Full opinion text
MEMORANDUM & ORDER DEARIE, District Judge. This case involves four separate actions arising out of allegedly fraudulent disclosures made by defendant CINAR Corporation (“CINAR” or “the Company”) and its officers in various public financial statements issued during the period from April 8, 1998 through March 10, 2000. The first suit, In re CINAR Corporation Securities Litigation, No. 00-CV-1086 (E.D.N.Y.2000), is a class action brought by plaintiffs who purchased shares of CINAR on the NASDAQ, the price of which they claim was artificially inflated by the allegedly fraudulent filings. The remaining three suits, Kelley v. CINAR Corporation, No. 1:00-CV-91-T (W.D.N.C.2000), Carson v. CINAR Corporation, No. 1:00-CV-626 (M.D.N.C.2000) and Hilderbrand v. CINAR Corporation, No. 01-CV-1985 (E.D.N.Y.2001) involve business owners in North Carolina and Ohio who sold their companies to CINAR in exchange for CINAR stock relying on the Company’s financial statements as an accurate indicator of its fiscal health. Plaintiffs in these four actions assert claims arising under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (the “Securities Act”) and Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, as well as various state law causes of action. In addition to these suits, a group of Canadian plaintiffs who bought CINAR stock on Canadian exchanges have brought suit in Canada, alleging similar causes of action. The Judicial Panel on Multidistrict Litigation consolidated the four actions brought by American plaintiffs and transferred them to this Court for pre-trial proceedings pursuant to 28 U.S.C. § 1407. Defendants move to dismiss on numerous grounds. Defendant CINAR moves to dismiss the Consolidated and Amended Class Action Complaint (“Class Action Complaint” or “CAC”) and the Kelley Complaint on grounds of comity and forum non conveniens. Defendants Ronald A. Weinberg and Micheline Charest move to dismiss the Class Action Complaint and Kelley Complaint on grounds of comity and forum non conveniens and move to dismiss the Kelley Complaint on additional grounds of insufficient service of process and failure to state a claim of fraud. Defendant Marie-Josée Corbeil moves to dismiss the Class Action Complaint on grounds of comity, forum non conveniens and lack of personal jurisdiction. Defendant Ernst & Young moves to dismiss the Class Action Complaint on grounds of comity, forum non conveniens and failure to comply with Rule 9(b). CINAR moves to dismiss the Carson Complaint on grounds of comity, forum non conveniens and failure to state a claim under the North Carolina Unfair Trade Practices Act. Weinberg and Charest move to dismiss the Carson Complaint on grounds of comity, forum non conveniens and failure to state a claim of fraud. Defendant Panju moves to dismiss the Carson Complaint on grounds of comity, forum non conveniens, lack of personal jurisdiction, failure to comply with Rule 9(b), failure to state a claim of control person liability under Section 20(b) of the Exchange Act and failure to state a claim of fraud. Finally, CINAR moves to dismiss the Hilderbrand Complaint on grounds of comity and forum non conveniens. BACKGROUND The Defendants Defendant CINAR is a Canadian corporation that develops, produces and distributes non-violent programming and educational materials for children both in Canada and abroad. Founded in 1976, it is incorporated under the laws of Quebec and maintains its principal place of business in Montreal, Quebec, Canada. CINAR Holdings, Inc. and CINAR Education, Inc., both incorporated in Delaware, are wholly owned subsidiaries of CINAR. Defendants Ronald A. Weinberg and Micheline Charest, a married couple, co-founded CINAR. From 1994 until 2000 Weinberg served as CINAR’s President and Co-Chief Executive Officer, and Char-est served as its Chairman of the Board and Co-Chief Executive Officer. Both became Directors of CINAR in 1984 and were members of the Management Committee. Defendant Hasanain Panju became CI-NAR’s Corporate Comptroller in 1994 and was then made Vice-President of Finance in 1995. In 1996, Panju was named CI-NAR’s Chief Financial Officer. Panju became a Director of CINAR in 1995 and was a member of the Management Committee. Defendant Marie-Josée Corbeil was a Vice-President of CINAR and served as its General Counsel. Corbeil was also a Director of CINAR and a member of the Management Committee. Defendant Ernst & Young (“E & Y”) served as CINAR’s outside auditors since 1992 and audited its financial statements for the fiscal years ending November 30, 1997 and November 30, 1998. E & Y’s unqualified audit opinions on CINAR’s 1997 and 1998 financial statements appeared in the 1999 Registration Statement, which gives rise to several of the class action claims. In re CINAR CINAR became a publically-traded company in September 1993. CINAR initially sold its shares only on the Montreal and Toronto exchanges, but it began trading in the United States on the NASDAQ in July 1994. Since 1994, CINAR has issued stock in four subsequent offerings: in April 1995, in July 1996, in September 1997 and in March 1999. See id. ¶ 44. In connection with these stock issuances, Weinberg and Charest made several trips to New York and North Carolina, among other places, to attend meetings with investors and to participate in “road shows” designed to promote CINAR stock in the United States. See Aff. of Peter Lerner ¶¶ 4, 5A. The last two of these offerings, which fell within the period from April 1997 to March 2000 that is the subject of this class action, were largely directed to buyers in the United States. Under the terms of the Underwriting Agreement for the September 1997 stock offering, the U.S./International Underwriters were to sell 2.7 million of the 3.1 million shares issued and were prohibited from selling in Canada or to Canadian citizens. Under a similar agreement for the March 1999 stock offering, the same underwriters were to sell more than 5.4 million of the 7 million shares issued and were again forbidden to sell in Canada or to Canadian citizens. See CAC ¶¶ 18, 44. Over the course of that same time period, CINAR issued several press releases, published financial reports and submitted SEC filings, all of which form the basis for the Class Plaintiffs’ causes of action. The gravamen of the Class Action Complaint is that these statements and releases contained inflated estimates of CINAR’s financial position because they took into account improperly claimed tax credits and did not record unauthorized related party transactions and off-shore investments. CAC ¶¶ 3,108-09. This information began to surface on October 15, 1999, when press reports circulated that Canadian authori-tiés were conducting an investigation into alleged tax fraud on the part of CINAR. The investigation focused on whether CI-NAR had availed itself illegally of an incentive plan that granted tax credits to Canadian television productions that programmed Canadian-authored content. According to the reports, CINAR had falsely attributed several scripts written by American authors to Canadians in order to receive the tax benefit. CINAR’s Class B stock price dropped from $28.00 per share to $22.125 per share by the close of the day’s trading. In response to this decline, CINAR announced that any tax liability would be minimal and that its Audit Committee would conduct an inquiry into the matter. CINAR’s stock price gradually rose again to $27.3875 per share as of February 18, 2000. See CAC ¶¶ 5-7. On February 18, 2000, CINAR issued a press release stating that the “financial and accounting impacts” of its investigation would be “greater than initially anticipated.” CAC ¶ 8. CINAR’s stock price once again fell, experiencing a one-day loss of 27%, down to $17.9375 per share from $24.625 per share. On March 6, 2000, CINAR announced that its investigation had determined that “approximately U.S. $122 million of its funds had been invested overseas without the approval of its Board of Directors” and that continued inquiry into these matters might cause CINAR to miss the deadline to file its 1999 financial statements. CAC ¶ 9. The March 6 release further stated that defendant Panju had been terminated as an officer and employee of the Company. The fallout from this disclosure was immediate. Defendants Weinberg and Charest resigned as Co-Chief Executive Officers and CI-NAR’s stock price once again dropped precipitously, down $12.62 per share to close at $5.75 per share by the end of trading on March 7 — a 70% one-day loss. Canadian and American stock exchanges stopped all trading of CINAR stock on March 8, 2000, and on March 10, 2000, CINAR announced that it would be revising its financial reports for fiscal years 1997 and 1998 and the first three quarters of fiscal year 1999 due to evidence of tax fraud, non-disclosure of related party transactions and unauthorized investments revealed by its internal investigation. See id. ¶¶ 8-12. As a result of these disclosures, Canada Customs and Revenue Agency and the Quebec provincial tax authorities initiated civil investigations into CINAR’s improperly obtained tax credits. The Royal Canadian Mounted Police (“RCMP”) also commenced criminal investigations concerning possible tax fraud and, in April 2000, filed court papers in connection with its investigation alleging that CINAR had improperly received $7.8 million (Cdn.) in tax credits. CAC ¶ 48. During the course of these investigations and those by CI-NAR’s Audit Committee, it was discovered that CINAR had indeed obtained tax credits to which it was not entitled. The investigations revealed that Helene Charest, the sister of defendant Micheline Charest and a Canadian citizen, had signed several American authored scripts under the pseudonym “Erica Alexandre,” a name formed from the names of Weinberg and Charest’s two children. The investigations further revealed that Thomas LaPierre also lent his name to American authored scripts. LaPierre also claims that the defendants asked him to draw up sub-contracts for American authors. CAC ¶¶ 46-47. On December 19, 2000, CINAR admitted that it had improperly obtained tax credits and announced that it had agreed to pay the Canadian federal government approximately $5.1 million (Cdn.), abandon all claims for tax credits equaling roughly $6 million (Cdn.) and acknowledge an additional tax liability of approximately $3.7 million (Cdn.). CINAR also announced that it had agreed to pay the Quebec government roughly $7.9 million (Cdn.), abandon claims for tax credits equaling $3.6 million (Cdn.) and acknowledge an additional tax liability of approximately $1.1 million (Cdn.). See Aff. of Neil L. Selinger, Ex.l (“Selinger Aff._”). The class action plaintiffs (“Class Plaintiffs”) bring suit on behalf of themselves and a class of all persons who purchased shares of CINAR Class B stock on the NASDAQ exchange from April 8, 1997, when CINAR announced its financial results for the first quarter ending February 28, 1997, through and including March 10, 2000 and on behalf of two sub-classes: (1) all persons who purchased CINAR stock issued in the 1997 Offering pursuant to the 1997 Registration Statement and through the U.S./International Underwriters as defined therein and (2) all persons who purchased CINAR stock issued in the 1999 Offering pursuant to the 1999 Registration Statement and through the U.S./International Underwriters as defined therein. CAC ¶ 33. Plaintiffs allege that defendants misled the investing public by issuing materially false financial statements, press releases and other public filings concerning CINAR’s financial position. Plaintiffs specifically target CINAR’s 1997 and 1999 SEC Registration Statements in which the defendants submitted false statements in connection with offerings of 3.1 million Class B shares in 1997 and 7 million Class B shares in 1999, the vast majority of which were sold to United States or other non-Canadian citizens. According to plaintiffs, these filings overstated CINAR’s revenues and earnings, neglected to disclose unauthorized offshore investments and failed to record related party transactions in accordance with U.S. and Canadian Generally Accepted Accounting Principles (“GAAP”). Such misstatements, it is alleged, artificially inflated CINAR’s stock price and constituted fraud-on-the-market. Class Plaintiffs plead eight causes of action against CINAR, Weinberg, Charest, Panju, Corbeil and CINAR’s auditors, E & Y. Count One alleges that CINAR, Weinberg, Charest and Panju violated Section 10(b) of the Securities Exchange Act of 1934. (“Exchange Act”), 15 U.S.C. § 78j(b), and Rule 10b-5 promulgated thereunder, 17 C.F.R. 240.10b-5. Count Two alleges that Weinberg, Charest and Panju were “controlling persons” of CINAR and are liable under Section 20(a) of the Exchange Act, 15 U.S.C. § 78t(a). Counts Three, Four and Five allege that some or all of defendants CINAR, Weinberg, Charest and Panju are liable under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 (“Securities Act”), 15 U.S.C. §§ 77k(a), 771(a)(2), 77o, for omissions and misstatements in the 1997 Registration Statement. Counts Six, Seven and Eight allege that some or all of defendants CI-NAR, Weinberg, Charest, Panju, Corbeil and E & Y are liable under Sections 11, 12(a)(2), and 15 of the Securities Act for omissions and misstatements in the 1999 Registration Statement. Kelley v. CINAR In 1986, Phillip Kelley, Kathy Kelley, Michael Mayberry and Sharon Mayberry (the “Kelley Plaintiffs”) founded Hi-ghReach Learning, Inc. (“HighReach”), a North Carolina company that manufactures and distributes children’s educational materials. Each of the four plaintiffs owned twenty-five percent of the company’s stock. In January 1998, CINAR and CINAR’s wholly owned Delaware subsidiary, CINAR Education, offered to purchase HighReach. The companies entered into negotiations. Defendant Weinberg, who represented CINAR in this transaction, traveled to North Carolina and New York on several occasions to arrange the deal. During these negotiations, Weinberg provided the Kelley Plaintiffs with copies of CINAR’s financial statements and represented that they reflected an accurate picture of the Company’s financial position. See Kelley Am. Compl. ¶¶ 13-20. On May 26, 1998, CINAR and the Kelley Plaintiffs finalized the deal and signed a Stock Purchase Agreement (“Kelley SPA”). According to the Kelley SPA, the Kelley Plaintiffs sold 689 shares of Hi-ghReach stock to CINAR Education in exchange for $18 million in cash, and sold the remaining 311 shares to CINAR for 422,000 shares of CINAR Class B stock. At the time, CINAR Class B stock was trading at $19 per share. CINAR represented in the Kelley SPA that their SEC filings “did not contain any untrue statement of a material fact” and that the financial statements included in the SEC filings “fairly presented] the consolidated financial position