SNC-Lavalin learns of filing of proposed class action
By Anthony Capkun
March 5, 2012 – SNC-Lavalin Group Inc. says it has become aware that a “Motion to Authorize the Bringing of a Class Action and to Obtain the Status of Representative” has been filed with the Superior Court of Quebec in the Judicial District of Quebec. The company, its current directors and certain current officers—as well as certain former employees—have been named as defendants.
The motion seeks authorization of the court to bring a class action in connection with alleged misrepresentations on behalf of all persons who acquired securities of the company from March 13, 2009, to February 28, 2012, and, if so authorized, various declarations and compensatory damages of $250 million are sought.
The company denies all liability in respect of the claims alleged in the motion and says it intends to “vigorously oppose the motion”.