What are the causes of action for misrepresentation in the secondary market?
British Columbia, Canada
The following excerpt is from Tietz v Cryptobloc Technologies Corp., 2021 BCSC 186 (CanLII):
The major constituent elements of the statutory causes of action for misrepresentation in the secondary market, i.e. secondary market liability, are: (1) a misrepresentation (or omission) of a material fact, as those terms are defined in s. 1 of the Act; (2) a public correction of the misrepresentation; and (3) a trading of the defendant issuer’s security by the plaintiff between the time of the misrepresentation and the public correction: see Paniccia v. MDC Partners Inc., 2018 ONSC 3470 at paras. 53, 61-80, 85-90. Damages suffered by a plaintiff that are the result of a misrepresentation in the secondary market are calculated pursuant to s. 140.5 of the Act.
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