of CINAR.” Id. ¶¶ 24-25. It was further stipulated that all representations and warranties made by CINAR in the Kelley SPA would continue for three years after the closing date. Id. ¶ 27. After the disclosures of October 1999 through March 2000 described above, CI-NAR’s stock price tumbled and the NASDAQ halted trading. Plaintiffs claim that the fraudulent financial statements artificially inflated CINAR’s stock price and allowed CINAR to exchange fewer of its Class B shares in its purchase of HighReach. The Kelley Plaintiffs plead six causes of action against CINAR, Weinberg and Charest. Count One alleges that CINAR, Weinberg and Charest violated Section 10(b) of the Exchange Act. Count Two alleges that Weinberg and Charest were “controlling persons” of CINAR and are liable under Section 20(a) of the Exchange Act. Count Three alleges that all defendants violated the North Carolina Securities Act, N.C. Gen.Stat. § 78A-1, et seq. Counts Four and Five allege common law fraud and negligent misrepresentation against all defendants. Count Six alleges breach of contract against CINAR. Carson v. CINAR In 1976, Stephen Carson, Patricia Carson and Janet Dellosa (the “Carson Plaintiffs”) founded Carson-Dellosa Publishing Inc. (“Carson-Dellosa”), a North Carolina company that produces and distributes educational materials for classroom use. In 1996, CINAR approached the Carson Plaintiffs to purchase Carson-Dellosa as well as two other companies in which the Carson Plaintiffs had an interest, The Wild Goose Company (“Wild Goose”) and Unique Collating Service, Inc. (“Unique”). At various times in 1997, Weinberg, Char-est and Panju traveled to North Carolina to convince the Carson Plaintiffs to sell Carson-Dellosa. Plaintiffs allege that throughout this period they were in frequent contact with both Weinberg and Panju by phone. During negotiations, defendants made several representations to the Carson Plaintiffs concerning the soundness of CINAR’s financial position and stock price. For example, despite plaintiffs’ desire to receive cash for the sale of Carson-Dellosa, Weinberg and Panju both told plaintiffs that it would be a better financial decision to accept CINAR stock in lieu of cash. Weinberg and Panju urged plaintiffs to consider CINAR’s recent market performance as an indication of the projected future value of its stock and stated that, based on the facts known to them, they expected the value of CI-NAR stock to rise over the next two to three years. Defendants also provided plaintiffs with several of CINAR’s financial reports, including the CINAR Annual Reports for 1994, 1995 and 1996, Management Proxy Circulars from 1995, 1996 and 1997, and the 1997 Interim Report for the First Quarter ending February 28, 1997, all of which plaintiffs claim misstated CI-NAR’s financial position for the reasons already explained. See Carson Am. Compl. ¶¶ 14-22. Relying on these statements and the accuracy of the market price of CINAR stock, the Carson Plaintiffs agreed to sell their interest in Carson-Dellosa to CINAR and CINAR Holdings in exchange for $22,151,100 in cash and CINAR stock then worth $16 million. Plaintiffs also sold their interest in Wild Goose and Unique to CINAR for cash, bringing the transaction’s total value up to approximately 40.5 million. On July 28, 1997, the two parties set out these terms in a Stock Purchase Agreement (“Carson SPA”) executed in North Carolina in which CINAR expressly warranted the accuracy of its financial statements and SEC filings. Id. ¶¶ 29-36. The Carson SPA expressly stated that “all forms, reports, registration statements and documents required to be filed by [CI-NAR] with the [SEC] ... did not contain any untrue statement of a material fact or fail to state a material fact required to be stated therein” and that “[t]he audited financial statements and audited interim financial statements included [in the SEC filings] ... fairly present the consolidated financial position of CINAR.” Id. ¶¶ 36-37. CINAR also represented in the Carson SPA that since November 30, 1996, there had been no “material adverse change” to CINAR’s business. Id. ¶ 38. As part of the transaction, the Carson Plaintiffs also entered into employment contracts with Carson-Dellosa that prohibited them from competing with Carson-Dellosa anywhere in the world for two years after termination of their employment. See id. ¶ 35. After the disclosures of October 1999 through March 2000 described above, CINAR’s stock price fell drastically. Plaintiffs claim that defendants fraudulently induced them to enter into the Carson SPA by knowingly making false representations in their financial statements and in other disclosures. The Carson Plaintiffs plead eight causes of action against CINAR, Weinberg, Char-est and Panju. Count One alleges that CINAR, Weinberg, Charest and Panju violated Section 10(b) of the Exchange Act. Count Two alleges that Weinberg, Charest and Panju were “controlling persons” of CINAR and are liable under Section 20(a) of the Exchange Act. Count Three alleges that all defendants violated the North Carolina Securities Act. Counts Four and Five allege common law fraud and negligent misrepresentation against all defendants. Count Six alleges breach of contract against CINAR. Count Seven alleges that Weinberg, Charest and Panju aided and abetted fraud. Count Eight alleges violation of the North Carolina Unfair Trade Practices Act against all defendants, N.C. Gen.Stat. § 75-1.1. Hilderbrand v. CINAR In 1987, Karen Hilderbrand and Kim Thompson (the “Hilderbrand Plaintiffs”) founded Twin Sisters Productions (“Twin Sisters”), an Ohio company that produces and distributes children’s educational materials and musical products. See Hilderb-rand Compl. ¶ 16. In the middle of 1999, CINAR and CINAR Education approached the Hilderbrand Plaintiffs to express their interest in purchasing Twin Sisters, which already had been approached by a rival company, IFG. From that time through February 2000, defendant Panju was in contact with plaintiffs by telephone and met with plaintiffs on several occasions, including once in Ohio. Defendant Weinberg also met with plaintiffs in Montreal and Ohio. Both Panju and Weinberg represented that defendant Charest had knowledge of the terms of sale as proposed by Panju and Weinberg. When both CINAR and IFG offered a purchase price of $9 million, CINAR further offered to pay the Hilderbrand Plaintiffs $2.5 million in additional consideration over the course of four years if Twin Sisters met particular earning targets for each year and if the Hilderbrand Plaintiffs relinquished their pre-existing royalty agreements. The earning targets were calculated on the basis of the past performance of Twin Sisters and factored in a projected increase that would result from promised capital contributions and a central distribution center, each to be supplied by CINAR following the sale. The additional consideration would be in the form of CINAR stock. CINAR further offered to retain the Hilderbrand Plaintiffs as employees of Twin Sisters after the sale and pay them CINAR stock options as part of their employment agreements. See id. ¶¶ 24-33, 44-48. On February 22, 2000, the parties executed a Stock Purchase Agreement (“Hil-derbrand SPA”) and two Employment Agreements (“Hilderbrand EAs”) setting out these terms. Plaintiffs claim that during the negotiations over the Hilderbrand SPA and Hilderbrand EAs defendant Pan-ju, with the knowledge and