TORONTO, May 2, 2022 /CNW/ - The Ontario Superior Court of Justice has certified a class action against Horizons ETFs Management (Canada) Inc. ("Horizons") on behalf of the following Class:
All persons and entities, wherever they may reside, who held units in Horizons BetaPro S&P 500 VIX Short-Term Futures Daily Inverse ETF ("HVI") on the Toronto Stock Exchange ("TSX") as at the close of business on February 5, 2018, excluding the defendant, its past and present subsidiaries, affiliates, officers, directors, senior employees, partners, legal representatives, heirs, predecessors, successors and assigns.
The action alleges, among other things, that Horizons was negligent in the design, implementation, testing and marketing of HVI, that HVI was too complex and risky to be offered to retail investors, and that flaws in its design caused losses to the Class members. The class action seeks compensation for those losses on behalf of the Class members. The allegations made in the class action have not been proven and are contested by Horizons.
Full details about this action, the rights and options of Class members, the steps in the proceeding, and how to obtain more information are located here: horizonsclassaction.ca.
If you wish to participate in the class action, DO NOTHING.
If you do not wish to participate in the class action, be bound by or receive any benefits from it, you must opt out by sending an opt-out form to RicePoint Administration Inc. by July 4, 2022. The opt-out form can be downloaded here: horizonsclassaction.ca.
To obtain other important information regarding the class action visit horizonsclassaction.ca.
The law firm Crawley MacKewn Brush LLP is representing the Class members and may be contacted at:
Crawley MacKewn Brush LLP
179 John Street, Suite 800
Toronto ON M5T 1X4
SOURCE Crawley MacKewn Brush LLP
View original content: http://www.newswire.ca/en/releases/archive/May2022/02/c3118.html