Appeal Court Upholds Dismissal of Abusive Catalyst Lawsuit
West Face Capital Inc. , 02 May 2019
Catalyst’s remaining litigation against West Face involves two claims. The first claim was filed in June 2015 and alleges that West Face defamed Callidus Capital, a public company controlled by investment funds managed by Catalyst, by making defamatory statements between November 2014 and March 2015 regarding the financial prospects of Callidus. Neither Catalyst nor Callidus has engaged in meaningful steps to advance that litigation since at least February 2017.
The second claim relates to allegations of an entirely fictitious conspiracy involving West Face to manipulate the share price of Callidus. Contrary to Catalyst’s allegations, West Face did not have a short position during the relevant period, has not met with many of the co-defendants, and did not participate in any conspiracy.
