skip to content
  1. Home
  2. >
  3. Questions
  4. >
  5. XBC: Received a Class Action Notice from XBC. [Xebec Adsorption Inc.]
You can view 2 more answers this month. Sign up for a free trial for unlimited access.

Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: Received a Class Action Notice from XBC..CA regarding a proposed class action settlement, which reads in part:
"SUMMARY OF THE SETTLEMENT:
On October 19, 2023, the Superior Court of Québec (“Court”) approved the settlement of this class action.
Under the Settlement, CAD $5,000,000 (the “Settlement Amount”) has been paid in full and final settlement of all claims against the Defendants, including Class Counsel’s fees, applicable taxes and expenses, and interest, in exchange for a full release and settlement of the class action."
Number of shares purchased was 800 @$10. Would you know the approximate number of shares that were outstanding at the time (Nov 10 2019 to Mar 24 2021) and In your experience, is it worth it to submit a claim?
Many thanks.
Asked by Carlos on March 21, 2024
5i Research Answer:

Of the $5M, lawyers will take a big chunk. XBC had 157M shares outstanding at the time of its demise (up from 84M in 2019). Considering this, and the small amount involved, it becomes a question of the time spent filling in forms and collecting data, vs possible claim received. The claim will be more than $0, though, but might end up in the $50 range. It is impossible to tell. Based on the information we have, WE wouldn't waste our time here.