A lawsuit has been filed against individuals connected with a company that partnered with a large-scale East Ladner greenhouse operation to grow cannabis alleging a years-long conspiracy in which many millions of dollars were unlawfully siphoned from the company.
In a petition filed in BC Supreme Court, Brian Mohammed seeks to sue a number of individuals connected with Agra Ventures Ltd., many of whom are described as current or former insiders or purported consultants to Agra and/or two other public companies, alleging they were engaged in unlawful schemes.
A shareholder, Mohammed, among other things, states he “is concerned that the proposed defendants, which include all but one of the current directors on Agra’s board, breached their fiduciary duties and duty of care and/or carried out a long-running conspiracy whereby over $186.2 million of value was siphoned out of Agra.”
Unlike a typical securities class action where investors sue a company for their investment losses, the complainant is not seeking to sue Agra but seeks the permission of the court to represent Agra and sue a number of defendants.
The proposed lawsuit alleges that the proposed defendants used their positions to cause Agra to engage in 18 transactions between June 6, 2019, and Nov. 5, 2020, whereby Agra, either directly or through an intermediary, acquired worthless companies and assets owned by the proposed defendants at highly inflated prices.
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