Merit Energy Ltd. raised $15 million in July 1999 through a public offering of more than 2.2 million common shares at a price of $6.75 per share. On November 16, 1999, Merit revealed that it had provided incorrect financial and production estimates for the first and second quarters. The Company’s shares plummeted to $1.15 per share.
A settlement was reached on April 11, 2002 and approved by The Court of Queen’s Bench, Alberta on August 7, 2002.
The following is a list of Settlement Documents relating to the Merit Energy Class Action.