend my Claim after it has been submitted to the Administrator?
The claim may be amended after it has been submitted prior to the Claims Bar Deadline. After the Claims Bar Deadline, only contact information may be amended.
Who is the Settlement Administrator?
Marsh has been appointed by the Court to administer the settlement.
What does the Settlement Administrator do?
The Settlement Administrator is responsible for overall management of the administration of the settlement including: Class Member claim registration; document collection; communications; help desk management; reminders; form transmission; claim management; claim evaluation; analyses; notifications; reporting; appeal procedures; processing of materials to and from the Referee; distribution analyses; Settlement Fund and audit control; and Class Member payout.
How was the Administrator appointed?
The Administrator was appointed by the Court. Class Counsel recommended the appointment to the Court.
When will I find out about the Settlement Administrator’s evaluation of my claim?
The Settlement Administrator will complete the evaluation of all claims after the Claims Bar Deadline. Each Claimant will receive notice of the results of this evaluation.
If I disagree with the Administrator’s evaluation of my claim, what do I do?
The Plan of Allocation includes a procedure for Class Members to dispute decisions of the Settlement Administrator. Class Members may bring the dispute before a Referee appointed by the Court for that purpose.
Who is the Referee and what does the Referee do?
Gregory Wrigglesworth of Kirwin Partners LLP has been appointed by the Court to serve as Referee for this administration. It is the Referee’s job to review any disputes arising from a decision of the Settlement Administrator concerning eligibility or the amount of compensation.
What is the cost of having a Referee review the Settlement Administrator’s decision of my claim?
A review by the Referee may be requested by delivery of a written submission setting out the basis for the dispute including all relevant documents; this request must be made within 15 days of receipt of the Settlement Administrator’s decision. In order to initiate a Referee review, Class Members are required to pay a deposit of $150. If the Class Member is in any way successful on the Referee review, the $150 deposit shall be returned to the Class Member, but if totally unsuccessful, the $150 deposit shall become part of the net settlement amount. Payment for a Referee review can be made by certified cheque or money order, payable to the Settlement Administrator.
When will Class Members receive compensation from the Settlement Fund?
As soon as practicable after the completion of the claims and review processes, the Settlement Administrator will ask the Court for authorization to distribute the net settlement funds to the Class Members. The distribution will occur following court approval of the distribution plan.