consent of Weinberg and Charest, made several false statements concerning CINAR’s financial position and, in doing so, fraudulently induced them into signing the agreements. These included promises of a new distribution center and financial backing, as well as oral assurances by defendant Panju that the various financial statements of 1997 and 1998 provided to the Hilderbrand Plaintiffs represented an accurate picture of CINAR’s financial health and that the reports of tax fraud that had begun to circulate at that time were baseless. See id. ¶¶ 28, 35-42. The Hilderbrand Plaintiffs plead three causes of action against CINAR, Weinberg, Charest and Panju. Counts One and Two allege common law fraud and negligent misrepresentation. Count Three alleges grounds for a preliminary injunction to preclude CINAR from selling its educational division, including Twin Sisters, until the Hilderbrand SPA and the Hil-derbrand EA are reformed to provide for payment of additional consideration. DISCUSSION When considering a motion to dismiss under Rule 9(b) or Rule 12(b)(6), a court must presume the facts alleged in the complaint to be true, and draw all factual inferences in favor of the plaintiff. In re Livent, Inc. Sec. Litig., 78 F.Supp.2d 194, 199-200 (S.D.N.Y.1999). This presumption is inapplicable, however, to motions to dismiss on grounds of international comity and forum non conveniens which address the court’s subject matter jurisdiction. See id. at 200 (“The presumption on factual inferences does not apply to a forum non conveniens motion.”). Accordingly, the Court may take into account “the pleadings and any evidence before it, such as affidavits.” Id. (quoting Cargill Int’l S.A. v. MIT PAVEL DYBENKO, 991 F.2d 1012, 1019 (2d Cir.1993)). A. International Comity Defendants argue that all of the actions before the Court are inherently Canadian disputes and should be dismissed for reasons of international comity in favor of a class action already proceeding in Canada. Defendants contend that resolution of the case will involve interpreting complex provisions of the Canadian and Quebec tax laws — a task that is better left to Canadian courts. In exercising jurisdiction, the Court may also risk entanglement with ongoing Canadian civil and criminal investigations into CINAR’s conduct. In addition, because the tax credit program is a hotly-contested and widely-publicized political issue in Canada, the Court would be injecting itself into a volatile local controversy. Plaintiffs counter that the focus of their respective complaints is not CINAR’s duplicity with Canadian tax authorities, but rather the fraudulent statements made to American investors in connection with their secondary stock offerings on the NASDAQ and stock purchase agreements with American companies. Thus, according to plaintiffs, the actions have an American locus rather than a Canadian one. Moreover, plaintiffs observe that the Court will not have to interpret Canadian tax laws because CINAR has already admitted to Canadian authorities that it improperly received tax credits. The Supreme Court defined comity as “the recognition which one nation allows within its territory to the legislative, executive or judicial acts of another nation.” Hilton v. Guyot, 159 U.S. 113, 164, 16 S.Ct. 139, 40 L.Ed. 95 (1895). According to this principle, “United States courts ordinarily refuse to review acts of foreign governments and defer to proceedings taking place in foreign countries, allowing these acts and proceedings to have extraterritorial effect in the United States.” Pravin Banker Assocs. v. Banco Popular Del Peru, 109 F.3d 850, 854 (2d Cir.1997). Courts should take special care to avoid potential conflicts and entanglements in the area of international relations. See In re Maxwell Communication Corp., 93 F.3d 1036, 1047 (2d Cir.1996). Courts will not yield to foreign proceedings, however, if deferring would “be contrary to the policies or prejudicial to the interests of the United States.” Pravin, 109 F.3d at 854. The parties dispute the governing standard for dismissal on grounds of international comity. Plaintiffs contend that defendants must first demonstrate that a “true conflict” exists between United States law and Canadian law such that it would be impossible for a person to comply with the directives of both. Only after the defendants have satisfied this threshold inquiry is the Court then to assess the strength of each country’s interest in the litigation according to a seven factor balancing test outlined in the Restatement (Third) of Foreign Relations. See Class Pis.’ Mem. of Law in Opp’n at 24-25 (“Class Pis.’ Opp. at _”). Defendants maintain that a “true conflict” need not exist for the Court to dismiss and that the correct balancing test to apply is not the Restatement factors, but rather the seven factor inquiry set out in Timberlane Lumber Co. v. Bank of America, 749 F.2d 1378 (9th Cir.1984). See Def. CINAR Corp.’s Reply Mem. of Law in Supp. at 2-8 (“CI-NAR Reply at_”). 1. “True Conflict” In In re Maxwell, the Second Circuit stated that a “true conflict” is, indeed, a threshold requirement and that such a conflict exists between two countries only if the laws of one “require conduct that violates [the laws of the other].” In re Maxwell, 93 F.3d at 1049-50. In adopting this requirement, the In re Maxwell court relied on the Supreme Court’s decision in Hartford Fire Ins. Co. v. California, 509 U.S. 764, 798-99, 113 S.Ct. 2891, 125 L.Ed.2d 612 (1993). In Hartford Fire, the Supreme Court declined to dismiss the suit on grounds of comity, thereby allowing application of the Sherman Act to London reinsurers. See id. After finding that no true conflict existed because it was possible “[to] comply with the laws of both [the United States and Britain],” the Court refused to deliberate further on the issue, stating “[w]e have no need in this litigation to address other considerations that might inform a decision to refrain from the exercise of jurisdiction on grounds of international comity.” Id. at 799, 113 S.Ct. 2891. The crux of the “true conflict” dispute lies in the interpretation of this statement. Defendants argue that the Court’s mention of “other considerations” indicates that there are contexts in which a “true conflict” is not necessary for courts to abstain. In support, defendants cite a pre-In re Maxwell case that refused to extend the “true conflict” requirement to trademark cases. See Sterling Drug, Inc. v. Bayer, 14 F.3d 733, 746-47 (2d Cir.1994) (stating “[t]hough the Court’s approach to the comity issue might not be limited to the antitrust context, we think it is not automatically transferable to the trademark context.”) (cited with approval in In re Maxwell). Plaintiffs counter that this is merely a refusal by the Court to analyze the balancing test factors because the lack of a true conflict was dispositive of the issue. See Carson Pis.’ Mem. of Law in Opp’n at 9-10. The Court agrees with plaintiffs’ position. At least one court in the Second Circuit has agreed with this interpretation. See Trugman-Nash, Inc. v. New Zealand Dairy Bd., 954 F.Supp. 733, 737 (S.D.N.Y.1997). Moreover, even if Sterling Drug leaves open the possibility that some contexts might not require a “true conflict,” no court in the Second Circuit has held that securities fraud cases like this invite such special considerations. Finally, ever since In re Maxwell, courts in the Second Circuit have been consistent in affirming a “true conflict” threshold. See Filetech v. France Telecom, 157 F.3d 922, 932 (2d Cir.1998); Bodner v. Banque Paribas, 114 F.Supp.2d 117, 129-30 (E.D.N.Y.2000); Trugman-Nash, 954 F.Supp. at 736-37. Defendants’ citation of Bigio v. Coca-Cola Co., 239 F.3d 440 (2d Cir.2000); Jota v. Texaco, Inc., 157 F.3d 153 (2d Cir.1998) and Pravin in support of their argument is unpersuasive. While these cases do not specifically mention a “true conflict” requirement, they do not refute it either. See Bigio, 239 F.3d at 454-55; Jota, 157 F.3d at 160 (both stating that the district court on remand should consider whether the foreign court constitutes an adequate forum, but neglecting to mention the “true conflict” threshold); see also Pravin, 109 F.3d at 854-55 (affirming the district court’s exercise of jurisdiction because declining to do so would have been contrary to United States policy, but not alluding to the existence of a “true conflict”). Defendants do not maintain that it would be impossible for them to comply with both American securities law and Canadian tax law. Defendants are thus unable to meet the “true conflict” threshold, a fact that, by itself, would militate against dismissal. See In re Maxwell, 93 F.3d at 1049-50; Hartford Fire, 509 U.S. at 798-99, 113 S.Ct. 2891. Even if the Court were to consider issues of potential conflict as only one factor in a multifaceted balancing test, as defendants suggest, defendants still cannot demonstrate a likelihood of significant conflict if proceedings were to continue in both countries. Defendants assert that, should the Court retain jurisdiction in this matter, it will be required to interpret complex Canadian tax laws. While it is undoubtedly true that Canadian courts have more experience interpreting these laws, there is no indication that this Court’s application of those laws will conflict with previous Canadian precedent. Certainly this Court will not be called upon to apply laws that are in direct opposition to Canadian law. The point is therefore directed more to the Court’s expertise in these matters— a concern that is more appropriately considered in a forum non conveniens analysis. To the extent it impacts the comity analysis, though a valid concern, it does not create a conflict or circumstance meriting dismissal. See Manu Int’l, S.A. v. Avon Prods., Inc., 641 F.2d 62, 67-68 (2d Cir.1981) (“[District courts] must guard against an excessive reluctance to undertake the task of deciding foreign law, a chore federal courts must often perform.”). More importantly, the extent to which this Court will be interpreting Canadian tax law is not great. CINAR has already admitted to Canadian authorities that it improperly claimed the tax credits at issue. See Selinger Aff., Ex. 1. It is entirely likely, given the scope of the admission, that the Court will not have to address whether CINAR’s improperly claimed credits extended beyond what it already conceded. Defendants contend that despite CINAR’s admission, issues still remain as to “scienter, due diligence and causation” that would require analysis of Canadian tax laws. As for issues related to damages and causation, plaintiffs correctly pointed out at oral argument that such issues would require expert testimony regardless of where the case was brought. See Tr. of Oral Argument at 14-15. With respect to scienter, it is true that CINAR’s agreement with the Canadian tax authorities does not by itself prove that particular defendants acted with fraudulent intent. Nevertheless, deciding issues of intent is not as complex as deciding whether a company qualifies for a particular tax benefit. The question is simply whether they knew they were improperly claiming tax credits. Answering this hardly requires close familiarity with the intricacies of Canadian tax law. Defendants also claim that the Court’s involvement could also compromise Canadian civil and criminal investigations, which have garnered considerable media attention in Canada. The Court does not see any serious conflict and defendants have offered only vague suggestions as to how it might occur, stating that “inconsistent or expansive rulings” might cause problems. CINAR Reply at 13. A decision from this Court will do little to undermine Canadian civil investigations because CINAR has already reached a settlement with the regulatory authorities. See Sel-inger Aff., Ex. 1. In the unlikely event that this Court decides that CINAR’s impropriety extended beyond what it has already conceded, it is difficult to see how such a ruling would cause enough tension to warrant a comity dismissal. Canadian civil authorities have already resolved the matter to their satisfaction. The possibility that this Court may decide that the Canadian government was entitled to a little more should not cause any great uproar. To the extent that a ruling of this Court may impact any Canadian criminal investigations, the Court finds that such concerns do not rise to a sufficient level to implicate concerns of comity. Moreover, Canadian authorities, to this point, have expressed no concerns with this Court’s retention of jurisdiction. 2. Balancing Tests Even if defendants could show that a “true conflict” exists or that a “true conflict” is not necessary for dismissal, they cannot demonstrate that the other comity factors weigh in favor of dismissal, regardless of which balancing test is used. Defendants contend that the applicable law in this circuit is the test found in Timber-lane. Plaintiffs maintain that the controlling factors are found in the Restatement (Third) of Foreign Relations. The In re Maxwell court cited and applied the Re-statement factors as controlling law. See In re Maxwell, 93 F.3d at 1048. However, courts in the Second Circuit, both before and after In re Maxwell, have applied or endorsed the Timberlane factors. See O.N.E. Shipping Ltd. v. Flota Mercante Grancolombiana, 830 F.2d 449, 451 (2d Cir.1987); Trugman-Nash, 954 F.Supp. at 737. The dispute is pointless for two reasons. First, the two tests are almost identical, for all intents and purposes. Indeed, the Second Circuit in Filetech seemed to indicate that the two tests should be read together as one seven-factored test. See Filetech, 157 F.3d at 928-29. Second, regardless of which test is used, the defendants cannot demonstrate that dismissal is warranted. Under the Timberlane test the court must balance the following factors: (1) the degree of conflict with foreign law or policy, (2) the nationality or allegiance of the parties and the locations or principal places of business or corporations, (3) the extent to which enforcement by either state can be expected to achieve compliance, (4) the relative significance of effects on the United States as compared with those elsewhere, (5) the extent to which there is explicit purpose to harm or effect American commerce, (6) the foreseeability of such effect, and (7) the relative impor-tanee to the violations charged of conduct within the United States as compared with conduct abroad. Timberlane, 749 F.2d at 1383-86. The first of these factors (Restatement § 403(2)(h)) has already been addressed in the discussion of the “true conflict” threshold. No legitimate conflict exists with Canadian law or Canadian investigations. The Court adds only that the Restatement specifically mentions that the mere fact that one state has already begun judicial proceedings, while relevant to evaluating Sections 