Proposed class action to proceed on behalf of purchasers of SNC-Lavalin securities between November 6, 2009 and February 27, 2012
TORONTO, Aug. 3, 2012 /CNW/ - On May 9, 2012, Rochon Genova LLP commenced a global class action in Toronto on behalf of investors of SNC-Lavalin Group Inc. (TSX: SNC.TO and OTC: SNCAF.PK) alleging securities law violations by the company, its Board of Directors and certain officers. The lawsuit was initiated by Brent Gray on behalf of all SNC-Lavalin investors, excluding residents of Quebec, who purchased securities of SNC-Lavalin between February 1, 2007 and February 28, 2012, including investors who purchased debentures of SNC-Lavalin through the company's June 2009 prospectus offering (the "Gray Action").
A separate proceeding was commenced by Siskinds LLP on May 9, 2012 in Brampton raising similar allegations on behalf of investors who acquired securities of SNC-Lavalin between November 6, 2009 and February 27, 2012.
Since commencing the actions, the plaintiffs in both actions and their counsel have agreed to jointly prosecute a class proceeding against SNC-Lavalin and certain of its officers and directors. On June 29, 2012, the plaintiffs obtained an order from the Ontario Superior Court of Justice consolidating the two actions (to proceed in Toronto under the court file in the Gray Action).
Concurrently with the consolidation, the Court approved the discontinuance of the Gray Action against Jacques Lamarre, Eric Siegel, Jean-Paul Vettier, Charles Azar and André Béland, who were named as defendants in the Gray Action.
The proposed class period in the consolidated action is November 6, 2009 to February 27, 2012. Please be advised that claims are no longer being advanced on behalf of investors who purchased SNC securities between February 1, 2007 and November 5, 2009, including investors who purchased debentures of SNC-Lavalin through the company's June 2009 prospectus offering.
The bases for the discontinuance against the above referenced defendants and for the revised class period are explained in the plaintiffs' motion materials, which are available upon request from Siskinds LLP or Rochon Genova LLP.
If you purchased SNC securities between February 1, 2007 and November 5, 2009, or would like to assert claims against Jacques Lamarre, Eric Siegel, Jean-Paul Vettier, Charles Azar or André Béland in relation to the matters in issue in this litigation, you should immediately seek independent legal advice.
SOURCE: Siskinds LLP
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