Engineer’s Alleged Gadhafi Ties Lead to $1.5 Billion Class Action
Legal
A Canadian engineering giant is facing a $1.5 billion class action after being accused of controversial ties with Libya throughout the Gadhafi regime has contributed to plummeting asset value.
Law firm Rochon Genova LLP has announced the billion-dollar suit against engineering firm SNC-Lavalin after accusations arose over the firm’s handling of accurate disclosure of controls and procedures, and their financial reportage.
“When a company repeatedly highlights its strong governance practices to the investing public, revelations of serious misconduct cause damage to the company’s reputation and, in turn, substantial harm to its investors,” says Rochon lawyer John Archibald.
The suit has been brought on behalf of the investors who entered into a securities purchase between February, 2007 and February, 2012 and will seek $1.5 billion in response to the alleged misrepresentations of the company and a further $150 million in punitive damages.
In a statement from Rochon Genova, the company alleges the engineering firm has misled investors and committed securities violations.
“(An SNC) investigation … found the company had made $56 million of improper payments to foreign agents,” says the statement. “Those payments had been authorized by the company’s former CEO Pierre Duhaime.”...
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Law firm Rochon Genova LLP has announced the billion-dollar suit against engineering firm SNC-Lavalin after accusations arose over the firm’s handling of accurate disclosure of controls and procedures, and their financial reportage.
“When a company repeatedly highlights its strong governance practices to the investing public, revelations of serious misconduct cause damage to the company’s reputation and, in turn, substantial harm to its investors,” says Rochon lawyer John Archibald.
The suit has been brought on behalf of the investors who entered into a securities purchase between February, 2007 and February, 2012 and will seek $1.5 billion in response to the alleged misrepresentations of the company and a further $150 million in punitive damages.
In a statement from Rochon Genova, the company alleges the engineering firm has misled investors and committed securities violations.
“(An SNC) investigation … found the company had made $56 million of improper payments to foreign agents,” says the statement. “Those payments had been authorized by the company’s former CEO Pierre Duhaime.”...
Continue Reading
