Wilson Leung of Vancouver and Philippe Golin of Ottawa are leading a class-action lawsuit against Farmers Edge, claiming the company misled them and other investors.
The lawsuit filed in the British Columbia Supreme Court said the company was in deep debt when it tried to raise money from investors.
Farmers Edge is a digital company that offers farm services such as variable rate nutrition management and data management and analytics.
The lawsuit names chief executive officer, Wade Barnes, who founded the business, and founder and former CEO Wade Barnes and chief financial officer David Patrick plusFairfax Financial Holdings and several financial underwriters.
It seeks a total of $270 in restitutions and damages..
The statement of claim said the company owed a large debenture debt to Fairfax which was also its major shareholder.
The claim said Farmers Edgea was unable to secure additional capital at the time it launched its initial public offering in March 2021.
