TORONTO, LONDON, ON and QUÉBEC CITY, QC, Feb. 25, 2019 /CNW/ - Siskinds LLP and Siskinds, Desmeules Avocats s.e.n.c.r.l. today announced the filing of a proposed securities class action in the Québec Superior Court against SNC-Lavalin Group Inc. ("SNC"), SNC's President and Chief Executive Officer Neil Bruce, and SNC's Executive Vice-President and Chief Financial Officer Sylvain Girard (the "Action"). The Action was filed on February 6, 2019.
The Action alleges that persons who acquired SNC shares between February 22, 2018 and January 27, 2019 (inclusive) ("Class Period") suffered damage as a result of alleged misrepresentations made in SNC's disclosure documents and oral statements during the Class Period. The Action alleges that the misrepresentations were corrected by a press release issued by SNC on January 28, 2019. In that press release, SNC disclosed a number of issues and problems affecting its Mining & Metallurgy and Oil & Gas segments that would have a material adverse effect on SNC's performance in 2018 and beyond. Following that disclosure, the price of SNC's shares declined by $13.49 or approximately 28% during trading on the TSX on January 28, 2019 from its closing price on the previous trading day.
Subject to certain exclusions, the proposed class in the Action comprises all persons and entities, wherever they may reside or be domiciled, who acquired SNC shares in the secondary market during the Class Period and held some or all of such shares as of the commencement of trading on the TSX on January 28, 2019 ("Class Members").
The Plaintiff is seeking compensation for the losses suffered by the Class Members. The Plaintiff alleges that SNC, Mr. Bruce and Mr. Girard are liable for those losses.
Class Member Contacts:
If you are a Class Member, we encourage you to complete the information form on the website of Siskinds LLP at https://www.siskinds.com/snc-lavalin-group-inc-ii-2019/ by clicking on the "Receive Updates on this Case" link.
For inquiries, please complete the "Ask a Question" form at https://www.siskinds.com/snc-lavalin-group-inc-ii-2019/ or email [email protected]. For telephone inquiries, please call 1-800-461-6166 x 2206.
The Siskinds LLP class actions team has offices in London and Toronto, and an affiliate office in Québec City. The team, comprised of 25 lawyers admitted to practice in Ontario, Québec, New York State and the District of Columbia, acts exclusively for plaintiffs. Over the years, Siskinds' class action team has recovered hundreds of millions of dollars for class members in Canada and elsewhere. If you are looking for Canada's top-ranked law firm* to represent your class action lawsuit, contact us today.
* Siskinds LLP is ranked in the top band of the Chambers Canada 2019 guide. The guide is compiled by global legal review organization, Chambers and Partners. Siskinds LLP is the highest ranked Canadian law firm and the 16th ranked North American law firm in the most recent edition of the Institutional Shareholder Services (ISS) Securities Class Action Services Top 50 Report. The report lists the top 50 plaintiff-side law firms ranked by the total dollar value of the final class action settlements occurring in 2017 in which the law firm served as lead or co-counsel.
SOURCE Siskinds LLP