Arctic Glacier Income Fund Case 10/29/2008
June 1, 2012 (Update) -- $13,206,875 settlement approved and declared that it is fair, reasonable and in the best interests of the Class.
October 29, 2008 -- An investors’ class action lawsuit has been filed in Ontario, Canada against Arctic Glacier Income Fund, its subsidiary Arctic Glacier Inc., and various senior officers and directors. Artic Glacier Income Fund is listed on the Toronto Stock Exchange and is one of the leading ice producers and distributors to North America. The $165 million dollar claim stems from a drop in the fund’s unit price after the announcement that the U.S. Department of Justice was investigating Arctic Glacier for price fixing and anti-competitive conduct and that Arctic Glacier would be suspending distributions to unitholders. The class period for the complaint is between March 22, 2002 and September 15, 2008. Arctic Glacier Income Fund units dropped $2 on September 17, 2008, the first day of trading after both announcements. On March 21, 2002 public trading of the units began at $9.65.