Taiga Motors Corporation Securities Class Action

Date of Initial Application: November 22, 2024

Lex Group Inc. and the Toronto-based law firm of KND Complex Litigation are Counsel to an Ad Hoc Committee of Shareholders of Taiga Motors Corporation in connection with the company’s proceedings under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36 (“CCAA”).  The Ad Hoc Committee of Shareholders seeks to represent the claims of all persons who invested in the securities of Taiga Motors between March 30, 2023 and April 2, 2024 and incurred losses or damages on their investments.  In connection with this matter, we have also commenced a class action in the Superior Court of Quebec on behalf of our clients.

On April 2, 2024, Taiga Motors announced that it was suspending its production and laying off a significant portion of its workforce.  In connection with these announcements, the company furthermore revealed that it had been unable to meet its production targets for fiscal year 2023, and that it would cease providing information regarding its outlook going forward.

On July 10, 2024, Taiga Motors reported that it had commenced an insolvency proceeding under the CCAA.

On November 16, 2024, an article published in La Presse, titled “Victime de la « vallée de la mort »,” revealed that the company had wilfully misrepresented its production capabilities, and suffered from a multitude of operational and manufacturing problems that prevented it from achieving a consistent production rate and resulted in manufacturing defects in the company’s products.

The Ad Hoc Committee of Shareholders is actively engaged with the Court-Appointed Monitors of Taiga Motor in its proceedings under the CCAA.   Information regarding these proceedings is available here: https://www.insolvencies.deloitte.ca/en-ca/Pages/Taiga-Motors.aspx.

CLASS MEMBERSHIP CRITERIA

This claim has been brought and it is being pursued on behalf of a proposed class of investors defined as follows:

• All persons who acquired securities of Taiga Motors Corporation at any time during the period from March 30, 2023 and April 2, 2024, both dates inclusive, and incurred a loss on their investment.

Accordingly, if you acquired Taiga Motors Corporation securities during the Class Period, you may be part of the proposed class defined by the class action initiated by our offices. Should you be defined as a member of the Class, you may be entitled to compensation should the Court authorize and ultimately grant the class action on the merits, or should a settlement be reached (and approved by the Court).

Please fill out the form below if you wish to be kept informed of the progress of this case.

If you wish to be kept informed and/or receive notification of major judgments rendered or notices in this case, please complete the form below.  Please note that providing your information in the form below creates no financial obligation for you and it does not create a lawyer/client relationship between yourself and Lex Group Inc. or Financial Litigation (or any of their attorneys).  You will not be charged any fees or costs for signing up to this class action since our firms are only paid on a contingency basis from the potential compensation recovered in this file, if the class action is successful by way of final judgment or settlement approved by the Court.

Please be advised that the group definition of the people to be included in this class action may be changed or modified in the future by Court decision or by way of amendment filed by our firm.  We will not inform you or other members of the public if and when the group definition is changed.  It is therefore your sole responsibility to ensure that your own personal rights and recourses are being protected at all times during the course of these proceedings.  You may therefore wish to seek independent legal counsel in order to determine whether it would be in your best interest to pursue independent litigation in this matter (or any other matter), and to determine if you can potentially be included in this case if a final judgment is rendered or if a settlement is reached and approved by the Court.

By signing up to this class action, you are merely asking our firms to include you in our list of potential members in this class action, but our firm are not agreeing to represent your personal interests.  If a final judgment is rendered in this case, or if a settlement is reached (and approved by the Court), an e-mail may be sent to you and the relevant information may be posted on this website.  The Court will determine the manner and extent of any future notifications to class members.

Be advised that the information you provide will be included in our list of potential class members for this case, which list may be shared with and disclosed to the Courts and/or other parties in this action (at our discretion).  Rest assured that any such disclosure will be done in such a manner as to protect your personal information and confidentiality from unauthorized use, disclosure or publication.

Finally, be advised that the above-description and summary of the case is being posted on this website for your convenience.  However, in case of conflict between the information on this website and the actual proceedings, documents, and/or judgments in the Court record of this case, the official Court record documents will prevail.  We have for your convenience posted on this webpage certain scanned copies of the several relevant documents from the Court record, including the initial application for authorization to institute a class action which describes the case in much more detail.  You should therefore consult these documents as well as consult this website periodically in order to be kept informed.