Another request for collective action filed against the firm SNC-Lavalin

Photo: Paul Chiasson, The canadian Press
This is the second time in three weeks that CNS is referred to as a request for a collective action.

The tiles judicial accumulate for SNC-Lavalin, which is referred to by a new demand for collective action so that it continues to be enmeshed in a political scandal shaking the Trudeau government.

It is alleged the engineering firm for taking too long before you reveal the refusal of federal prosecutors to negotiate an agreement that could allow him to put aside the criminal charges filed against four years ago.

The allegations in the petition filed with the superior Court of Ontario have not yet been proven in a court of law.

CNS is at the heart of a political storm triggered by allegations that the office of the prime minister Justin Trudeau would have made the pressures so that the federal prosecutors are negotiating a settlement agreement with the firm to avoid a criminal trial.

The firm Strosberg Sasso Sutts, who pilot the approach, asks for damages totalling $ 75 million to shareholders who purchased shares of the quebec society between the 4 September and 10 October.

According to the document, the director of the public prosecution Service of Canada had served on the 4 September that the judicial process would continue to follow his progress concerning things that would have been installed between 2001 and 2011 in Libya.

However, the firm argued that the investors were not informed that on 10 October, the date to which the share of the company had dropped nearly 13 % on the Toronto stock Exchange.

“It would have immediately had to be unveiled to investors,” said attorney Jay Strosberg, who represents the applicant, John Peters in this case, Tuesday, during a telephone interview.

The multinational company has indicated by email that she was not going to comment, ” for the moment “, the queries that relate to collective actions.

According to the securities Commission of Ontario, the provincial laws securities laws require public companies to publicly disclose any material change that may have an influence on their activities.

“For example, consider someone who bought shares between 4 September and 10 October, said to Me, Strosberg. With all the elements in hand, it would perhaps not have purchased the shares. And if the information had been disclosed, he would have bought the securities for a lower price. “

This is the second time in three weeks that CNS is referred to as a request for a collective action.

In a motion dated February 6, a small shareholder in ontario, Ruediger Martin Graaf, sought the green light from the Québec superior Court in order to move forward in the course of its approach. Represented by the law firm Siskinds Desmeules, it complains that the head of the firm of having made inaccurate statements to the shareholders between February 22, 2018 and January 27 of this year.

The request did not specify the extent of the damages claimed.

In January, the president and chief executive officer of SNC, Neil Bruce, had conceded that the escalation of diplomatic tensions between Ottawa and Riyadh, detrimental to the company’s operations in that country of the Middle East rich in oil.

This feud, combined with significant performance problems related to a mining project in Chile as well as an arbitration decision adverse in Australia, have forced the firm to lower its financial forecasts on January 28. This had led to the second of the three significant decline in its share since October on the Toronto stock Exchange.

On the floor in the toronto area, the title is trading for 37,57 $, Tuesday, mid-day, up 62 cents, or 1,68 %.


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