The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced the issuance of the CRSD's decision accepting a request to register a class action lawsuit filed by an investor against some members of the Board of Directors and employees in Weqaya Takaful Insurance and Reinsurance Co., against whom the final decision of the Appeal Committee for Resolution of Securities Disputes (ACRSD) No. (2045/L.S/2020 of 1442 H.) dated 17/03/1442 H. corresponding to 03/11/2020, which was published on GS-CRSD's website as well as the website of the Capital Market Authority (CMA) on 22/05/1442 H. corresponding to 06/01/2021, included their conviction of violating Article (49/a) of the Capital Market Law.
In this regard, the CMA would like to indicate to traders and investors in the Saudi capital market that any person who had purchased the Company's share after announcing its annual financial results for the financial period ending on 31/12/2013, that included the misleading and incorrect data on 07/04/2014, and kept that share until the Company's share was suspended in the Saudi Exchange (Tadawul) at the end of the trading session of 04/06/2014, being the last date for trading the Company's share prior to delisting it from the Saudi Exchange (Tadawul) on 29/05/2017, has the right to submit a request to the CRSD to join the said class action lawsuit within a period of (90) days from the date of this announcement, pursuant to Article (52) of the Resolution of Securities Disputes Proceedings Regulations.
Furthermore, the CMA confirms that it is keen to enforce the Capital Market Law and its implementing regulations to assure an advanced and stable capital market that achieves just, sufficient and transparent security trading. The CMA also assure that the protection of investors in the capital market against unjust and inappropriate practices which include fraud, deceit, cheating and manipulation come within its top priorities. The CMA is constantly working to provide appropriate means and capabilities for investors to exercise their rights, and organize and develop procedures that assure limiting the risks connected to securities dealings, as well as facilitating litigation procedures for securities dealers and reduce litigation costs, all in a manner that ensures those affected receive their compensation as quickly and easily as possible, aiming to achieve investor protection and reduce risks of investment in the capital market, as well as to enhance its attractiveness.
From this standpoint, the Individual Investors Protection Association (IIPA) came to play an integral role with supervisory authorities in monitoring listed companies and financial institutions, which it is hoped will play an important role in the capital market system. The IIPA actively participated in adopting the role of filing the class action lawsuit against members of the Board of Directors and employees in Weqaya Takaful Insurance and Reinsurance Co., which emanates from its keenness to protect the affected persons from unjust practices and to protect individual investors and support their issues.
Details of the announcement can be found published on the website of the GS-CRSD, via the following link:
Announcement of the General Secretariat of CRSD
It is worth mentioning that the CMA took the initiative to facilitate the procedures of requesting to join the class action lawsuit by creating 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.
Submitting a request to join the class action can be done using the following link:
Request to Join the Class Action Lawsuit
Also, you can view the frequently asked questions about the class action through the following link:
FAQ
