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SCC Decision: October 12, 2007

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Kerr v. Danier Leather Inc., 2007 SCC 44
Click here to link to the full judgment.
(Securities / Prospectus Misrepresentation)
Danier made an initial public offering of shares through a prospectus.  Before the closing, an internal analysis revealed that fourth quarter results were poorer than projected.  Kerr sued, arguing that Danier should have disclosed the poor fourth quarter results.  The Supreme Court dismissed the lawsuit, finding that the Ontario Securities Act does not require disclosure in these circumstances.
Majority/Dissent: 9/0