Socialabra Inc.

Status: Discontinued

TORONTO – MAY 22, 2026 – By Order dated May 22, 2026, the Ontario Superior Court of Justice approved the without-prejudice discontinuance of the class proceeding against Josef Zankowicz, effective that date. The action continues against Socialabra, Inc. and Stewart Davis.

TORONTO – March 3, 2024 – On March 3, 2024, the Court granted the Plaintiff’s motion for default judgment against Socialabra, Inc. and Stewart Davis in the amount of $277,000, plus interest for a total of $701,549.71, plus $30,000 in costs. The pleading was subsequently amended against Josef Zankowicz to assert a claim for negligent misrepresentation. The claim against Mr. Zankowicz remains outstanding, with the parties engaged in further discovery.

TORONTO – January 29, 2018 – The Court granted the Plaintiff’s motion for class certification against the Defendants, with causes of action under Part XXIII of the Ontario Securities Act, common law negligent misrepresentation, and breach of contract.

Case Background

This class action alleges that the Defendants released core documents and made statements containing misrepresentations about SociaLabra’s business operations, its core technology (Market Research Cloud), the intended use of capital raised through a Debenture offering, and associated 2014 pro forma revenue projections. The action also alleges misrepresentations by certain Individual Defendants regarding their own anticipated investment in that offering.

On June 16, 2014, SociaLabra Inc. conducted a private placement of convertible, interest-bearing debentures with a face value of $15,000 each. These debentures have since gone into default, and the Plaintiff and Class Members are seeking repayment plus accrued interest, along with the costs of this action.