Answers
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1.
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What is a Class Action?
Class actions are lawsuits in which the claims and rights of many people, defined as having a common, but not identical interest, are decided in a single court proceeding. The proceeding is brought by an indvidual and/or organization that is appointed by the Court to represent the Class.
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What is the TVI Pacific Securities Class Action?
The TVI Pacific Securities Litigation alleges that the Defendants conspired and breached
their duty of care to TVI’s shareholders by issuing materially false and/ or inaccurate
audited consolidated financial statements for the years ended December 31, 2005
and 2006, and interim unaudited consolidated financial statements for the quarter
ended March 31, 2007. The Plaintiffs also alleged that the Defendants granted in-the-money
options in contravention of the stated purpose of TVI’s Stock Option Plan, the TSX
Company Manuel prohibition and Ontario and Quebec securities legislation.
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What is the Proposed Settlement?
The Defendants have agreed to pay $2.1 million in full and final settlement of all
claims, including class counsel fees, disbursements, taxes and administration expenses
in return for releases and a dismissal of the class actions. Additionally, TVI agreed
to make efforts to re-price certain outstanding stock options and to adopt measures
targeted at eliminating the potential for future stock option manipulation. The
settlement is a compromise of disputed claims and is not an admission of liability,
wrongdoing or fault on the part of any of the Defendants, all of who have denied,
and continue to deny, the allegations against them.
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Who is a member of the Class?
All persons and entities (other than Excluded Persons, as defined in the Settlement Agreement) who acquired securities of TVI Pacific Inc. during the period from and including March 30, 2006, to and including August 9, 2007, and held some or all of those securities on August 9, 2007.
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How do I submit a Proof of Claim and Release in the Settlement?
In order to share in the Settlement Fund, class members must:
1. Submit a claim online (www.tvipacificsettlement.com). Upon completing an online claims
submission, you will receive a confirmation of your submission and the option to
print a transmittal letter to facilitate physical mailing of supporting documentation.
2. Download and print a copy of the claim form available at www.tvipacificsettlement.com,
fill it out completely and correctly according to the general instructions. Completed
Proof of Claim and Release forms and supporting documentation must be postmarked no later than
January 18, 2010 and addressed to:
TVI Pacific Securities Litigation
Claims Administrator
P.O. Box 3355
London, ON N6A 4K3
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When will Class Members be paid?
We anticipate that we will commence making payments to Class Members in September 2010.
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How do I Opt-Out from the Settlement?
If you do not want be part of the Settlement and wish to retain your own litigation rights, you must opt-out from the Settlement Class. To opt-out from this Settlement, you must submit a completed Opt-Out Form, and any supporting documentation, to the Administrator, at the address below, postmarked no later than September 15, 2009 and addressed to:
TVI Pacific Securities Litigation
OPT-OUTS
Claims Administrator
P.O. Box 3355
London, ON N6A 4K3
AND
IF You are a resident of Quebec and wish to Opt-Out you must in addition to submitting your Opt-Out form to the Administrator, you must also send a complete copy of your completed Opt-Out Form to the Clerk of the Quebec Court at the following address:
Clerk of the Quebec Court
The Quebec Superior Court
Quebec City Court House
300, boul. Jean-Lesage
Quebec City, Quebec GIK 8 K6
Audette c. TVI Pacific & AL, Court File No.: 200-06-000106-081
To access the Opt-Out Form, select the "Opt-Out Request" button on the "Contact Us" page.
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What if I do nothing?
If you choose to do nothing, you will not be eligible for payment from the Settlement
Fund nor will you retain your right to sue on your own.
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Where can I get more information about the Settlement?
For more information regarding the TVI Pacific Securities Settlement, please contact
the claims administrator at:
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10.
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Who are Class Counsel?
Siskinds LLP
Monique L. Radlein
680 Waterloo Street
London, ON N6A 3V8
Tel: 1-800-461-6166 x7868
www.siskinds.com
Siskinds Desmeules s.e.n.c.r.l
Simon Hebert
43, rue Buade, Bureau 320
Quebec (Quebec), GIR 4A2
Tel: 418-694-2009
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