Tietz v Bridgemark Financial Corp., et al.
Action No. S- 197731
Welcome to the Beleave Securities Litigation Settlement Website.
If you acquired securities of Beleave Inc. (“Beleave”) [CSE: BE (delisted), OTCQX: BLEVF, CUSIP: 077561108, ISIN: CA 0775611084] from and including April 24, 2018, to and including November 26, 2018, you may be entitled to compensation under the Settlement.
In order to claim compensation from the Settlement Fund, Beleave Class Members must file a Claim, including all required documentation, before AUGUST 8, 2022.
The information contained on this web page is only a summary of the information presented in more detail in the Distribution Protocol.
What the Action is About
On July 11, 2019, an action styled Tietz V Bridgemark Financial Corp., Et Al., Action No. S- 197731, was commenced in the Supreme Court of British Columbia (Vancouver) (“B.C. Court” and “Action”) against various defendants including Beleave, and its former CEO and CFO, Andrew Wnek and Bojan Krasic (collectively, “Wnek and Krasic”).
The Action arises from private placements carried out between February and August 2018 in ten different public companies, including Beleave. The Action alleges that the private placements were carried out as part of a fraudulent investment scheme, in which the companies entered into consulting agreements with the subscribers to the private placements and their designated associates as a condition of the subscribers participating in the private placements.
Specifically, with respect to Beleave, Wnek and Krasic, it is alleged that, between April 24, 2018 and November 26, 2018 (“Beleave Class Period”), Beleave released certain disclosure documents that were materially misleading as to the true substance and effects of the private placements. The Plaintiffs allege this resulted in damage to Beleave Class Members.
The Action alleges the scheme was exposed and the alleged misrepresentations were publicly corrected on November 26, 2018, when, among other things, the Executive Director of the B.C. Securities Commission published a news release announcing an ongoing investigation into the private placements.
Settlement with Beleave Inc., Wnek and Krasic
On June 5, 2020, Beleave filed for protection under the Companies’ Creditors Arrangement Act, in the Ontario Superior Court of Justice (“CCAA Proceedings” and “Ontario Court”), Action No. CV-20-00642097-00CL.
The Ontario Court granted a stay of proceedings against Beleave and its officers and directors, which included a stay of the Action. While Beleave was subject to creditor protection, the Plaintiffs and Beleave, Wnek and Krasic entered a settlement of the allegations made against them in the Action (“Settlement” and “Settling Defendants”). Full agreement on the terms of the Settlement was reached in October 2020. The Settlement resolves the Action entirely against the Settling Defendants.
The Settlement provides for settlement funds of CDN $2,400,000.00 (“Settlement Fund”). The Settlement also provides that the Settling Defendants will cooperate with the Plaintiffs in the prosecution of the Action against non-settling defendants, and the unnamed consultants referred to in the Action.
THE DISTRIBUTION PROTOCOL ONLY PROVIDES FOR CASH COMPENSATION TO BELEAVE CLASS MEMBERS.
|CLAIMS FILING DEADLINE
||Claim Forms must be filed before AUGUST 8, 2022 to be entitled to compensation under the Settlement.|
||Under the Distribution Protocol, Beleave Class Members who do not wish to participate in this Settlement and Action may exclude themselves from both by “opting-out” no later than AUGUST 8, 2022, in accordance with the instructions in the Distribution Protocol.
Under the Distribution Protocol, other Class Members are not entitled to opt-out of the Action at this time and will be bound by the terms of the Settlement
If you opt-out, you will no longer be part of the action against any of the Defendants and will not be entitled to participate in any future recovery.