Securities Dispute Resolution Committee Accepts Class Action Lawsuit Against Mohammed Al-Mojil’s Board of Directors for Misleading Statements
Saudi Arabia’s Securities Dispute Resolution Committee Accepts Class Action Lawsuit Against Mohammed Al-Mojil’s Board of Directors
Saudi Arabia’s Securities Dispute Resolution Committee has approved a request to register a class action lawsuit filed by an investor against the board of directors of Mohammed Al-Mojil seeking compensation for damages caused by the company’s statements.
Limitations of the Class Action Lawsuit
The Securities Dispute Resolution Committee has agreed to restrict the scope of the class action to specific losses resulting from previously published statements by the company. These statements are alleged to have presented an inaccurate and misleading view of the company’s financial position during that period.
Eligibility to Join the Lawsuit
The Capital Markets Authority has confirmed that anyone who purchased shares of the company can participate in this claim. Eligibility is granted from the announcement of the annual financial results on February 22, 2012, until the suspension of share trading on Tadavul LLC on July 22, 2012. To join, individuals must submit an Application for Accession within 90 days of this announcement.
Final Decision of the Securities Appeals Committee
The Capital Markets Authority has announced the final decision of the Securities Appeals Committee regarding the investor’s class action lawsuit against those responsible for violations committed during the subscription phase of the company’s shares. The Committee also disclosed the final appeal decision for a class action lawsuit filed by an investor against those responsible for the company’s wrongdoing after the subscription phase of the company’s stock.
Source: News 24