CRSD approves class action against some Al Mojil board members, employees

11/01/2024 Argaam

CRSD approves class action against some Al Mojil board members, employees

Logo of Mohammad Al-Mojil Group Co.

The Capital Market Authority (CMA) stated that the Committee for Resolution of Securities Disputes (CRSD) accepted, on Dec. 11, 2023, the class action filed by an investor against some board members and employees of Mohammad Al Mojil Group (MMG), according to the CMA website.

 

The investor claims compensation for the damage he suffered due to the announcements made by the company on Feb. 22, 2012 and April 21, 2012, which created a misleading and false impression about MMG’s financial position. 

 

The approval came after the number of requests having the same lawful bases, and claimed facts reached the number required for registering a class action. 

  

The competent committees will decide on compensation in accepted requests or in the new ones submitted to join the class action.  

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