SouthGobi Resources Securities Class Action
Reviewed by Marty Mikhail, lawyer licensed by the Law Society of OntarioLast verified How we verify
Status
Claims closedClaim deadline
Claims closed
The filing deadline for this claim has passed and filing is now closed. If you already submitted a claim, the claims administrator will contact you about next steps and payment.
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About this claim
If you bought SouthGobi Resources shares between March 30, 2011 and November 7, 2013 and still held some of them on November 8, 2013, you may be eligible for a cash payment from a C$7,000,000 settlement fund. There is no residency requirement. You may be eligible whether you live in Canada, Hong Kong, or anywhere else, as long as you acquired SouthGobi common shares between March 30, 2011 and November 7, 2013 and still held some or all of them at the close of trading on November 8, 2013.
Read more
SouthGobi Resources Ltd. is a coal mining company whose shares traded on the Toronto Stock Exchange and the Stock Exchange of Hong Kong. In November 2013, SouthGobi restated its financial statements. A class action followed, alleging that between March 30, 2011 and November 7, 2013 the company overstated its revenues by improperly recording revenue on coal sales that were not yet complete, contrary to accounting standards.
The Ontario Superior Court of Justice approved a settlement on December 2, 2025 under which SouthGobi's insurers will pay C$6,800,000, and had earlier approved a C$200,000 settlement with SouthGobi's auditor, Deloitte LLP, for a combined C$7,000,000. The settlements are not an admission of wrongdoing. Legal fees and administration expenses are deducted from the fund before it is shared among eligible investors based on their recognized losses.
Claim Administrator
- Epiq Class Action Services Canada Inc.
- Toll-free1-877-781-1550
- Email[email protected]
- Fax1-866-262-0816
- MailEpiq Class Action Services Canada Inc., Attention: SouthGobi Class Action Settlement Administrator, PO Box 507 STN B, Ottawa ON K1P 5P6
- Websitehttps://www.southgobiclassactionsettlement.ca
Class Counsel
- Siskinds LLP
- Email[email protected]
- MailSiskinds LLP, Barristers and Solicitors, 275 Dundas Street, Unit 1, London, Ontario N6B 3L1
Class members can get free help with their claim from the claims administrator listed above.
Settlement Notices
Frequently Asked Questions
What is the deadline to file a claim?
Your completed claim form, including supporting documents, must be received by the Claims Administrator no later than June 15, 2026 at 11:59 PM Eastern time.
How much money can I receive?
There is no fixed amount per person. Each eligible claimant receives a share of the net settlement fund in proportion to their recognized loss, which is calculated from their SouthGobi share purchases and sales under the court-approved Plan of Allocation. Payments of less than $50 will not be issued; those amounts are redistributed to other eligible claimants.
What proof do I need to provide?
You must include supporting documentation with your claim, such as brokerage statements or trade confirmations showing your SouthGobi share purchases and sales. Start gathering these records early so you can file before the deadline.
What happens if my claim is rejected?
If the Claims Administrator disallows your claim entirely, you will receive a notice and can ask for reconsideration within 45 days of the date of that notice. If the claim is still disallowed after reconsideration, you can appeal electronically within 30 days to an arbitrator appointed by the Court, whose decision is final.
How will I be paid?
Compensation is paid to approved claimants in Canadian currency after legal fees, taxes and administration expenses are deducted from the C$7,000,000 settlement amount.