Is there an implied statement in a prospectus that implies that all the unstable soil has been removed from the site and all the peat removed?
British Columbia, Canada
The following excerpt is from Strata Plan LMS 3851 v. Homer Street Development, 2008 BCSC 1160 (CanLII):
Dureau v. Kemp-West Enterprises Ltd., [1989] B.C.J. No. 2123, cited by Investors counsel as an example of implied statements covered by s. 59, is distinguishable on the basis that there the statements under consideration were express statements in the prospectus in relation to the removal of peat from the site, where it was found by the court that the wording left the impression that all the unstable soil had been removed. The court concluded that the express statements were false and they were deceptive or misleading as partial truths.
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