Further to the General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announcement on 25/06/1446 H., corresponding to 26/12/2024 regarding the issuance of the Committee for Resolution of Securities Disputes' (CRSD) both decisions No. (15/L/D1/C/2024) of 1446 H., dated 01/06/1446 H., corresponding to 02/12/2024 and No. (16/L/D1/C/2024) of 1446 H., dated 01/06/1446 H., corresponding to 02/12/2024, concluding the acceptance of the request to register two class actions filed by an investor against the CEO and some employees of Abdullah A. M. Al-Khodari Sons Company for committing the following violations:
- Inflating the revenues in the Company's financial statements during the financial period extending from the fiscal year ending on 31/12/2010 to the fiscal year ending on 31/12/2017, which were announced during the period from 16/02/2011 to 31/03/2018, showing the annual financial statements of the fiscal period under violation being untrue, hence creating a false and misleading impression regarding the value of the Company's security, which were proven later on that such financial statements are false based on the announcement of the Company prior to market opening on 13/02/2019, indicating that the Company endured accumulated losses which reached (198.52%) of its capital.
- The responsibility of the CEO for the Company's announcement published on the website of the Saudi Exchange (Tadawul) on 05/06/2018 that included a false statement regarding a substantial event (Amending the Recommendation of the Company's Board of Directors for the Extraordinary General Assembly to Increase its Capital by Granting New Shares against the Liabilities of the Company), and dismissing the disclosure of cancelling the award of (10) projects and withdrawing them from the Company during the period of 30/05/2017 to 31/01/2020, in an attempt to affect the security's price or urge others to purchase the security.
The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Committee for Resolution of Securities Disputes' (CRSD) both decisions No. (17/L/D1/C/2025) of 1446 H., dated 18/09/1446 H., corresponding to 18/03/2025 and No. (18/L/D1/C/2025) of 1446 H., dated 18/09/1446 H., corresponding to 18/03/2025, approving the two class actions referred to above filed by the main claimant, after the number of applications, that share the statutory bases, claimed facts and subject matter of the requests, reached the statutory limit for issuing a decision to approve the class action.
The GS-CRSD indicated the completion of requests to join the said two class actions. Furthermore, GS-CRSD would like to indicate that any person who had not submitted his/her request to join these two class actions, has the right to submit an individual complaint through CMA website via this Link.
