SMK Law: Ontario Court Grants Leave and Certifies Galaxy Digital Securities Class Action

The Ontario Superior Court of Justice has granted leave under section 138.8 of the Ontario Securities Act to commence a secondary market misrepresentation claim against Galaxy Digital Holdings Ltd. (the predecessor company to Galaxy Digital Inc., Nasdaq: GLXY, formerly TSX: GLXY), along with Michael Novogratz and Alex Ioffe. The Court has also certified the action as a class proceeding.

The claim alleges secondary market misrepresentations concerning, among other things, Galaxy Digital's involvement with the Terra blockchain and its associated digital assets. The proposed class includes all persons who purchased Galaxy Digital's stock during the class period of May 17, 2021, to and including May 6, 2022.

This notice is being issued in compliance with section 138.9 of the Ontario Securities Act. A separate Court-approved notice of certification, including opt-out information, will be issued upon further order of the Court. SMK Law has been appointed as class counsel. The firm, led by Soheil Karkhanechi, is a Canadian investor rights law firm representing institutional and individual investors with decades of leadership experience in the securities and asset management industries in Canada and the US.

(Source：The Kingston Whig-Standard)