Investigation Counsel P.C. wishes to announce the commencement of a proposed class action against the former CEO of Partners REIT, Ronald McCowan, certain of the REIT’s former and current trustees , and certain other defendants.
The action relates to the circumstances surrounding Partner RIET’s decision to enter a transaction, announced on April 2, 2014 (the “Transaction”), for the purchase of certain Ontario properties from an entity named Holyrood Holdings Limited (“Holyrood”).
The action is brought to recover losses suffered by all persons, subject to certain exclusions, who held units of Partners REIT as of the close of trading on April 1, 2014.
It is alleged, among other things, that Holyrood was under the control of McCowan, either alone or jointly with his business associate Laura Philp (“Philp”), and that he had a material economic interest in the Transaction. As such, the Transaction was in violation of the REIT’s Declaration of Trust and applicable rules of the Toronto Stock Exchange because the trustees did not seek and obtain unitholder approval for the Transaction. McCowan and the trustees allegedly breached their trust and fiduciary duties to the class members by causing Partners REIT to enter the Transaction.
Holyrood, Philp, and the law firms who acted on behalf of Partners REIT and Holyrood for the Transaction are also defendants.
It is alleged that the defendants have liability for damages sustained by the proposed class.
Inquiries regarding this proposed class proceeding can be directed to John Archibald at Investigation Counsel at (416) 637-3152 or [email protected].
In order for Investigation Counsel P.C. to notify you of important developments in this action when permitted or required to do so by the Court, please fill out the Partners REIT Class Action Information Form.