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July 4, 2008 |
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ATLAS COLD: July 9 Hearing Scheduled for Ontario Suit Settlement The Ontario Superior Court of Justice will hold a fairness hearing on July 9, 2008, at 10:00 a.m., to consider final approval of a settlement in a purported class action lawsuit against Atlas Cold Storage Holdings Inc., and others, over allegations that the defendants misrepresented the earnings of Atlas, causing damages to the plaintiffs. The hearing for court approval will take place at the Ontario Superior Court of Justice court house, 361 University Avenue, in Toronto, Ontario. Case Background The suit was filed in 2004 against Atlas Cold Storage Holdings Inc., certain directors and officers of Atlas Holdings, certain trustees of Atlas Cold Storage Income Trust, Ernst & Young LLP and BMO Nesbitt Burns Inc., under Court File No. 04-CV-263289CP. The claim is on behalf of all persons who purchased or acquired Atlas Trust Units during the period March 1, 2002, and August 29, 2003, under the terms of a prospectus offering, on the Toronto Stock Exchange, or in any other fashion, and held some or all of those Trust Units at the close of trading on the TSX on Aug. 29, 2003. The statement of claim alleged that Atlas' net income for the fiscal years ended 2001 and 2002 was overstated thereby causing the Atlas Trust Units to trade at artificially high prices. It also alleged that some of the defendants breached section 130 of the Securities Act and that the defendants were negligent. The suit seeks damages from the company -- the operating arm of Atlas Cold Storage Income Trust -- several of its senior directors and officers, and the trustees of the Trust (Class Action Reporter, June 16, 2008). For details, contact The Administrator, Atlas Class Action Deloitte & Touche LLP Suite 1400, 181 Bay Street Toronto, Ontario M5J 2V1, Fax: 866-808-1384 e-mail: atlasclassaction@deloitte.ca Web site: http://www.atlasclassaction.com/ Kirk Baert Koskie Minsky LLP 20 Queen Street West Suite 900, Box 52 Toronto, ON M5H 3R3 Phone: 888-723-4304 Fax: 416-997-3316 e-mail: atlasclass@kmlaw.ca Joseph Groia Groia & Company Professional Corporation The Sterling Tower 372 Bay Street, Suite 1000 Toronto, ON M5H 2W9 Phone: 416-203-4471 Fax: 416-203-9231 e-mail: ksearman@groiaco.com - and - Harvey T. Strosberg, Q.C. Stutts Strosberg LLP 600-251 Goyeau Street Windsor, ON N9A 6V4 Phone: 888-460-0824 Fax: 866-316-5308 e-mail: atlasclassaction@strosbergco.com |
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