CINAR: Announcement.Business Editors MONTREAL--(BUSINESS WIRE)--Aug. 24, 2001 Cinar Corporation was informed today by Liberty International Canada, a division of Liberty Mutual Insurance Company, that earlier today it has filed an action in the Quebec Superior Court Quebec Superior Court is the highest trial Court in the Province of Quebec, Canada. It consists of 144 judges who are appointed by the federal government following the recommendation of the Premier of Quebec. against CINAR CORPORATION, and certain current/former directors and officers. The action seeks a declaration to the effect that the Directors and Officers Liability Insurance Directors and Officers Liability Insurance is insurance payable to the directors and officers of a company to cover damages or defence costs in the event they are sued for wrongful acts while they were with that company. Policies covering the periods April 11, 1996 to May 6, 2000 inclusive are void because of alleged concealments and/or material and/or fraudulent misrepresentations made at the time of the applications for such policies. Liberty also seeks reimbursement from CINAR of approximately CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $900,000 for defence costs it has advanced on CINAR's behalf. Cinar has advised Liberty that it disagrees with Liberty's position and will vigorously contest this action insofar in·so·far adv. To such an extent. Adv. 1. insofar - to the degree or extent that; "insofar as it can be ascertained, the horse lung is comparable to that of man"; "so far as it is reasonably practical he should practice as its interests are concerned. Cinar Corporation is an integrated entertainment and education company involved in the development, production, post-production and worldwide distribution of non-violent, quality programming and educational products for children and families. Visit the CINAR Web site at www.cinar.com This release may include information that could constitute forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (U.S.). Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. Actual results or conditions may differ from those anticipated by these and other forward-looking statements. Such forward-looking statements are subject to a number of known or unknown risks and uncertainties. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion