Just the Facts
On November 20, 2019, Reliq, a Canadian healthcare technology company that specializes in mobile health and telemedicine solutions, was sued by plaintiffs alleging that the company misrepresented the number of paying patients who used its remote patient monitoring software, or “iUGO platform.” As a result, throughout the class period, it is alleged that Reliq was improperly recognizing, and thereby misstating, its revenue. On October 16, 2018, Reliq issued a press release announcing that the company would restate its financial information for Q3 2018, which plaintiffs allege caused the company’s stock price to plummet by more than 58% (TSX Venture Exchange) on unusually heavy trading volume.
On November 24, 2021, the parties executed a $2.5 million CAD settlement which the Supreme Court of British Columbia certified on December 8, 2021. The certified settlement class consisted of:
- All persons, wherever they may reside or be domiciled, who: acquired Private Placement Units in Reliq’s private placement of 8,928,571 Private Placement Units at a price of $1.12 per Private Placement Unit that closed on or around January 9, 2018; and
- All persons and entities, wherever they may reside or be domiciled, who acquired Reliq securities during the period from and including February 23, 2018 to and including October 15, 2018.
The claim filing deadline for this case was July 21, 2022. This year, we have already had six Canadian securities class action settlements, totaling $221 million CAD. The next claim filing deadline is coming up on September 16, 2022, for investors in a large Canadian multinational bank.
For more information regarding Reliq Health Technologies’ settlement, or to discuss eligibility in the upcoming $125 million CAD settlement, please contact Broadridge Global Class Action Services.
