TORONTO, May 9, 2012 – ROCHON | GENOVA has commenced a global class action in Ontario on behalf of investors of SNC-Lavalin Group Inc. (TSX: SNC.TO and OTC: SNCAF.PK) alleging securities law violations by the company, its Board of Directors and certain officers.
The claim arises from allegedly unlawful payments made by SNC-Lavalin to members, associates, and agents of the Gaddafi regime to secure contracts for infrastructure projects in Libya. It alleges misrepresentations in SNC-Lavalin’s filings.
On February 28, 2012, the company’s shares dropped over 20%, a market loss of over $1.5 billion, following a press release in which SNC-Lavalin revealed that its Board of Directors had launched an investigation into $35 million of undocumented payments.
The allegations are not yet proven.
