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Supreme Court Ruling On Disclosure Obligation.

Publication: Mondaq Business Briefing
Publication Date: 22-OCT-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Supreme Court Ruling On Disclosure Obligation.(Canada. Supreme Court put forward the decision for Danier Leather Inc.)

Article Excerpt
Last October 12th, the Supreme Court dismissed the investors' appeal, who, by way of a class proceeding, were alleging wrongdoing on the part of Danier Leather Inc. (Danier)1 for omitting to disclose poor intra-quarterly results before the closing of its initial public offering.

Many legal issues were ruled by the Supreme Court in this matter, but we wish to deal in particular with the conclusions concerning the Business Judgment Rule in the context of non disclosure of lower results to the results forecasted in the prospectus.

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