The Class Action
In 2011, the plaintiffs commenced an action against Alange Energy Corp. (“Alange”), now PetroMagdalena Energy Corp. (“PetroMagdalena”), and certain of its officers and directors. 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. Through negotiation, a settlement has been reached.
On December 3, 2013 Justice Patterson of the Ontario Superior Court of Justice (the “Court”) approved the settlement of this class action. A copy of the settlement agreement, the Approval Order, the Plan of Allocation, and the notices summarizing the settlement may be downloaded from the Documents page of this website.
Class Members are defined as 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.
The Settlement Administrator
The Court has appointed Marsh Risk Consulting Canada (“Marsh”) as the Settlement Administrator to, among other things, receive and process claims, decide eligibility for compensation, and distribute the net settlement funds to eligible Class Members. The Settlement Administrator’s contact information is provided on the Contact page of this website.
A Claim for Compensation must be made by April 10, 2014
Each Class Member must submit a completed Claim Form and supporting documents (the “Claim Package”) to the Administrator, on or before 5:00 pm (Eastern) on April 10, 2014 in order to participate in the settlement. If you do not submit a completed Claim Form by April 10, 2014, you will not receive any part of the settlement funds.
Claims should be registered using the Claim System.
Paper claim forms are available from the Settlement Administrator if a Class Member does not have access to a computer with Internet connectivity.
Answers to Frequently Asked Questions
The Frequently Asked Questions page of this website provides answers to questions about the settlement and the claims process.
Please visit this website regularly as it will be updated with news and court-approved documents throughout the administration of the Alange settlement.