Crocus Investment Fund
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The Crocus Investment Fund is a labour-driven investment fund in Manitoba, Canada. In 2004-05, the company stopped trading and was forced into receivership following allegations that it misled shareholders and overvalued its assets. In addition, $10,000,000 provided by a Quebec labour sponsored investment fund to the Crocus Investment Fund was classified by management and approved by PricewaterhouseCoopers Winnipeg as being an equity investment. In fact, preferred shares were provided in exchange to the Quebec labour-sponsored investment fund and as such, the shares issued were, in substance, a liability under Canadian Generally Accepted Accounting Principles (CICA Handbook Section 1000, Financial Statement Concepts and Section 3855, Financial Instruments — Recognition and Measurement).
PricewaterhouseCoopers Winnipeg, the Crocus Investment Fund, Crocus Capital Inc., the Underwriters, the Manitoba Securities Commission, and both the former Directors and Managers of Crocus are being sued in a class action suit. For class action suit statement of claim information, see the following PDF file: http://www.crocuscanadianclassaction.ca/statement%20of%20claim.pdf
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