MM Fund v. Excelsior Mining Corp.
MM FUND (Trustee of)
Law Firm / Organization
KND Complex Litigation
EXCELSIOR MINING CORP.
STEPHEN TWYEROULD
MARK MORABITO
  • Case Overview: The Ontario Superior Court dismissed a proposed class action against Excelsior Mining Corp. ("Excelsior"), its CEO Stephen Twyerould, and former Chairman Mark Morabito. The case involved alleged misrepresentations in Excelsior’s 2021 prospectus regarding its Gunnison Project, a mining operation in Arizona.

  • Plaintiff’s Claims: The plaintiff, MM Fund, claimed damages on behalf of all individuals who acquired Excelsior securities during a specified period in 2021. The alleged misrepresentation centered on omitted material facts in the prospectus, violating Ontario securities law.

  • Procedural Background:

    • Initially filed in British Columbia, the case was dismissed there due to jurisdictional issues, as MM Fund, based in Ontario, was deemed not a resident of BC.
    • Following the BC dismissal, the plaintiff refiled the action in Ontario to preserve the limitation period.
    • Without a substitute plaintiff and facing high costs, MM Fund decided not to continue.
  • Court’s Decision: The court agreed to dismiss the action with prejudice (permanently) and without costs, as there was no longer a basis to continue. The court approved the dismissal notice and dissemination method to inform potential class members about the case’s end.

  • Impact: Limitation periods related to this case are now active again, potentially affecting class members' ability to bring related claims.

  • No monetary award specified.

Superior Court of Justice - Ontario
CV-24-00719487-00CP
Class actions
Defendant