Defence to liability for misrepresentation
2007, c.38, s.166; 2012, c.31, s.18
154.1(1)A person is not liable in an action under section 149, 150 or 153 for a misrepresentation in forward-looking information if the person proves all of the following:
(a)
that the document containing the forward-looking information contained, proximate to that information,
(i)
reasonable cautionary language identifying the forward-looking information as such, and identifying material factors that could cause actual results to differ materially from a conclusion, forecast or projection in the forward-looking information, and
(ii)
a statement of the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection set out in the forward-looking information, and
(b)
that the person had a reasonable basis for drawing the conclusions or making the forecasts and projections set out in the forward-looking information.
154.1(2)Subsection (1) does not relieve a person of liability respecting forward-looking information in a financial statement or in a document released in connection with an initial public offering.
2007, c.38, s.166; 2012, c.31, s.19; 2016, c.18, s.6