LONDON AND TORONTO, ON, May 9, 2012 /CNW/ - The law firm of Siskinds LLP today announced the filing of a proposed securities class action in the Ontario Superior Court of Justice against SNC-Lavalin Group Inc. (TSX: SNC) and certain of its current and former officers and directors, including Pierre Duhaime, Gilles Laramée, Riadh Ben Aïssa, Stéphane Roy, Gwynn Morgan, Ian Bourne and Michael Novak.
The action has been filed on behalf of The Trustees of the Drywall Acoustic Lathing and Insulation Local 675 Pension Fund (the "Fund"). The Fund seeks to act on behalf of all persons (the "Class Members"), wherever they may reside or be domiciled, who acquired securities of SNC-Lavalin during the period from and including November 6, 2009 to and including February 27, 2012 (the "Class Period").
In the Statement of Claim, it is alleged that SNC-Lavalin and the remaining defendants made misrepresentations during the Class Period in relation to, among other things, the adequacy of SNC-Lavalin's internal controls, as well as SNC-Lavalin's net income for the 2010 fiscal year, and the compliance of certain of the individual defendants with the company's code of ethics.
It is further alleged that the defendants' misrepresentations caused the price of SNC-Lavalin's securities to become inflated, and that the Class Members suffered damage when the truth was revealed to the investing public.
On March 1, 2012, the Québec affiliate of Siskinds LLP, Siskinds Desmeules, Avocats, commenced a related class action in the Québec, where SNC-Lavalin is headquartered.
Media inquiries in relation to this class proceeding should be directed to Siskinds LLP partner, Dimitri Lascaris.
For further information:
Class Members seeking further information in relation to this action should contact Nicole Young of Siskinds by telephone at (800) 461-6166 (ext. 2380) or by email at email@example.com.