On April 16, 2025, the Québec Court of Appeal dismissed the appeal of Martin Dionne against HEXO Corp. and Sébastien St-Louis, its former Chief Executive Officer, affirming the Superior Court’s decision to deny authorization for a securities class action[1]
The Quebec Court of Appeal provides useful guidance as to when a regulatory audit may actually be a penal investigation in disguise
Introduction
If you are involved in securities litigation, you know how important it is to distinguish between regulatory audit and penal investigation.
If the regulator is conducting an audit to ascertain whether a corporation or its officers comply with securities