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Reliq Health Technologies

The Class Action Case Files

Portfolio monitoring and asset recovery of global class actions can be daunting.
Broadridge can help simplify the complex.

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.

Case Challenges

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The eligible class here includes individuals who purchased common shares during the class period, which is not unusual, but also includes individuals who acquired Reliq Private Placement Units which is a unit consisting of one common share of Reliq and one-half of a common share purchase warrant. This challenge requires additional time to prepare and file claims to make sure no eligible transactions are missed. Significant quality assurance measures are needed to ensure accuracy and completeness of the files before they can even be filed.

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The Plan requires the calculation of one’s Notional Entitlement to determine eligibility, the formula depends on which of the two classes one is filing under, but for either, no Notional Entitlement is recognized for securities disposed of before the close of trading on the TSX Venture Exchange on October 15, 2018. Whether filing for Reliq common shares or Private Placement Units, different formulas are required to properly calculate one’s Notional Entitlement depending on which of three trading periods the transaction occurred. Further, additional calculations are required if one is still holding Reliq common shares that were acquired as part of a Private Placement Unit. This challenge leads to a more complicated and involved filing, review, and quality assurance process to confirm the accuracy and completeness of your claim, as well as the Administrator’s findings and to ensure an accurate recovery.

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Securities had to be listed on the TSX Venture Exchange in Canada. This requires a higher-level review of the transactions to confirm the transaction occurred on the correct exchange.

Each year billions of dollars are being left on the table.

Find the right advocate who can help you maximize recoveries.

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