On February 18, 2026, Rochon Genova, together with Kugler Kandestin LLP, Siskinds LLP, and Kalloghlian Myers LLP, filed a proposed shareholder class action against SNC-Lavalin Group Inc. (now known as AtkinsRéalis Group Inc.) (TSX: “SNC”, now “ATRL”), its former CEO Neil Bruce and its former CFO Sylvain Girard in the Superior Court of Québec.
The proposed class and class period in the class action are defined as follows:
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- “Class” and “Class Members” means all persons and entities, wherever they may reside or be domiciled, other than certain “Excluded Persons” associated with the Defendants, who acquired SNC’s shares in the secondary market during the Class Period and held some or all of such shares through one or both of the following: (i) the release of SNC’s news release entitled “SNC-Lavalin announces lower than anticipated Q4 results impacting full year 2018” on January 28, 2019; and (ii) the release of SNC’s news release entitled “SNC-Lavalin provides update on new facts about the Mining & Metallurgy project” on February 11, 2019; and
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- “Class Period” means the period from the time of the release of SNC’s Q3 2018 disclosure on November 1, 2018, to the time of the release of SNC’s news release entitled “SNC-Lavalin provides update on new facts about the Mining & Metallurgy project” on February 11, 2019 (inclusive).
The action alleges that SNC made material misrepresentations and failed to disclose material information to investors relating to:
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- substantial budget overruns and a massive schedule delay on an EPC fixed-price contract that SNC entered into with Chilean state-owned copper producer Codelco, leading to a $346 million loss on the project for SNC; and
2. the loss of SNC’s business prospects in Saudi Arabia as a result of the Royal Order proclaimed by the King of Saudi Arabia on August 6, 2018, which prevented SNC from winning lucrative contracts with government and semi-government entities in Saudi Arabia as SNC had in the past.
It is alleged that, following corrective disclosures on January 28, 2019 and February 11, 2019 in which SNC belatedly revealed the truth to its investors, SNC’s market capitalization fell by approximately $2.4 billion on January 28, 2019 and approximately $0.4 billion on February 11, 2019.
The class action seeks to recover compensation for class members for the investment losses that are alleged to have been caused by the misrepresentations.
If you have any questions or concerns about the lawsuit or would like to receive updates as the action against SNC moves forward, please contact us toll-free at 1-866-881-2292 or contact@rochongenova.com.