403(2)(g) and (h), does not automatically counsel for dismissal. See Restatement (Third) Foreign Relations Law § 403, Comment d. Moreover, the only parallel proceeding in Canada is the Canadian class action. No parallel Canadian suit exists for the Kelley, Carson or Hil-derbrand plaintiffs’ claims. The second Timberlane factor favors neither side. CINAR is a Canadian company and the named defendants are all Canadian citizens. The plaintiffs are American citizens. CINAR’s argument that the suit is about tax fraud and therefore has an entirely Canadian nexus is unpersuasive. The suit is rather about CINAR’s fraudulent disclosures to American investors. There is just as much of an American nexus as there is a Canadian nexus. The Restatement test is even stronger on this point. While Section 403(2)(b) might be neutral like the second Timberlane factor, Section 403(2)(a) specifically looks for a link between “the activity and the territory of the regulating state.” Restatement § 403(2)(a) (emphasis added). The relevant activity here was defendants’ pursuit of American investors in the United States — listing its securities on the NASDAQ, attending “road shows,” etc.— and its false statements to those same investors and to American authorities. The third through sixth factors either favor the plaintiff or do not add significant weight to defendants’ argument for dismissal. Both the United States and Canada could surely achieve compliance. The effect of the securities fraud was greater here than in Canada. CINAR’s tax liability in Canada totaled $8.7 million, while its damage to American investors ranges in the hundreds of millions of dollars. See Tr. Oral Argument at 51. There is no indication that defendants explicitly sought to harm American commerce, but it is worth noting that defendants did target primarily American investors in the 1997 and 1999 stock offerings and specifically sought out American companies for acquisition. Moreover, defendants could easily foresee that by registering its securities on the NASDAQ and by negotiating stock purchase agreements with American companies in the United States, any fraudulent statements it made would certainly have an affect here. Thus, these four factors do little to support the case for dismissal. Finally, the seventh factor favors maintaining jurisdiction. Once again, CINAR asserts that this case, at its core, implicates the validity of the Canadian tax credit scheme, and as such, the importance of this suit is far greater in Canada than in the United States. CINAR further argues that asserting jurisdiction in this suit would be placing American interests in enforcing its securities laws over an issue of national importance to Canada and would seem to make any foreign fraud an American concern so long as it involved American investors. Again, defendants are alluding to a conflict that does not exist. This Court’s ruling will not affect the debate over the tax credit scheme. Nor is the United States asserting jurisdiction over a primarily local dispute. To say the least, the fraud occurred here as much as it did in Canada. Accordingly, the United States has a legitimate interest in enforcing its securities laws. Thus, defendants have a fairly weak case for dismissal under the Timberlane test and an even weaker one under the Restatement. A dismissal on grounds of comity is therefore denied. B. Forum Non Conveniens In contrast to international comity, the applicable standard for forum non conve-niens dismissals is more established, having been outlined in the companion cases Gulf Oil Corp. v. Gilbert, 330 U.S. 501, 67 S.Ct. 839, 91 L.Ed. 1055 (1947) and Roster v. (American) Lumbermens Mut. Cas. Co., 330 U.S. 518, 67 S.Ct. 828, 91 L.Ed. 1067 (1947). See Piper Aircraft Co. v. Reyno, 454 U.S. 235, 241, 102. S.Ct. 252, 70 L.Ed.2d 419 (1981); Guidi v. Inter-Continental Hotels Corp., 224 F.3d 142, 145-46 (2d Cir.2000). In order to prevail, the defendant must first show that an adequate alternative forum exists and is available to the plaintiffs. After this has been established, the Court must then balance the various public interest and private interest factors discussed in Gilbert to determine whether dismissal is warranted. See Wiwa v. Royal Dutch Petroleum Co., 226 F.3d 88, 100 (2d Cir.2000); Peregrine Myanmar Ltd. v. Segal, 89 F.3d 41, 46 (2d Cir.1996). The burden lies with the defendant, see Wiwa, 226 F.3d at 100, and it is considerable. “[T]he plaintiffs choice of forum should rarely be disturbed.” Gilbert, 330 U.S. at 508, 67 S.Ct. 839. Although the bar is not so high such that defendants must show “unusually extreme circumstances,” see Allstate Life Ins. Co. v. Linter Group Ltd., 994 F.2d 996, 1000-01 (2d Cir.1993), the plaintiffs choice of forum “will not be overcome unless the relevant private and public interest factors weigh heavily in favor of trial in the alternative forum.” R. Maganlal & Co. v. M.G. Chem. Co., 942 F.2d 164, 167 (2d Cir.1991); Alfadda v. Fenn, 159 F.3d 41, 46 (2d Cir.1998) (citing R. Maganlal). Ordinarily, a court should dismiss only if “the chosen forum would ‘establish oppressiveness and vexation to a defendant ... out of all proportion to plaintiffs convenience.’ ” Piper, 454 U.S. at 241, 102 S.Ct. 252 (quoting Roster, 330 U.S. at 524, 67 S.Ct. 828). 1. Degree of Deference Owed to Plaintiffs’ Chosen Forum Recently the Second Circuit has devoted a great deal of attention to the question of how much deference is owed to a plaintiffs choice of forum. See Guidi, 224 F.3d at 145-47; Wiwa, 226 F.3d at 99-103; DiRienzo v. Philip Servs. Corp., 232 F.3d 49, 60-63 (2d Cir.2000). Even more recently, the Second Circuit issued an en banc opinion to clarify, in light of these three decisions, the Circuit’s position on the following question: “[W]hat degree of deference should the district court afford a United States plaintiffs choice of forum where that forum is different from the one in which the plaintiff resides[?]” Iragorri v. United Techs. Corp., 274 F.3d 65, 69 (2d Cir.2001). Because the plaintiffs in the Kelley, Carson and Hilderbrand actions, as well as many of the Class Plaintiffs, reside outside of the Eastern District of New York, this Court must consider how Iragorri impacts the instant case. The Iragom Court was primarily concerned with differentiating between plaintiffs with genuine connections to the chosen forum and plaintiffs whose selection of a particular forum was “motivated by forum-shopping reasons.” Id. at 71-72. As the court stated, “[W]e give greater deference to a plaintiffs forum choice to the extent that it was motivated by legitimate reasons ... and diminishing deference to a plaintiffs forum choice to the extent that it was motivated by tactical advantage.” Id. at 73. This sliding-scale approach yields a rather straightforward result for most of the plaintiffs involved in these actions. The Kelley Plaintiffs and the Carson Plaintiffs originally filed their respective law suits in their home fora — the Western District of North Carolina and the Middle District of North Carolina, respectively. These plaintiffs are before this Court only because their cases were consolidated and transferred here by the Judicial Panel on Multidistrict Litigation. The Hilderbrand Plaintiffs are similarly situated. Although they brought their action directly in the Eastern District of New York, instead of their home forum in Ohio, they did so only because the Kelley and Carson actions had