Buyers of Al-Mojil shares after IPO may join legal claim

02/12/2019 Argaam

 

General Secretariat of Committees for Resolution of Securities Disputes approved a legal claim filed by an investor against Mohammad Al-Mojil Group Co.’s (MMG) board of directors for irregularities related to the company’s initial public offering (IPO).

 

The investor requested that Al-Mojil board should compensate him for the losses he incurred due to purchasing the company’s shares.

 

The committee said that whoever bought the company’s shares after posting its first financial statements can join this legal claim in 90 days of this announcement.

 

Top executives and the auditor of Mohammad Al Mojil Group (MMG) were convicted on Oct. 15 of violating the Capital Market Law by the Appeal Committee for the Resolution of Securities Disputes.

 

The parties were convicted of committing misleading practices that affected the value of MMG securities following the group's initial public offering (IPO) with respect to manipulating MMG's financial statements for the fiscal years from 2008 to 2011.

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