December 16, 2011
bcIMC has joined the legal action against Sino-Forest Corporation in conjunction with Northwest & Ethical Investments LP (“NEI Investments”) and Comité syndical national de retraite Bâtirente inc. (“Bâtirente”).
We believe that our clients and the Canadian marketplace were deceived. We also believe that many parties including the officers, directors, auditors and underwriters of Sino-Forest have failed in their duty to protect the Canadian investing public.
bcIMC strongly believes in sound corporate governance and corporate accountability, including the respect for shareholders’ rights, accountability to shareholders, equal treatment of shareholders, and alignment of management’s objectives with those of shareholders – and we believe that the promotion of these principles forms part of the fiduciary duty we owe to our clients.
Our participation in this class action sends a clear message to Canada’s capital markets that misconduct is not acceptable. We hope that this action will deter such conduct in future.