Danier in the clear
Canada’s Supreme Court has ruled in favour of Totonto-based leather producer Danier Leather Inc. in the Kerr vs Danier Leather Inc. case.
The court found that the company did not mislead investors in 1998 when it did not disclose that its revenue forecast could be affected by a weather-related drop in sales. A unanimous ruling stated that Danier was not obliged to tell investors about a sales dip as it did not involve a material change in the company's business, operations or capital.
Danier had requested a freeze on its shares on October 12 at 9.45 am (ET) at the Toronto Stock Exchange, but its shares have risen since the halt was lifted. The company said it was pleased that the long-drawn-out battle was over and that it could now focus on growing the business.
