The
General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD)
announced the issuance of the CRSD’s decision No. (10/L/D1/C/2021 of 1443 H.)
dated 04/04/1443 H. corresponding to 09/11/2021, to accept a request to
register a class action lawsuit filed by an investor against some members of
the Board of Directors and employees in Weqaya Takaful Insurance and
Reinsurance Co., against whom the final decision of the Appeal Committee for Resolution of
Securities Disputes (ACRSD) No. (2045/L.S/2020 of 1442 H.) dated 17/03/1442 H.
corresponding to 03/11/2020, which was published on GS-CRSD’s website on
22/05/1442 H. corresponding to 06/01/2021, included their conviction of violating
Article (49/a) of the Capital Market Law, by intentionally participating in acts
and practices that created a false and misleading impression regarding the
security of Weqaya Takaful Insurance and Reinsurance Co., to create such
an impression, through reducing the Company’s losses and inflating its revenues
and assets, hence showing untrue financial position of the Company in its
financial statements during the financial period ending on 31/12/2013 as well
as the financial period ending on 31/03/2014.
The claimant requested to
register the class action lawsuit with the CRSD, and oblige the respondents to
compensate him against the losses that resulted from the purchase transactions
he made of the Company’s share as a result of such violations.
Furthermore,
any person who purchased the Company’s share after announcing its annual
financial results for the financial period ending on 31/12/2013, that included misleading
and incorrect data on 07/04/2014, and kept that share until the Company’s share
was suspended in the Saudi Exchange (Tadawul) at the end of the trading session
of 04/06/2014, being the last date for trading the Company’s share prior to delisting
it from the Saudi Exchange (Tadawul) on 29/05/2017, has the right to submit a
request to the CRSD to join the said class action lawsuit within a period of
(90) days from the date of this announcement, pursuant to Article (52) of the Resolution
of Securities Disputes Proceedings Regulations.
The CRSD will study his/her request
in accordance with lawful procedures, provided that the request is submitted
through the CMA via the following link:
Request to Join Class
Action Lawsuit
