Category: Uncategorized
June 28, 2002

News Release: Class Action Brought Against Yorkton Securities

A class action has been commenced against Yorkton Securities alleging that the brokerage firm improperly recommended, sold and promoted shares of Corporation despite their conflict of interest. The claim alleges that as a result of Yorkton's improper promotion of Book4Golf's securities, share prices were artificially inflated causing investor losses when the share price subsequently collapsed. General and punitive damages of $520 million are being sought. Following Book4Golf becoming publicly listed on October 14, 1999, the defendants are alleged to have favourably promoted Book4Golf shares despite undisclosed connections with the company. Providing financial advice, positive analyst coverage and acting as the dominant trading dealer are examples of Yorkton's alleged improper dealings.

Kirk Baert of the Toronto law firm Koskie Minsky adds, "Yorkton Securities had a responsibility to disclose its affiliation with Book4Golf but made a conscious decision not to, leading investors to falsely believe their projections were valid."

Joseph Groia of the Toronto law firm Groia & Company states, "We believe that it is important for the integrity of Canadian capital markets that brokerage firms engaged in questionable sales and promotional practices be held accountable for their actions."

Koskie Minsky is experienced in handling complex class actions involving pension rights, wrongful dismissal, securities and shareholder misrepresentation, product liability, insurance, consumer protection, transportation disasters and others. Lexpert recognizes lawyers at the firm as being leading practitioners in the area and in related areas of law.

Groia & Company is a litigation boutique that specializes in corporate commercial and securities litigation. The firm has been involved in several high profile matters before the Ontario Securities Commission and is recognized as a leading firm in its area of expertise.

Class action members may contact Koskie Minsky via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.. TEL: (416) 204-2889 Kirk Baert, Koskie Minsky TEL: (416) 203-4472 Joseph Groia, Groia & Company TEL: (416) 203-4473 Alistair Crawley, Groia & Company TEL: (416) 595-2069 Denise Riposati, Public Perspectives Inc.