Third Class Action Against AltaLink’s Parent Company
There appears to be no end to the number of class actions filed against Quebec-based SNC-Lavalin during the past few months in relation to the extensive corruption probe into the company which, among many other things, builds high voltage power lines in Alberta and around the world.
The latest securities class action, filed on behalf of The Trustees of the Drywall Acoustic Lathing and Insulation Local 675 Pension Fund, is against SNC-Lavalin Group Inc. and “certain of its current and former officers and directors, including Pierre Duhaime, Gilles Laramee, Riadh Ben Aissa, Stephane Roy, Gwyn Morgan, Ian Bourne and Michael Novak,” (Sacramento Bee).
The Statement of Claim alleges that SNC-Lavalin and the other defendants made misrepresentations between November 6, 2009 and February 27, 2012 in relation to, among other things, the adequacy of SNC’s internal controls, as well as SNC’s net income for the 2010 fiscal year, and the compliance of certain of the individual defendants with the company’s code of ethics.
The claim further alleges that the defendants’ misrepresentations caused the price of SNC-Lavalin’s securities to become inflated, and that all persons who acquired securities of SNC-Lavalin suffered damage when the truth was revealed to the investing public.
For more information on SNC-Lavalin and AltaLink, see this link.