Xebec Comments on Filing of Lawsuit
March 16 2021 - 7:56AM
Xebec Adsorption Inc. (TSX: XBC)
(“
Xebec” or the “
Corporation”),
has become aware that a legal proceeding in the Québec Superior
Court (Class Actions Division) in the District of Montréal, has
been issued initiating a proposed class action against the
Corporation, certain of its current directors and officers, and the
underwriters of Xebec’s December 2020 bought deal public offering
of subscription receipts by way of short form prospectus (the
“
Prospectus”).
The claim alleges that Xebec would have made
misrepresentations in its disclosure documents for Q3 2020 as well
as the Prospectus with respect to revenue accounting practices and
Xebec’s internal controls over financial reporting in violation of,
among other things, sections 218, 221 and 225.8 of the Quebec
Securities Act.
The Corporation believes it has conducted itself
in accordance with all relevant securities laws and that the
complaint against it is without merit.
Related
linkshttps://www.xebecinc.com
Investor Relations:Xebec
Adsorption Inc.Brandon Chow, Director, Investor
Relationsbchow@xebecinc.com+1 450.979.8700 ext 5762
About Xebec Adsorption
Inc.Xebec is a global provider of clean energy solutions
for renewable and low carbon gases used in energy, mobility and
industry applications. The company specializes in deploying a
portfolio of proprietary technologies for the distributed
production of hydrogen, renewable natural gas, oxygen and nitrogen.
By focusing on environmentally responsible gas generation, Xebec
has helped thousands of customers around the world reduce their
carbon footprints and operating costs. Headquartered in Québec,
Canada, Xebec has a worldwide presence with five manufacturing
facilities, eight Cleantech Service Centers and four sales offices
spanning over four continents. Xebec trades on the Toronto Stock
Exchange under the symbol (TSX: XBC). For more
information, xebecinc.com.
Cautionary Statement This news
release contains forward-looking statements and forward-looking
information (together, “forward-looking statements”) within the
meaning of applicable securities laws. All statements, other than
statements of historical facts, are forward-looking statements, and
subject to risks and uncertainties. Generally, forward-looking
statements can be identified by the use of terminology such as
“plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”,
“believes”, “could”, “might”, “likely” or variations of such words,
or statements that certain actions, events or results “may”,
“will”, “could”, “would”, “might”, “will be taken”, “occur”, “be
achieved” or other similar expressions. Forward-looking statements
also include, but are not limited to, the statements regarding the
merits of the class action complaint filed against the Corporation.
Forward-looking statements, including statements concerning future
capital expenditures, revenues, expenses, earnings, economic
performance, indebtedness, financial condition, losses and future
prospects as well as the expectations of management of Xebec with
respect to information regarding the business and the expansion and
growth of Xebec operations, involve risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements. Forward-looking statements are
subject to business and economic factors and uncertainties, and
other factors that could cause actual results to differ materially
from these forward-looking statements, including the relevant
assumptions and risk factors set out in Xebec’s public documents,
including in the most recent annual management discussion and
analysis and annual information form, filed on SEDAR at
www.sedar.com. Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
Although Xebec believes that the assumptions and factors used in
preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply
as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed times frames or at
all. Except where required by applicable law, Xebec disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Xebec Adsorption (TSX:XBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Xebec Adsorption (TSX:XBC)
Historical Stock Chart
From Apr 2023 to Apr 2024