Canadians who invested in cannabis stock may soon benefit from a significant settlement. Law firm Berger Montague has announced the approval of an $8 million settlement in a class-action lawsuit against Wayland Group Corp., previously known as Maricann Group Corp. This approval was granted by the Ontario Superior Court of Justice on March 19.
Lawsuit Details
The lawsuit involves three plaintiffs across three related class actions against Wayland Group Corp., several former executives, and the company’s underwriters, Canaccord Genuity Corp. and RF Securities Clearing LP (formerly GMP Securities L.P.).
According to a ruling from the Ontario Superior Court of Justice, the plaintiffs claim that between December 13, 2017, and August 2, 2019, Wayland Group Corp. “made misrepresentations or failed to disclose” key information regarding the status of its growing facility expansion plans in Langton, Ontario. This alleged lack of transparency aimed to persuade investors to purchase its stock. Following the eventual disclosure of this information, Wayland’s stock value declined, leading to the company’s delisting.
Despite the settlement, the law firm states that the defendants “deny the allegations and deny any wrongdoing or liability.”
Eligibility and Claims Process
Individuals who purchased or acquired common shares, units, and warrants of Wayland Group Corp. and Maricann Group Corp. starting December 13, 2017, and held these shares until the market close on August 2, 2019, are eligible to participate in the settlement.
The claim form is available on Berger Montague’s website or can be obtained by contacting the administrator at (647) 576-7840. Claims can be submitted through the secure online claims system at nuvoclaims.com. For those without internet access, a paper claim form may be submitted.
Importantly, according to the settlement notice, “All members of the Class will be bound by the terms of the Settlement Agreement whether or not they submit a Claim Form or receive a payment under the settlement.” Eligible claimants in Canada have until August 20, 2026, to submit their claims for compensation.
