Further to the announcement of the General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) dated 29/06/1445 H. corresponding to 11/01/2024 regarding the issuance of the Committee for the Resolution of Securities Disputes' (CRSD) decision No. (13/L/D1/C/2023) of 1445 H., dated 27/05/1445 H., corresponding to 11/12/2023, approving the registration of the class action lawsuit filed by an investor (main claimant) against some members of the board of directors and employees of Mohammad Al-Mojil Group Company; being: Adel bin Mohammad bin Hamad Almojil, Fahad bin Ali bin Saad Alraqttan and Ibrahim Zadah, to claim compensation for the damages he suffered from as a result of the announcements issued by the Company on 22/02/2012 and 21/04/2012, that included the publication of the Company's annual financial statements for the year 2011 and the first quarter of 2012. Such publications were later proven, based on the Company's announcement on 22/09/2012 regarding its financial results for the second quarter of 2012, that such financial statements were incorrect, thus created a false and misleading impression of the financial position of the Company during such period.
The GS-CRSD announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (3558/L.S/2024) of 1446 H., dated 25/05/1446 H., corresponding to 27/11/2024, on the class action lawsuit mentioned above, after ACRSD referred the lawsuit to CRSD to examine the petition submitted by one of the respondents, regarding whom CRSD decision No. (5680/L/D1/2025) of 1446 H. was issued on 13/09/1446 H. corresponding to 13/03/2025, and became a final decision on 24/10/1446 H corresponding to 22/04/2025. The ACRSD decision concluded with endorsing the CRSD decision (5300/L/D1/2024) of 1446 H. dated 17/02/1446 H. corresponding to 21/08/2024, that included the following:
Obliging the respondents: Adel bin Mohammad bin Hamad Almojil (in absentia), Fahad bin Ali bin Saad Alraqttan and Ibrahim Zadah, individually and jointly, to pay the amount of (SR. 90,833,430.46) ninety million eight hundred thirty-three thousand four hundred thirty Saudi Riyals and forty-six Halalas, according to the entitlement of each one of the (668) claimants as described in Table (1) stated in the decision No. (5300/L/D1/2024) of 1446 H. dated 17/02/1446 H. corresponding to 21/08/2024.
To view the list of IDs of entitled persons, click here.
