SNC-LAVALIN LEARNS OF FILING OF PROPOSED CLASS ACTION
SNC-Lavalin Group Inc. (TSX: SNC) announced today that it has become aware that a “Motion to Authorize the Bringing of a Class Action and to Obtain the Status of Representative” (the “Motion”) has been filed with the Superior Court of Québec in the Judicial District of Québec. The Company, its current directors and certain current officers, as well as certain former employees of the Company have been named as Defendants.
The Motion seeks authorization of the Court to bring a class action in connection with alleged misrepresentations on behalf of all persons who acquired securities of the Company from March 13, 2009 to February 28, 2012 and, if so authorized, various declarations and compensatory damages of $250 million are sought. The Company denies all liability in respect of the claims alleged in the Motion and intends to vigorously oppose the Motion.
SNC-Lavalin (TSX: SNC) is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 40 other countries around the world, and is currently working in some 100 countries. www.snclavalin.com
FORWARD LOOKING STATEMENT
Reference in this press release, and hereafter, to the “Company” or to “SNC-Lavalin” means, as the context may require, SNC-Lavalin Group Inc. and all or some of its subsidiaries or joint ventures, or SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint ventures. Statements made in this press release that describe the Company’s or management’s budgets, estimates, expectations, forecasts, objectives, predictions or projections of the future may be “forward-looking statements”, which can be identified by the use of the conditional or forward-looking terminology such as “anticipates”, “believes”, “estimates”, “expects”, “may”, “plans”, “projects”, “should”, “will”, or the negative thereof or other variations thereon. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. For more information on risks and uncertainties, and assumptions that would cause the Company’s actual results to differ from current expectations, please refer to the section “Risks and Uncertainties” and the section “How We Analyze and Report our Results”, respectively, in the Company’s 2010 Financial Report under “Management’s Discussion and Analysis”. These risks and uncertainties also include the ability to conclude the independent investigation referred to in the Company’s press release of February 28, 2012, in a timely manner, the results of the investigation and any further matters identified by the investigation that need to be reflected in the financial results of the Company. The forward-looking statements herein reflect the Company’s expectations as at the date of this press release and are subject to change after this date. The Company does not undertake any obligation to update publicly or to revise any such forward-looking statements, unless required by applicable legislation or regulation.
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Media ContactLeslie Quinton
Senior Vice-President, Global Corporate Communications
SNC-Lavalin Group Inc.
Vice-President, Investor Relations
SNC-Lavalin Group Inc.