Summary:
This case revolves around a proposed class action filed by Drywall Acoustic Lathing and Insulation Local 675 Pension Fund against Barrick Gold Corporation concerning misrepresentations linked to the Pascua-Lama mining project. The allegations assert that Barrick made false statements regarding its capital expenditure and production schedules in violation of section 138.3(1) of the Ontario Securities Act.

Key Points:

• Appeal on Limited Grounds: Drywall appealed the decision denying leave to pursue misrepresentation claims related to Barrick's third quarter 2011 report and challenged the identification of public correction dates for certain misrepresentations previously granted leave by the motion judge.
• Decision: The Court of Appeal upheld the motion judge’s decisions, denying the appeal on all grounds. The court agreed with the lower court that there was no reasonable possibility that a trial court would find Barrick's earlier statements in October 2011 to be misrepresentations, as they did not yet have reason to doubt their accuracy at that time.
• Public Correction Dates: The Court of Appeal also agreed with the motion judge’s determination of the public correction dates, stating that once a misrepresentation has been fully corrected publicly, subsequent statements do not serve as public corrections.
• Legal Interpretation: The decision highlights the stringent requirements for granting leave to pursue class actions under securities law, emphasizing that a reasonable possibility of success must be evident based on the evidence presented.

Outcome:
The appeal was dismissed, and the decision of the motion judge was upheld, confirming the limited scope and stringent criteria under which securities misrepresentation actions can proceed in class actions. Costs of $60,000 were awarded to the respondents.