Peter F.C. Howard and Samaneh Hosseini, for defendants MDC
Partners Inc. and David Doft.
Dana M. Peebles and Shane D’Souza, for defendant Miles S.
Wendy Berman and Lara Jackson, for defendant Michael C.
Perell J.: —
 Pursuant to the Class Proceedings Act, 1992,1 Roberto
Paniccia brings a proposed class action against MDC Partners
Inc. and certain of its officers, namely, Miles S. Nadal, Michael C.
Sabatino and David Doft. The action is brought on behalf of
Canadian-resident purchasers of MDC’s securities from October
28, 2013 up to and including April 27, 2017 (the “class period”).
 On August 7, 2015, Mr. Paniccia commenced a global class
action in Ontario for both a common law negligent misrepresentation claim and also a statutory misrepresentation claim under
Part XXIII.1 of Ontario’s Securities Act.2 Initially, Mr. Paniccia
brought his claim on behalf of all purchasers on the TSX (Toronto
Stock Exchange) and on the U.S.’s NASDAQ (National Association of Securities Dealers Automated Quotations) Stock Market.
Subsequently, Mr. Paniccia amended his proposed class definition
to comprise the class to be Canadian purchasers on the TSX and
NASDAQ. Thus, he abandoned a global class action.
 With respect to the statutory cause of action, the putative
class members seek damages for misrepresentations of material
facts in three statements made between October 29, 2014 and
March 2, 2015 that were allegedly corrected by a news release on
April 27, 2015.
 This is a motion for leave to proceed with the putative class
members’ claim pursuant to Part XXIII.1 of the Ontario Securities
Act. For the reasons that follow, Mr. Paniccia’s motion is dismissed.
 MDC is a federally incorporated Canadian company3 with its
registered office in Toronto, Ontario but with its head office and
investor relations group in the State of New York. It is a worldwide
1 S.O. 1992, c. 6.
2 R.S.O. 1990, c. S.5.
3 Canada Business Corporations Act, R.S.C. 1985, c. C-44.