Business
Filing of shareholder class action seeking compensation for investors in SNC-Lavalin Group Inc. (now known as AtkinsRéalis Group Inc.)
Filing of shareholder class action seeking compensation for investors in SNC-Lavalin Group Inc. (...
About this update from Atkinsrealis Group Inc.
[{"type":"text","content":"\n\n\nFiling of shareholder class action seeking compensation for investors in SNC-Lavalin Group Inc. (now known as AtkinsRéalis Group Inc.)\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nTORONTO, March 10, 2026 /CNW/ - A proposed shareholder class action has been filed in the Superior Court of Québec 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.\nThe proposed class action is brought on behalf of investors who acquired SNC shares in the secondary market during the period from November 1, 2018, when SNC released its financial results for the third quarter of the 2018 financial year, through to the release of SNC's news release entitled \"SNC-Lavalin provides update on new facts about the Mining & Metallurgy project\" before markets opened on February 11, 2019.The action alleges that SNC made material misrepresentations and failed to disclose material information to investors relating to: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; andthe 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 were caused by the alleged misrepresentations.The Plaintiffs are represented by a Class Counsel team of Kugler Kandestin LLP, Siskinds LLP, Rochon Genova and K...