DRI Healthcare Trust Securities Class Action
Reviewed by Marty Mikhail, Barrister & Solicitor with Quinn Thiele Mineault Grodzki LLPLast verified How we verify
Status
Claims not yet openEstimated Payout
Share of the C$8 million settlement (after fees and costs)
Approval hearing
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About this claim
If you bought DRI Healthcare Trust units between February 11, 2021 and August 6, 2024 and still held them on July 8, 2024 or at the end of August 6, 2024, you may be eligible for a share of a proposed C$8 million settlement if the court approves it.
Who may be eligible
- You bought or otherwise acquired DRI Healthcare Trust securities between February 11, 2021 at 9:30 a.m. ET and August 6, 2024 at 5:38 p.m. ET.
- You still held those securities at the open of trading on July 8, 2024, or at the end of the class period on August 6, 2024 at 5:38 p.m. ET.
- You are not DRI Healthcare Trust, Persis Capital Inc. (formerly DRI Capital Inc.), one of their officers, directors, senior employees, or affiliates, one of the individual defendants, a family member of any of them, or an entity any of them controls.
See the questions the eligibility checker asks
The checker asks these questions. Use the Check Eligibility button to answer them and see a result.
- Did you buy or otherwise acquire DRI Healthcare Trust securities between February 11, 2021 at 9:30 a.m. ET and August 6, 2024 at 5:38 p.m. ET?DRI Healthcare Trust securities include its units bought on the market or in its initial public offering.
- Did you still hold those securities at the open of trading on July 8, 2024, or at the end of the class period on August 6, 2024 at 5:38 p.m. ET?
- Are you DRI Healthcare Trust, Persis Capital Inc. (formerly DRI Capital Inc.), one of their officers, directors, senior employees, or affiliates, one of the individual defendants, a family member of any of them, or an entity any of them controls?Family members include spouses, parents, children, siblings, grandparents, grandchildren, aunts, uncles, nieces, nephews, cousins, and other relatives by blood, marriage, or adoption.
Read more
This class action was brought in the Ontario Superior Court of Justice on behalf of investors in DRI Healthcare Trust. The plaintiff, Andrea Reid, alleged that the Trust's public disclosures misrepresented improperly charged expenses directed by its CEO, Behzad Khosrowshahi, and that investors lost money when the truth came out in press releases on July 8, 2024 and August 6, 2024. The defendants deny all of the allegations.
On January 31, 2026, the plaintiff and Persis Capital Inc. (formerly DRI Capital Inc.) signed a C$8 million settlement, which is a compromise and not an admission of wrongdoing. The court certified the case for settlement purposes on May 22, 2026, and a hearing to approve the settlement, the plan for dividing the money, and class counsel's fees was held on September 22, 2026. Claims can only be filed if the court approves the settlement.
Class Counsel
- Kalloghlian Myers LLP
- Email[email protected]
- MailKalloghlian Myers LLP, 35 Prince Arthur Avenue, Toronto, ON M5R 1B2
- Websitehttps://www.kalloghlianmyers.com/dri
Proposed Settlement Documents
Opting out
The deadline to opt out was and has passed. Opting out is no longer available. Class members who did not opt out remain in the class and are bound by the outcome.
Objecting
The deadline to object was and has passed. Objections can no longer be filed. The court considers the objections it received when deciding whether to approve the settlement.
Frequently Asked Questions
What stage is this settlement at?
The settlement is a proposal that needs court approval. The Ontario Superior Court of Justice was scheduled to hear the approval motion on September 22, 2026 at 10:00 a.m. by videoconference, and the documents do not say what the court decided. Check class counsel's page at https://www.kalloghlianmyers.com/dri for updates.
How much money could I receive?
The settlement is C$8 million. Class counsel's fees (not more than 33.3% plus expenses and taxes), a 10% levy to the Class Proceedings Fund, a plaintiff honorarium of $2,000 maximum, and administration costs come out first, and the rest is shared among eligible claimants based on their calculated trading losses, with purchases in some periods weighted less than others. Anyone whose share would be less than $50 does not receive a payment.
How and when will I file a claim?
If the settlement is approved, the administrator will open an online claim portal, and people who cannot file online can send a paper claim form by mail to an address to be posted on the settlement website. The claim deadline will be 180 days after notice of the court's approval orders first starts going out to class members. The administrator may accept late claims only if doing so will not materially delay payments.
What proof will I need?
You will need to give the dates, quantities, and prices of all your DRI unit purchases and sales during the class period and afterward, along with documents such as brokerage account statements or trade confirmations. If your claim is refused, you can ask the administrator to reconsider within 45 days of the refusal notice.
Can I still opt out or object?
The deadline to opt out was August 18, 2026 and has passed. Opting out is no longer available. Class members who did not opt out remain in the class and are bound by the outcome.
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