The statements below are Rochon Genova’s account of this case. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted.
Latest update
On May 23, 2018, Siskinds and Rochon Genova announced the resolution of related shareholder class actions against SNC-Lavalin Group Inc. and certain of its former officers and directors for an all-inclusive payment of $110 million by SNC-Lavalin and its insurers. The settlement has now received final approval of the Courts in Ontario and Quebec. For more information regarding the Settlement and applying for settlement benefits, consult the Long Form Notice of Settlement Approval and other documentation available below. The Claims Filing Deadline is May 13, 2019.
Source: Rochon Genova
About This Case
On May 9, 2012, ROCHON | GENOVA commenced a global class action in Ontario 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 claim arises from allegedly unlawful payments made by SNC-Lavalin to members, associates, and agents of the Gaddafi regime to secure contracts for infrastructure projects in Libya. It alleges misrepresentations in SNC-Lavalin’s filings, including that the company was a responsible corporate citizen with sound corporate governance practices and had adequate controls and procedures to ensure accurate disclosure and financial reporting. The allegations are not yet proven.
On February 28, 2012, the company’s shares dropped over 20%, a market loss of over $1.5 billion. This steep decline followed a press release in which SNC-Lavalin revealed that its Board of Directors had launched an investigation into $35 million of undocumented payments. That investigation later found the company had made $56 million of improper payments to foreign agents and that those payments had been authorized by the company’s former CEO Pierre Duhaime.
The lawsuit has been brought 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 or who purchased debentures of the company through the company’s June 2009 prospectus offering.
Source: Rochon Genova
Who May Be Eligible
all persons, wherever they may reside or be domiciled, who acquired securities of SNC during the period from and including November 6, 2009 to and including February 27, 2012 inclusive (the “Class Period”), except for: (1) SNC’s past and present subsidiaries, affiliates, officers, directors, legal representatives, heirs, predecessors, successors and assigns, and any spouse or child of the individual defendants in the Ontario action (the “Excluded Persons”); and (2) those persons who are members of the class authorized in the Québec action, as described below.
Source: Rochon Genova
How to Register
For more information regarding the Settlement and applying for settlement benefits, consult the Long Form Notice of Settlement Approval and other documentation available below.
Source: Rochon Genova
Disclaimer: This information is sourced from Rochon Genova. It is provided for general information only and does not constitute legal advice. Always verify details with the original source before taking any action.
Legal disclaimer: Information on this page is general in nature and does not constitute legal advice. ClaimBar tracks class action settlements and provides updates. Always seek professional legal advice for your specific circumstances.
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