Class Action Status Denied

Shareholders suing IMAX in US Federal Court have lost their class action status.  The story was reported on Dec 22 and Dec 23 on two legal websites.

According to Law360 on Dec 22: “A federal judge has again denied a bid for class certification in securities litigation brought by investors of movie pioneer Imax Corp., ruling that lead plaintiff Snow Capital Investment Partners LP is not an adequate representative of the proposed class.”

Law.com reported on Dec 23: “During a deposition, defense lawyers discovered that the lead plaintiff, Snow Capital, had signed an undisclosed retainer agreement with a lawyer who was an investment client with Snow Capital. Manhattan federal district court judge Naomi Buchwald concluded this arrangement created a potential conflict.”

However, the Ontario, Canada shareholder case continues, certified by a judge in 2009.

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