SNC-Lavalin learns of filing of proposed class action
March 05 2012 - 8:00AM
PR Newswire (Canada)
MONTREAL, March 5, 2012 /CNW Telbec/ - SNC-Lavalin Group Inc.
announced today that it has become aware that a "Motion to
Authorize the Bringing of a Class Action and to Obtain the Status
of Representative" (the "Motion") has been filed with the Superior
Court of Québec in the Judicial District of Québec. The Company,
its current directors and certain current officers, as well as
certain former employees of the Company have been named as
Defendants. The Motion seeks authorization of the Court to bring a
class action in connection with alleged misrepresentations on
behalf of all persons who acquired securities of the Company from
March 13, 2009 to February 28, 2012 and, if so authorized, various
declarations and compensatory damages of $250 million are sought.
The Company denies all liability in respect of the claims alleged
in the Motion and intends to vigorously oppose the Motion.
SNC-Lavalin is one of the leading engineering and construction
groups in the world and a major player in the ownership of
infrastructure, and in the provision of operations and maintenance
services. SNC-Lavalin has offices across Canada and in over 40
other countries around the world, and is currently working in some
100 countries. www.snclavalin.com FORWARD LOOKING STATEMENT
Reference in this press release, and hereafter, to the "Company" or
to "SNC-Lavalin" means, as the context may require, SNC-Lavalin
Group Inc. and all or some of its subsidiaries or joint ventures,
or SNC-Lavalin Group Inc. or one or more of its subsidiaries or
joint ventures. Statements made in this press release that describe
the Company's or management's budgets, estimates, expectations,
forecasts, objectives, predictions or projections of the future may
be "forward-looking statements", which can be identified by the use
of the conditional or forward-looking terminology such as
"anticipates", "believes", "estimates", "expects", "may", "plans",
"projects", "should", "will", or the negative thereof or other
variations thereon. The Company cautions that, by their nature,
forward-looking statements involve risks and uncertainties, and
that its actual actions and/or results could differ materially from
those expressed or implied in such forward-looking statements, or
could affect the extent to which a particular projection
materializes. For more information on risks and uncertainties, and
assumptions that would cause the Company's actual results to differ
from current expectations, please refer to the section "Risks and
Uncertainties" and the section "How We Analyze and Report our
Results", respectively, in the Company's 2010 Financial Report
under "Management's Discussion and Analysis". These risks and
uncertainties also include the ability to conclude the independent
investigation referred to in the Company's press release of
February 28, 2012, in a timely manner, the results of the
investigation and any further matters identified by the
investigation that need to be reflected in the financial results of
the Company. The forward-looking statements herein reflect the
Company's expectations as at the date of this press release and are
subject to change after this date. The Company does not undertake
any obligation to update publicly or to revise any such
forward-looking statements, unless required by applicable
legislation or regulation. SNC-LAVALIN CONTACT: Media:Leslie
QuintonVice-President, Global Corporate CommunicationsSNC-Lavalin
Group Inc.514-390-8000, ext. 7354
leslie.quinton@snclavalin.comInvestors:Denis JasminVice-President,
Investor RelationsSNC-Lavalin Group Inc.514-390-8000, ext.
7553denis.jasmin@snclavalin.com
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