An Announcement from CRSD Regarding the Issuance of the Committee's Decision of Accepting the Request of Registering the Class Action Suit Filed by an Investor Against the Persons Responsible for the Violations Committed by AL-Mojil Company

The General Secretariat of the Committees for Resolution of Securities Disputes (CRSD) announces the issuance of the Committee for Resolution of Securities Disputes' decision No. (1\L\D1\G\2019G) of 1440H dated on 29/05/1440 H corresponding to 04/02/2019G, on accepting the request of registering the class action suit filed by an investor against the Board of Directors of Mohammad AL-Mojil Group "the Company" during the subscription in the Company's shares, and some of the Company's senior executives and external auditor, namely; Mohammed Bin Hamad Bin Abdulkareem Al-Mojil, Adel Bin Mohammad Bin Hamad Al-Mojil, Fahd Bin Ali bin Saad al-Ruqtan, Jassim Bin Mohammed Bin Ali Al-Ansari, Abdullah Bin Mohammed Bin Saad Al-Hariqi, Zaki Bin Mansour Bin Ahmed Abu AL-Saud, Ahmad Bin Nasser Bin Yaqoub Al-Suwaidan, Deloitte and Touche Company (Bakr Abu Al Khair & Co.) and Bakr Bin Abdullah Abu al-Khair; who are responsible for the violations committed on the Company's share (during the subscription stage in the Company's shares) and who are convicted as per the final decision issued by the Appeal Committee for Resolution of Security Disputes dated 11/05/1438H, corresponding to 08/02/2017G, convicting them with the violation of paragraph (a) of Article 49 of the Capital Market Law and Article 7 of the Market Conduct Regulations, by conducting practices that created a false and misleading impression regarding the value of the Company's security, during the subscription stage in the Company's shares. The plaintiff requested the Committee to register the class action suit with the Committee and obliging the defendants to compensate him for damages on his contribution in the Company as a result of the aforementioned violations.

Based on Article 52 of the Resolution of Securities Disputes Proceedings Regulations, any person who have subscribed to or bought shares in the Company prior to publishing its first financial statements on the Exchange on 12/07/2008G and was affected by these violations, may submit a request to the Committee for joining the class action suit aforementioned, within the 90 days following this announcement, and the Committee will study its application in accordance with the legal procedures, taking into consideration that the request shall be made through the Capital Market Authority, via the link:

 

Join a Class Action Suit