On April 21st, 2016, the Supreme Court of Canada dismissed an
application for leave to appeal filed by Premier Tech Ltée
and Gestion Bernard Bélanger against a judgment of the
Québec Court of Appeal rendered on July 9, 2015 in
Premier Tech et al. v. Dollo (2015 QCCA 1159). The
Québec Court of Appeal had affirmed the judgment of the
Superior Court rendered in Dollo v. Premier Tech et al.,
2013 QCCS 6100.
The Plaintiff, Christian Dollo, the former President of Premier
Tech's main subsidiary, brought an action based on the
oppression remedy to compel Premier Tech to permit him to exercise
his stock options that had vested during the course of his
employment and to force Premier Tech's controlling shareholder
to purchase the resulting shares at their value at the time of the
termination of Mr. Dollo's employment. Both the Court of Appeal
and the Superior Court came to the conclusion that Mr. Dollo was a
complainant within the meaning of the Canada Business
Corporations Act and that Premier Tech's refusal to let
Mr. Dollo exercise the options was an abuse of his rights on the
part of Premier Tech and also on the part of its controlling
shareholder. The courts also came to the conclusion that the
directors of Premier Tech had neglected their duties when they had
refused to let Mr. Dollo exercise the options.
Mr. Dollo will now be able to recover the full value of his
options (close to $2 million) as well as accrued interest ordered
by the Court of Appeal as the defendants had not complied with the
judgment of the Superior Court.
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