​The General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Committee for Resolution of Securities Disputes (CRSD) decision on 09/04/1442 H. corresponding to 24/11/2020, accepting the request to register the class action lawsuit submitted by an investor against some senior executives in Etihad Etisalat Co. (Mobily), against whom a final decision was issued by the Appeal Committee for Resolution of Securities Disputes (ACRSD) decision No. (1997/L.S/2020) for the year 1442 H. dated 14/01/1442 H. corresponding to 02/09/2020, which was announced on GS-CRSD’s website on 24/02/1442 H. In addition to that, the class action is filed also against former members of the board of directors of Etihad Etisalat Co. (Mobily), against whom a final decision was issued by the ACRSD decision No. 1462/L.S/2018 for the year 1439 H. dated 10/09/1439 H. corresponding to 25/05/2018, and announced on the website of the Capital Market Authority (CMA) on 12/06/2018.

In this regard, the CMA wishes to inform the traders and investors in the Saudi Stock Exchange that any person who purchased the Company’s shares after announcing its initial financial results for the second quarter of 2013, which included the misleading and false information on 16/07/2013 and maintained the ownership of such shares until the Company's share was suspended at the end of the trading session on 29/10/2014, (being the last date of trading the Company's share before announcing on 03/11/2014 its preliminary financial results for the third quarter of 2014, and its disclosure of its mistake in the timing of revenue recognition and its adjustment of its financial results for the previous financial periods), has the right to submit a request with the CRSD to join the abovementioned class action lawsuit, within a period of (90) days from the date of this announcement, based on Article (52) of the Resolution of Securities Disputes Proceedings Regulations.

Furthermore, the CMA took the initiative to facilitate the procedures of requesting joining the class action lawsuit via an electronic link on the CMA’s website, making it easier for the affected investors who meet the conditions to submit their requests without the need to personally come to the headquarters of the CMA or the GS-CRSD.

In this context, the CMA affirms that it is constantly working to develop anything that would enhance the confidence of the participants in the capital market and protect investors in securities from unfair or improper practices by facilitating litigation procedures for those dealing in securities as well as reducing litigation costs, in a manner that ensures the affected investors to obtain their compensations as quickly and easily as possible; also in a way that achieves protection for investors, reduces investment risks in the capital market, and enhances its attractiveness. The CMA also affirms its keenness to enforce the Capital Market Law and its Implementing Regulations in a manner that ensures the development of an advanced and stable capital market that achieves fairness, efficiency and transparency in securities transactions.

Details of the announcement can be found on the website of the GS-CRSD via the following link:

Announcement from the General Secretariat of the Committees for Resolution of Securities Disputes

A request to join the Class Action Lawsuit can also be submitted through the following link:

Request to Join the Class Action Lawsuit

You can also view the frequently asked questions about the class action through the following link:

FAQ