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 Mohammad Al Mojil Group, to claim compensation for the damages suffered as a result of the announcements issued by the company on 22/02/2012 and 21/04/2012, which created a false and misleading impression regarding the company's financial position during that period.
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 on 22/02/2012 its annual financial results for the financial period ending on 31/12/2011, and kept them until the suspension of trading the company's share in the Saudi Capital Market "Tadawul" on 22/07/2012, has the right to submit a request to the CRSD to join the said class action lawsuit provided that it is submitted within (90) days from the date of this announcement.
On April 27, 2020, CMA announced the issuance of the final decision of ACRSD in the class action filed by one investor against persons responsible for violations committed in Muhammad Al-Mojil Group (during the company's IPO phase), while announcing on May 31, 2021, the issuance of the ACRSD final decision in the class action lawsuit filed by an investor against persons responsible for violations committed in Mohammad Al Mojil Group (during the period after the company's IPO).
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.
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
CMA confirms that all investors outside the category mentioned in the GS-CRSD announcement have the right to file an individual claim, provided that this is preceded by filing a complaint with CMA via the link:
File a Complaint
