On February 6, 2019, Siskinds LLP and Siskinds, Desmeules Avocats s.e.n.c.r.l., filed a proposed securities class action in Québec 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 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.
If you would like to be updated on developments in the Action, please complete the form at the bottom of the page. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds LLP or Siskinds Desmeules, nor do you incur any obligations in connection with the Action.
For inquiries, please complete the form below or email [email protected]. For telephone inquiries, please call 1.800.461.6166.
Developments
The class action against SNC-Lavalin is in the early stages of proceedings. It has not yet been authorized by the courts.
FAQs
What is a Class Action?
A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Such people are commonly referenced as “class members.” Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).
Do I have to pay anything to participate in the class action?
Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.
Who is affected by the SNC-Lavalin Group class action?
You are affected by this class action if you acquired SNC shares in the secondary market during the period from February 22, 2018 to January 27, 2019 (inclusive) and held some or all of such shares as of the commencement of trading on the TSX on January 28, 2019 (provided you are not an “excluded person”).
Can I join the class action?
There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, you are automatically included in the class action unless you “opt-out” (exclude yourself from the class action).
Can I exclude myself from the class action?
Yes. Once the class action has been authorized or 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:
Keep records of any purchases and sales of the shares of SNC-Lavalin Group Inc.
Register to receive updates on this case by filling out the form below. By submitting your information to Siskinds, you do not retain Siskinds as your lawyers, nor do you incur costs in connection with this class action.
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 courts, and will need to be adhered with in order to protect your rights.
I still have a question. Who should I contact?
If you have any other questions, please complete the contact form below.
You may contact our affiliated Quebec firm Siskinds, Desmeules at 418.694.2009 or at the toll free number 1.877.735.3842 or by email at [email protected].