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BRAXF.US
id: 612

Braxia Scientific Corp. Investors CAD 1.9MM Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
Supreme
Court
VLC-S-S-214250
Case number
12 May 2020
Class period Start
11 Mar 2021
Class period End
07 Jul 2023
Claim deadline
Braxia Scientific Corp. agreed to pay CAD 1.9 million to settle a securities class action lawsuit to avoid further litigation.

The class action lawsuit alleged that Defendants misrepresented the value of and ownership interest in four companies that Braxia had acquired in March and April of 2020 in its disclosure documents. On April 6, 2022, Plaintiff and Defendants reached an agreement to settle the class action.

The lawsuit specifically alleged that the Defendants: (1) misrepresented the value of four companies that Braxia had acquired in March and April of 2020; (2) overpaid significantly for all four companies; (3) failed to disclose that a shareholder and relative of the then-CEO, who had significant influence over Braxia, was also a part owner of all four companies and was being overcompensated with millions of dollars worth of shares in connection with Braxia's acquisitions at unreasonably high valuations; and (4) misrepresented Braxia's assets, liabilities, net loss, and other financial metrics in its financial statements during the Class Period. When the truth was revealed, the Company had to restate its financial statements to correct the alleged misrepresentations.

All persons and entities (other than certain excluded persons), who during the period of time from May 12, 2020, to March 11, 2021, inclusive, acquired Braxia’s securities in the secondary market and who held some or all of those securities until at least February 17, 2021, and who are residents of Canada or were residents of Canada at the time of such acquisitions, regardless of the location of the exchange on which they acquired Braxia’s securities; or acquired Braxia’s securities in the secondary market in Canada or another exchange located outside of the United States, regardless of where they reside or are domiciled.
Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Jeffrey Liu
Attorneys
KND Complex Litigation
Defendants
William Gareth Birdsall, Lucas Birdsall, Roger McIntyre, Stephen Brohman
Judge
Supreme Court of British Columbia
+$1,900,000
Cash Settlement Amount

Braxia Scientific Corp

Braxia Scientific Corp. operates as a medical research company with clinics that provide ketamine treatments for persons with depression and related disorders. The company also owns and operates mu...

    Ticker
    BRAXF.US
    ISIN
    CA1057361026
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    700 Bay Street, Toronto, ON, Canada, M5G 1Z6