already been consolidated with the class action and transferred to this Court. Rather than filing a law suit in their home forum that would invariably be transferred, the Hilderbrand Plaintiffs quite logically decided to avail themselves of diversity jurisdiction and file in this Court at the outset. See Hilderbrand Compl. ¶¶ 3-4. As anticipated, their action was consolidated with the others. Hence, the Kelley, Carson and Hilderbrand Plaintiffs are now before this Court for reasons that are entirely legitimate and their choice of forum is entitled to a high degree of deference. See Iragorri, 274 F.3d at 73. The only plaintiffs that bear further scrutiny under the Iragorri standard are the Class Plaintiffs. Certainly it is true that many of the Class Plaintiffs do not reside in this district. Yet this fact does not by itself indicate that they have come before this Court harboring an impermissible tactical motive of the sort frowned upon by the Iragorri court. To the contrary, they no doubt brought suit in this Court for the simple reason that defendants were amenable to suit here, and it was the most convenient for all plaintiffs involved. See id. at 72-73. Moreover, it bears repeating that it is the very nature and purpose of a class action to bring together far-flung litigants asserting claims based on common questions of law or fact to proceed in concert before a single court. Almost every class action will therefore have several plaintiffs from outside the forum. This does not mean, however, that the litigation bears no legitimate connection to the particular forum chosen. Indeed, Philip Services specifically refutes the position that plaintiffs’ choice of forum in class action suits involving questions of federal law is entitled to less deference merely because the class could claim many potential “home fora” given the number of plaintiffs involved. See Philip Servs., 232 F.3d at 60-62. Finally, with respect to all plaintiffs in each of the four actions, the Court notes that it is well settled in this circuit that, in cases involving a choice between an American forum selected by American plaintiffs and a foreign forum, the “home forum,” for the purposes of a forum non conveniens analysis, is any “United States court,” regardless of whether each individual plaintiff resides in that forum. Guidi 224 F.3d at 146 & n. 4; Wiwa, 226 F.3d at 103; Philip Servs., 232 F.3d at 62. It is therefore immaterial that plaintiffs in this case come from New York, North Carolina, Ohio and other locations. They are all American citizens or entities and so, for the purposes of this inquiry, the Eastern District of New York may be considered their “home forum.” Accordingly, the Court finds that plaintiffs’ choice of a United States forum is entitled to the high level of deference afforded to those who have a legitimate connection to the forum under the Iragorri standard. While this fact, alone, does not automatically resolve the forum non conve-niens issue in favor of the plaintiffs, the defendants must now demonstrate that they will suffer a great deal of inconvenience to warrant a rejection of plaintiffs’ choice of forum. Bearing in mind the great degree of deference plaintiffs are entitled to in this case, and defendants’ corresponding burden to surmount it, the Court now proceeds with its forum non conveniens analysis. 2. Adequate Alternative Forum “An alternative forum is adequate if: (1) the defendants are subject to service of process there; and (2) the forum permits ‘litigation of the subject matter of the dispute.’ ” Alfadda, 159 F.3d at 45 (2d Cir.1998) (citing Piper, 454 U.S. at 254 n. 22, 102 S.Ct. 252). With respect to the second factor, an unfavorable difference of law is generally not enough, by itself, for a court to find the forum inadequate. Indeed, only if the remedy offered by the alternative forum is “so clearly inadequate or unsatisfactory that it is no remedy at all” would a forum be considered inadequate. Piper, 454 U.S. at 254, 102 S.Ct. 252; Philip Servs., 232 F.3d at 57. There is no dispute that CINAR and the named defendants are amenable to process in Canada. There is considerable disagreement, however, over whether Canada will allow the claims of all plaintiffs to go forward. Plaintiffs allege that because Canada does not recognize the “fraud-on-the-market” theory of liability, a substantial number of American litigants will be denied relief that they would otherwise be entitled to in the United States. The “fraud-on-the-market” theory allows a plaintiff who has not read or otherwise relied upon the defendants’ false statements or disclosures, but instead has depended solely upon the integrity of the financial markets, to bring a claim of fraud. The Class Plaintiffs allege that many of those in the class will have no basis for relief in Canada because they did not rely on any of CI-NAR’s statements, but merely bought shares relying on the accuracy of the NASDAQ price. Thus, transferring the action to Canada will effectively deny them any remedy at all. That defendants contend that these plaintiffs will be able to join a Canadian class action suit is of no moment; they will still be unable to state a cognizable cause of action. Defendants counter by reiterating that a even an unfavorable change in the substantive law from forum to forum does not always necessitate retention of jurisdiction. See Piper, 454 U.S. at 249, 102 S.Ct. 252. They further argue that the mere fact that the Supreme Court has recognized the “fraud-on-the market” theory, see Basic, Inc. v. Levinson, 485 U.S. 224, 108 S.Ct. 978, 99 L.Ed.2d 194 (1988), cannot possibly mean that the United States is now the only appropriate forum for securities fraud cases. They also cite a Canadian law expert who states that a remedy would be available for these plaintiffs if they could prove a causal relationship between the false statements and their injury. In Philip Services, the Second Circuit recently was faced with a virtually identical case involving a Canadian metal processing company that sold stock on the NASDAQ and promoted its stock offerings by holding “road shows” in the United States. See Philip Servs., 232 F.3d at 54-56. Philip Services allegedly misrepresented its income and value on these statements and was later forced to restate its income and earnings on several statements causing its top officers to resign and its stock prices to drop. Id. The court upheld the district court’s determination that Canada was an adequate forum, but overturned the district court’s dismissal for misapplying the Gilbert factors. See id. at 53-54. In recognizing the adequacy of a Canadian forum, the Second Circuit concluded that, despite procedural challenges, the suit could proceed. The Court declined to rule, however, on whether the absence of the “fraud-on-the-market” theory would render the forum inadequate because the argument was raised for the first time on appeal. See id. at 58 (stating that “the district court would have been in a better position to address [this argument] than we are.”). Thus, although the Second Circuit may favor the position that the absence of “fraud-on-the-market” theory does not make a forum inadequate, it nevertheless left room for a district court to rule otherwise. The Court declines to so rule, however, if for no other reason than that finding a Canadian forum inadequate for not recognizing the “fraud-on-the-market” theory would essentially render the