Morganti & Co., P.C.: Shareholder Claims against Colt Resources Inc. have been Settled

TORONTO--(BUSINESS WIRE)--Morganti & Co., P.C., announces that a settlement has been reached in the class action against Colt Resources Inc. (“Colt”), Nikolas Perrault, Shahab Jaffrey, Joe Kin Foon Tai, and Paul Yeou, alleging misrepresentations in connection with Colt’s investment in a Turkish company in July of 2016.

The settlement provides for the payment by the Defendants of the total amount of CDN $950,000, to resolve those claims (the “Settlement”). The Settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by any of the Defendants.

The Settlement must be approved by the Ontario Superior Court of Justice. A Settlement approval hearing has been set for March 8, 2021 in Toronto, Ontario, Canada. At or immediately after the hearing, the Court will also address a motion to approve Class Counsel’s fees, which will not exceed 28% of the recovery plus reimbursement for expenses incurred in the litigation.

If you purchased or otherwise acquired Colt’s shares or units on any stock exchange, over-the-counter, or directly from Colt, on or after March 15, 2015, and held them until the close of trading on July 13, 2016, November 29, 2016, December 20, 2016, or January 30, 2017, you may be a Class Member.

Class Members do not have to do anything at this time to stay in the class action. If the Court approves the Settlement Agreement, the Settlement Amount will become available for distribution to the Class, you will be notified about how to request a portion of the Settlement Amount. If you stay in the class action you will be legally bound by all orders and judgments of the Court and will not be able to advance a claim against the Defendants regarding the legal claims made in this class action.

If you want to opt-out of the class action and not participate in the Settlement, you must complete the online Opt-Out Form and provide copies of the documents identified therein to Morganti & Co., P.C. by no later than March 7, 2020 (the “Opt-Out Deadline”).

A copy of the long-form notice providing greater detail about the Settlement, the Opt-Out Form, your right to oppose the Settlement, and the hearing date to approve the Settlement is available at https://morgantico.com/colt-resources-inc/

Class Members may express their views about the Settlement to the Court. If you wish to do so, you must act by March 8, 2021. For more information you may send an email to Ian Literovich at [e-mail] or call him at 647-344-1900.