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On February 18, 2026, Siskinds LLP, together with Kugler Kandestin LLP, Rochon Genova and Kalloghlian Myers LLP, filed a proposed shareholder class action against SNC-Lavalin Group Inc. (now known as AtkinsRéalis Group Inc.) (TSX: “SNC”, now “ATRL”), its former CEO Neil Bruce and its former CFO Sylvain Girard in the Superior Court of Québec.

The proposed class and class period in the class action are defined as follows:

  • “Class” and “Class Members” means all persons and entities, wherever they may reside or be domiciled, other than certain “Excluded Persons” associated with the Defendants, who acquired SNC’s shares in the secondary market during the Class Period and held some or all of such shares through one or both of the following: (i) the release of SNC’s news release entitled “SNC-Lavalin announces lower than anticipated Q4 results impacting full year 2018” on January 28, 2019; and (ii) the release of SNC’s news release entitled “SNC-Lavalin provides update on new facts about the Mining & Metallurgy project” on February 11, 2019; and

  • “Class Period” means the period from the time of the release of SNC’s Q3 2018 disclosure on November 1, 2018, to the time of the release of SNC’s news release entitled “SNC-Lavalin provides update on new facts about the Mining & Metallurgy project” on February 11, 2019 (inclusive).

The action alleges that SNC made material misrepresentations and failed to disclose material information to investors relating to:

  1. substantial budget overruns and a massive schedule delay on an EPC fixed-price contract that SNC entered into with Chilean state-owned copper producer Codelco, leading to a $346 million loss on the project for SNC; and

  2. the loss of SNC’s business prospects in Saudi Arabia as a result of the Royal Order proclaimed by the King of Saudi Arabia on August 6, 2018, which prevented SNC from winning lucrative contracts with government and semi-government entities in Saudi Arabia as SNC had in the past.

It is alleged that, following corrective disclosures on January 28, 2019 and February 11, 2019 in which SNC belatedly revealed the truth to its investors, SNC’s market capitalization fell by approximately $2.4 billion on January 28, 2019 and approximately $0.4 billion on February 11, 2019.

The class action seeks to recover compensation for class members for the investment losses that are alleged to have been caused by the misrepresentations.

Stay updated on the SNC class action 

If you would like to be updated on case developments in the action against SNC, please click “join” above and complete the form. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds LLP, nor do you incur any obligations in connection with the action. Your communications with our firm are free, strictly confidential, and are covered by privilege.

FAQs

Can I join the SNC class action?

There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition that is certified (authorized) by the court, you are automatically included in the class action unless you “opt out” (exclude yourself from the class action). Notices will be issued to the affected persons after the court certifies the class action.

Can I opt out of the class action?

Once the class action has been certified, you will have the opportunity to opt out of the class action within a period of time to be determined by the Court. If you exclude yourself, you will not be entitled to any compensation awarded under a settlement agreement or court order. You may however pursue your own action on an individual basis.

Generally, class members will wish to exclude themselves from a class action if they intend to bring their own individual action. In the majority of cases, it will be more economical to participate in the class action because the legal costs will be shared among a very large number of people.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep records of any purchases and sales of the shares of SNC from November 1, 2018 onwards.
  2. Register to receive updates on this class action by clicking “join” above and filling out the form.

While the class action is pending, notices will be disseminated to the class members advising that they should take certain steps by specific deadlines in order to preserve their rights. This information will also be made available on Siskinds’ website. These deadlines will usually be fixed by the court, and will need to be adhered with in order to protect your rights.

I still have questions. Who should I contact?

For answers to common questions about class actions in Canada, such as timelines, eligibility, and settlement information, please visit our Class Action Lawsuit FAQ page.

If you have any other questions, please email us at [email protected] or contact us by phone at 519.672.2121 or toll free at 1.800.461.6166.

By emailing Siskinds, I agree that I have read and accept the Privacy Notice and Terms of Use, and I understand that my personal information will be collected, used, and/or disclosed (“processed”) to respond to my inquiry.

Can I join the SNC class action?

There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition that is certified (authorized) by the court, you are automatically included in the class action unless you “opt out” (exclude yourself from the class action). Notices will be issued to the affected persons after the court certifies the class action.

Can I opt out of the class action?

Once the class action has been certified, you will have the opportunity to opt out of the class action within a period of time to be determined by the Court. If you exclude yourself, you will not be entitled to any compensation awarded under a settlement agreement or court order. You may however pursue your own action on an individual basis.

Generally, class members will wish to exclude themselves from a class action if they intend to bring their own individual action. In the majority of cases, it will be more economical to participate in the class action because the legal costs will be shared among a very large number of people.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep records of any purchases and sales of the shares of SNC from November 1, 2018 onwards.
  2. Register to receive updates on this class action by clicking “join” above and filling out the form.

While the class action is pending, notices will be disseminated to the class members advising that they should take certain steps by specific deadlines in order to preserve their rights. This information will also be made available on Siskinds’ website. These deadlines will usually be fixed by the court, and will need to be adhered with in order to protect your rights.

I still have questions. Who should I contact?

For answers to common questions about class actions in Canada, such as timelines, eligibility, and settlement information, please visit our Class Action Lawsuit FAQ page.

If you have any other questions, please email us at [email protected] or contact us by phone at 519.672.2121 or toll free at 1.800.461.6166.

By emailing Siskinds, I agree that I have read and accept the Privacy Notice and Terms of Use, and I understand that my personal information will be collected, used, and/or disclosed (“processed”) to respond to my inquiry.

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