Request for class action against SNC Lavalin
By Chris Sleight06 March 2012
Québec, Canada-based law firm Siskinds Desmeules has filed a motion in the Québec Superior Court to bring a class action law suit against SNC Lavalin and its directors over the company's conduct in Libya. The class is open to those who bought shares in SNC Lavalin between March 13, 2009 and February 28 2012, and seeks CA$ 250 million (US$ 252 million) in damages.
The action alleges that the company and certain of its former and current executives made false and misleading statements on SNC-Lavalin's code of conduct, legal compliance and internal controls. It also alleges that members of its senior management team were involved in illegal activities in Libya during the class period.
A statement from SNC Lavalin said the company denies the allegations outlined in the filing and, "Intends to vigorously oppose the motion."
The motion has been brought following the departure of two senior SNC Lavalin executives, who were responsible for the company's activities in Libya, and the disclosure by the company that it would take a charge in its fourth quarter 2011 accounts due to a series of unexplained payments.