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Siskinds LLP announces the filing of a Securities Class Action against Redline Communications Group Inc., certain of its curren

^{Published on 2010-09-10 09:45:32 - Market Wire}
 

LONDON, ON, Sept. 10 /CNW/ - The law firm of Siskinds LLP today announced that it has filed a proposed securities class action against Redline Communications Group Inc. (TSX: RDL).  Also named as defendants are RDL's auditors, KPMG LLP, as well as the principal subsidiary of RDL, Redline Communications, Inc., and certain of RDL's current and former officers and directors, including RDL's Board Chairman, Philippe de Gaspé Beaubien III, RDL's former CEO, Majed Sifri, and RDL's former CFO, Thomas Hearne. 

The class action arises from RDL's recently announced restatement of its financial statements for the years ended December 31, 2006, 2007 and 2008, and for the three-month periods ended March 31, June 30, and September 30, 2009.  The plaintiffs, who are seeking $15 million in damages, allege among other things that RDL misrepresented that its financial statements had been compiled in accordance with Canadian generally accepted accounting principles.

The class action is brought on behalf of all persons and entities who acquired securities of RDL or of its subsidiary, Redline Communications, Inc., during the period of December 6, 2006 to March 15, 2010. 

About Siskinds

Siskinds LLP, with offices in Toronto and London and an affiliate in Quebec City, is one of Canada's leading class action law firms.  Siskinds was counsel to the class in the first class action certified under the Ontario Class Proceedings Act, 1992, and has successfully resolved more securities class actions than any other law firm in Canada.