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Nov 28, 2017

Home Capital warns it will ‘investigate’ short sellers as West Face files draft legal claim

Home Capital says West Face may sue for $70 million

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Home Capital Group (HCG.TO) says it’s facing the threat of $70 million worth of damages, outlined in a draft statement of claim filed by West Face Capital. The alternative mortgage lender says the potential claim is tied to allegations of misrepresentation.

West Face, which is helmed by Greg Boland, opted out of the global class action lawsuit filed by aggrieved shareholders earlier this year. Home Capital agreed to pay $29.5 million to shareholders to settle the suit.

Home Capital said if West Face proceeds with the lawsuit, it plans to “fully defend its conduct.” Home Capital added it plans to investigate the conduct of various short sellers and the “propriety of their actions”.

Home Capital said West Face took up a significant short position betting against the company in mid-2013, before closing out the short between the fall of 2013 and the spring of 2015.