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 was 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, and the Plan of Allocation, 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.