US Edition
Lightspeed to pay $11 million to settle Quebec class-action lawsuit
- Lightspeed Commerce Inc. has reached an $11 million settlement to resolve a Quebec class-action lawsuit that accused the company of misrepresenting its financial results.
- In 2021, shareholders filed a lawsuit after Lightspeed’s stock price declined in response to a negative report issued by Spruce Point Capital Management, which had raised concerns about the company.
- The company rejected the allegations of wrongdoing and clarified that the June settlement agreement explicitly denies any acceptance of liability.
- Lightspeed described the allegations as having no adequate legal basis and called the settlement decision a victory, while a hearing to approve it is set for November 21 in Montreal.
- The settlement resolves the Quebec lawsuit following the earlier dismissal of a comparable case in the United States, indicating a decreased legal risk for Lightspeed.
17 Articles
17 Articles
Lightspeed Commerce agreed to pay $11 million to settle a collective action in Quebec alleging that the company had misrepresented its financial results.
Lightspeed would pay $11 million CAD and admit no wrongdoing in proposed lawsuit settlement
Montréal-based Lightspeed Commerce is admitting no liability in the proposed settlement of a 2021 class-action lawsuit alleging it misrepresented financial reports. The proposed settlement will see the defendants, which include Lightspeed, some of its leaders, and its auditor PricewaterhouseCoopers, pay out $11 million without any admission of liability. Settlement follows the dismissal of a similar case against Lightspeed in the Eastern Dist…
Lightspeed will pay $11 million to close a collective action alleging that he had made "false statements."
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