Class Action Certification Against Wayland Group: What Investors Need to Know

Important Developments in the Wayland Group Class Action

A recent court ruling has significant implications for investors in Wayland Group Corp. Following a class action lawsuit involving allegations against the company, a certification has been granted against Benjamin Allan Ward, one of the defendants. This notice aims to provide insights into the developments, implications, and the next steps for affected investors.

Overview of the Action

On March 26, 2026, the Ontario Superior Court of Justice approved the class action, categorizing it under the name Marco Stajic, Mordecai Bobrowsky, and Kyle Yamamura v. Wayland Group Corp. and Benjamin Ward. This action pertains specifically to claims against Ward concerning misrepresentations related to the financial securities of Wayland Group.

The class action aims to represent all who acquired Wayland’s common shares and other related securities during a designated class period, ranging from December 13, 2017, to August 2, 2019. Notable corrective disclosures released on April 23, May 6, and August 2, 2019, are integral to the case, as they provide the factual basis for the claims made by investors.

Certification and Default Judgment

The court approved the certification as a class proceeding, allowing the claims to move forward towards pre-trial discovery. A default judgment has been issued against Ward for a substantial amount of $53 million, significantly enhancing the stakes of the litigation. This judgment indicates a serious view of Ward's role and is crucial for the class members seeking redress.

Related Actions

In conjunction with the Wayland Action, the Ontario Superior Court also sanctioned settlements in three related securities class actions. However, it’s important to note that the settlements do not include Benjamin Ward, a factor that might affect class members’ decisions moving forward. Class Counsel Berger Montague (Canada) PC represents the proposed Class in all three actions, ensuring the interests of the investors are prioritized.

Impact on Class Members

The Class consists primarily of individuals who purchased Wayland securities during the class period and who retained those shares past the public corrective disclosures. The eligibility criteria for inclusion in the Class explicitly exclude certain individuals, such as Wayland’s executives and their families, as well as certain investment entities linked to the executives.

Opt-Out Considerations

One crucial aspect of this class action is that Class Members are automatically included unless they file an opt-out request. Those preferring to pursue individual actions must submit an Opt-Out Form by May 25, 2026, to prevent being bound by the Class Action’s outcomes. This deadline is pivotal for those who want to seek independent legal remedies.

Conclusion

Investors involved with Wayland Group Corp. should remain vigilant and informed regarding this class action's progress and related legal developments. As the litigation unfolds, understanding the implications of the certification, potential outcomes, and available options for Class Members will be critical. Keeping abreast of updates from Class Counsel can provide necessary guidance through this complex legal landscape.

For further information regarding the action or to confirm your participation, feel free to reach out to Berger Montague (Canada) PC or visit their official website. This matter underscores the importance of staying informed about corporate governance and accountability, particularly in the securities market.