CRSD approves 2 class actions against Sanam, Sport Address

Logo of General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD)

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced the issuance of two decisions by the Committee for Resolution of Securities Disputes (CRSD), dated March 3, 2026, approving two class actions.

The first case was filed by an investor against Sanam Business Holding Co., following a marketing campaign promoting the share offering of its subsidiary, Sanam Alnomu Business Services Holding Co., without complying with the regulatory requirements set out in the rules on the offer of securities and continuing obligations. The investor subscribed to the shares on that basis and sought registration of the class action, termination of the agreement, and refund of the invested amounts.

The second case was filed by an investor against Sport Address Business Services Holding Co., after the company conducted a share offering and investment marketing campaign without adherence to the applicable regulatory procedures under the rules on the offer of securities and continuing obligations, resulting in the investor’s subscription. The claimant requested registration of the class action, cancellation of the agreement, and reimbursement of funds paid.

The GS-CRSD said the approvals followed the attainment of the statutory threshold, as the number of requests sharing the same legal basis, factual circumstances, and subject matter reached the level required to issue class action approval decisions.

It added that the Capital Market Authority (CMA) facilitated the procedures for joining the two class actions. With the completion of joining requests, the authority noted that individuals who have not yet joined may still file individual complaints through the CMA’s website.