Abbey Spanier Rodd & Abrams, LLP Announces Proposed U.S. Class Action Settlement On Behalf Of Purchasers Of Common Stock Of Imax Corporation

Abbey Spanier Rodd & Abrams, LLP announced that United States District Court for the Southern District of New York has approved the following summary notice of a proposed U.S. class action settlement on behalf of purchasers of common stock of IMAX Corporation. The Settlement resolves certain claims asserted in a United States class action (the U.S. Action) against IMAX Corporation, Richard L. Gelfond, Bradley J. Wechsler, Francis T. Joyce, Kathryn A. Gamble and PricewaterhouseCoopers LLP, an Ontario Limited Liability Partnership (the Defendants). The Settlement consists of twelve million dollars ($12,000,000) in cash (the Settlement Amount). The purpose of the hearing is to determine whether the proposed Settlement with the Defendants, pursuant to which the Defendants will pay the above amount into a Settlement Fund in exchange for a release of claims against them, should be approved by the Court as fair, reasonable, adequate and in the best interests of the Class. At the hearing, the Court will also consider whether judgment should be entered dismissing all claims in the litigation against the Defendants with prejudice, plans of allocation to distribute the proceeds of the Settlement, a request by Lead Counsel for attorneys' fees in an amount up to 25% of the Settlement Fund and reimbursement of expenses in an amount not to exceed $1.75 million, and any other matters that may properly be brought before the Court in connection with the Settlement.