The Actions. In 2012, class proceedings were commenced in the Ontario Superior Court of Justice (the “Ontario Action”) and the Québec Superior Court (the “Québec Action”, together with the Ontario Action, the “Actions”) against the Defendants. The Actions alleged that SNC misrepresented or failed to disclose certain material information relating to the making of improper payments in respect of contracts SNC pursued for projects in Montreal, Québec, Alberta and elsewhere in its securities filings during the Class Period. The Actions alleged that those payments were not properly accounted for, and SNC’s financial statements and management’s discussion and analysis released during the Class Period contained statements that were false or materially misleading. It was alleged that SNC’s securities therefore traded at artificially inflated prices during the Class Period, resulting in damage to Class Members when information relating to those alleged misrepresentations was publicly disclosed. On September 19, 2012, the Ontario Superior Court of Justice (“Ontario Court”) certified the Ontario Action as a class action on behalf of the Ontario Class Members. On January 24, 2013, the Superior Court of Québec (“Québec Court”) authorized the bringing of a class action on behalf of the Québec Class Members. Pursuant to those orders, Class Members were afforded the right to exclude themselves or “opt out” of the Classes no later than May 8, 2013. Persons who validly exercised the right to opt out are not Class Members, are not affected by this notice and may not participate in the Settlement. Since then, the Ontario Action has been vigorously litigated, and the Québec Action has been held in abeyance. On , the Plaintiffs and SNC executed a Settlement Agreement providing for the settlement of both Actions (the “Settlement”), which is subject to approval by the Courts. The Settlement Agreement provides for the payment of CAD$110,000,000.00 (the “Settlement Amount”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Amount includes all legal fees, disbursements, taxes and administration expenses. The Settlement provides that if it is approved by the Courts, the claims of all Class Members asserted or which could have been asserted in the Actions will be fully and finally released and the Actions will be dismissed. The Settlement is not an admission of liability, wrongdoing or fault on the part of the Defendants, all of whom have denied, and continue to deny, the allegations against them.
Appears in 1 contract
The Actions. In 2012, class proceedings were commenced in the Ontario Superior Court of Justice (the “Ontario Action”) and the Québec Superior Court (the “Québec Action”, together with the Ontario Action, the “Actions”) against the Defendants. The Actions alleged that SNC misrepresented or failed to disclose certain material information relating to the making of improper payments in respect of contracts SNC pursued for projects in Montreal, Québec, Alberta and elsewhere in its securities filings during the Class Period. The Actions alleged that those payments were not properly accounted for, and SNC’s financial statements and management’s discussion and analysis released during the Class Period contained statements that were false or materially misleading. It was alleged that SNC’s securities therefore traded at artificially inflated prices during the Class Period, resulting in damage to Class Members when information relating to those alleged misrepresentations was publicly disclosed. On September 19, 2012, the Ontario Superior Court of Justice (“Ontario Court”) certified the Ontario Action as a class action on behalf of the Ontario Class Members. On January 24, 2013, the Superior Court of Québec (“Québec Court”) authorized the bringing of a class action on behalf of the Québec Class Members. Pursuant to those orders, Class Members were afforded the right to exclude themselves or “opt out” of the Classes no later than May 8, 2013. Persons who validly exercised the right to opt out are not Class Members, are not affected by this notice and may not participate in the Settlement. Since then, the Ontario Action has been vigorously litigated, and the Québec Action has been held in abeyance. On •, the Plaintiffs and SNC executed a Settlement Agreement providing for the settlement of both Actions (the “Settlement”), which is subject to approval by the Courts. The Settlement Agreement provides for the payment of CAD$110,000,000.00 (the “Settlement Amount”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Amount includes all legal fees, disbursements, taxes and administration expenses. The Settlement provides that if it is approved by the Courts, the claims of all Class Members asserted or which could have been asserted in the Actions will be fully and finally released and the Actions will be dismissed. The Settlement is not an admission of liability, wrongdoing or fault on the part of the Defendants, all of whom have denied, and continue to deny, the allegations against them.
Appears in 1 contract