"TFS launched legal action against Taylor Collison in February, claiming a report by one of its analysts was misleading, deceptive and damaging to the company. But Master Sanderson examined the presentation – titled TFS Corporation (TFC): A Foray into Sandalwood Accounting, dated September 14, 2014 – in detail and found nothing in the document that could be regarded as misleading or deceptive.
"As I have said, the tone is sceptical and it is clear the author was less than enthusiastic about the plaintiff as an investment," Master Sanderson said in his judgement.
"But that is a far cry from putting to a reader false information, which in turn could lead to an adverse conclusion about the wisdom of investing in the plaintiff. Nor is there anything in the material which suggests the involvement of a third [party] … In my view any claim the plaintiff might bring would be entirely speculative and accordingly I am not satisfied discovery as sought by the plaintiff ought be ordered. The originating summons will be dismissed.
TFC Price at posting:
$1.31 Sentiment: Sell Disclosure: Held