doctrine of forum non conveniens nugatory for securities fraud cases. Unless all plaintiffs could establish reliance on something other than the integrity of the stock price, these cases would necessarily require United States jurisdiction. This takes the flexibility out of a doctrine that is designed to be flexible and fact-dependent. See id. at 61 (“[T]he doctrine is one of pragmatism and flexibility rather than rigid, bright-line rules.”); Piper, 454 U.S. at 249, 102 S.Ct. 252 (“[Prior] decisions have repeatedly emphasized the need to retain flexibility.”). Moreover, the Court need not stake out new ground in this case. Even if the defendants can reach the adequate forum threshold, the Gilbert factors counsel for retention of jurisdiction, yielding the same result. Plaintiffs next contend that the various shortcomings of the Canadian system will bar suit for many, if not all, of the American plaintiffs or will require procedural mechanisms so cumbersome that it will be effectively impossible to maintain an action there. At this point, the dispute becomes a battle of experts. Plaintiffs’ expert raises several concerns over the procedural adequacy of Canadian class actions. First, he claims that Canadian law does not allow nonnatural entities to bring class action suits, such that corporate entities like the lead plaintiff in the CINAR class action, The Kaufmann Fund, and individuals holding securities in “street name” will not be included in the class. Despite CINAR’s willingness to “waive” any procedural bars on this ground, plaintiffs’ expert maintains that Canadian courts may not recognize this waiver and refuse to allow them in the class. See Decl. of Simon V. Potter ¶¶ 14-27 (“Potter Decl. _”). Defendants’ expert counters that Canadian courts will admit into the class both corporate entities and those plaintiffs holding securities in street name because the procedural bar is not considered one which must be upheld as a matter of public order. Moreover, a Canadian court will not sua sponte refuse to accept the defendants’ waiver of the procedural bar. Reply Decl. of H. Patrick Glenn ¶¶ 7-12 (“Glenn Reply_”). Defendants’ expert also alleges that even if the corporate entities are not admitted into the class, they could still proceed under Article 59 of the Quebec Civil Code of Procedure, which does not ban corporate entities, by designating one of the corporations to act on behalf of all of them. See Decl. of H. Patrick Glenn ¶ 26 (“Glenn Decl._”). Plaintiffs characterize this mechanism as unwieldy and impracticable. See Potter Decl. ¶¶ 28-29. Second, plaintiffs’ claim that because Quebec courts do not accept classes comprised of people from other provinces, it is highly likely that they will not certify a class that includes citizens of the United States. See Class Pis. Opp. at 20-21; Potter Decl. ¶¶ 34-38. Defendants claim that this is no longer the case in Quebec. See Glenn Reply ¶¶ 16-20. In the end, the extensive papers filed by both sides provide no evidence that is conclusive. Legal precedent offers little additional help. United States courts hearing securities fraud cases have split on the issue. Compare Derensis v. Coopers & Lybrand, 930 F.Supp. 1003, 1007-09 (D.N.J.1996); Trafton, 1994 WL 746199, at *12 (both holding that Canadian class action procedures are inadequate) with DeYoung v. Beddome, 707 F.Supp. 132, 137 (S.D.N.Y.1989) (finding in a securities fraud case that class and derivative forms of action similar to those in the United States existed in Canada to provide adequate relief). The Second Circuit in Philip Services did not discuss the issue at great length, but did find that securities fraud class actions would be able to proceed in Canada, despite the unavailability of the “fraud-on-the-market” theory to create commonality among the plaintiffs. See Philip Servs., 232 F.3d at 59. It should be noted that, although the court did not specifically address the questions raised by the plaintiffs’ expert, the plaintiffs in Philip Senices included corporate entities and all were American citizens or companies. In spite of this, the Second Circuit had no trouble ruling that the forum was adequate. See id. It is not necessary, however, to get caught up in analyzing the forum’s adequacy in this case, as the Gilbert factors are dispositive of the forum non conveniens issue. Accordingly, the Court will assume, arguendo, that the Canadian forum is adequate and proceed to a discussion of the Gilbert factors. S. Gilbert Factors Even if defendants can establish that Canada provides an adequate forum, they cannot show that the weight of the Gilbert factors points in their favor. According to the Supreme Court in Gilbert, the public interest factors to be considered by the Court are: (1) administrative difficulties associated with court congestion; (2) the unfairness of imposing jury duty on a community with no relation to the litigation; (3) the local interest in having localized controversies decided at home; and (4) avoiding difficult problems in conflict of laws. Philip Servs., 232 F.3d at 63 (quotation marks omitted). The private interest considerations are: (1) ease of access to the evidence; (2) the availability of compulsory process to compel the attendance of unwilling witnesses; (3) the cost of willing witnesses’ attendance; (4) if relevant, the possibility of a view of the premises; and (5) all other factors that might make the trial quicker or less expensive. Id. at 66. In assessing these factors, the Court notes that it is a heavily fact-dependent inquiry and that no single factor is disposi-tive. See id. at 57. The public interest factors strongly favor the plaintiffs in this case. Once again, CINAR’s attempt to cast this suit as a purely Canadian dispute is unpersuasive. The United States has a great interest in adjudicating this case because it involves fraud on American investors, whom CI-NAR specifically targeted with stock offerings on the NASDAQ and stock purchase agreements with American companies. Although the decision to engage in tax fraud no doubt occurred in Canada, much of the conduct giving rise to these suits occurred in the United States. The tax fraud was only a prelude to misstated SEC filings and fraudulent financial reports dangled before American investors to attract their money. All of the plaintiffs are American citizens, and although all of the defendants are Canadian citizens, United States courts have a great interest in providing relief to American citizens. See Europe and Overseas Commodity Traders, S.A. v. Banque Paribas London, 940 F.Supp. 528, 539 (S.D.N.Y.1996). United States courts have a special interest in preserving the integrity of American financial markets as well — an interest that should be given due weight. See Philip Servs., 232 F.3d at 65. As for the remaining factors, given that there is such a substantial American nexus, an American jury would have an interest in the litigation. There is no likely conflict of laws because the Court will be applying, for the most part, United States securities law, not Canadian tax law as the defendants claim. To the extent that this Court will be asked to interpret Canadian law, as discussed above in the comity analysis, it does not create an issue of great concern. And finally, this Court fails to see how it is in the Canadian public interest to prevent American investors from seeking remedies in American courts for wrongs at least in part perpetrat