An anonymous director reports
THERATECHNOLOGIES INC.: SECURITIES CLASS ACTION UPDATE
The Court of Appeal of Quebec has dismissed Theratechnologies Inc.'s motion to dismiss the authorization to institute a class action and an action based on the secondary market liability provisions of the Securities Act (Quebec) against Theratechnologies, a former chair of the board of directors and a former president and chief executive officer.
The Court of Appeal decision confirms a decision issued by the Superior Court of Quebec on Feb. 24, 2012, which granted an authorization to the representative of persons who were shareholders at May 21, 2010, and who sold their common shares of the company on May 25 or 26, 2010, to institute a class action against the company, a former chair of the board of directors, and a former president and chief executive officer.
Theratechnologies intends to contest any class action that the shareholders' representative could institute as a result of this decision since the company considers that it would be without merit.
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