Dhpar, you also believed pirates were likely to attack one of the FPSO's.
I cant see how they could prove damages even if their allegations were true. Could they prove a share price reaction was because of the delay or was it mere convenience as money moved around in the markets? What is the duty of mitigation for those shareholders? If it is simply a delay, can they not hold onto the shares for an extra 6 months? A claimant has a duty to mitigate and cannot simply choose not to do so.
Also did all of the purchasers and sellers of the stock in that time frame specifically rely on that information as the sole reason to hold onto the stock? What if you fortuitously bought and sold in that time frame? What about hedge funds that were churning the stock in that time frame? ETFs that buy and sell based on aggregate purchases of their funds?
They have no legal right to compensation merely because they were lucky enough to buy and sell during that time frame, they have to show reliance as well as an actionable causation.
Has there ever been a succesfull lawsuit like this in Canada? Nothing even close comes to mind.
I notice the SEC did not even bother to open an investigation once these allegations came to light. Did the claimants in this litigation even make a complaint to the SEC? It seems to me that they might get struck for showing no cause of action before they even get to discovery.