The General Secretariat of Committees for Resolution of Securities Disputes announced on 14/06/1440H, corresponding to 19/02/2019G that investors affected by the violations committed on Mohammad Al-Mojil Group Company's shares (who have subscribed to or bought shares in the Company prior to publishing its first financial statements on the Exchange on 12/07/2008G) may join the class action suit filed by an investor, which is registered in the docket of the Committee for the Resolution of Securities Disputes, to claim their private action in the violations committed by some of the Company's executives and external auditor. The General Secretariat clarified that affected persons have the right to submit a request to join the aforementioned class action suit within a period of 90 days following the date of publishing this announcement on the General Secretariat's website, ending on 14/09/1440H corresponding with 19/05/2019G. Additionally, the Authority took the initiative to facilitate the procedures for applying to join the class action suit by creating a web page on its website that will allow the affected persons to submit their requests, without having to attend in person.
The provisions regulating the (Class Action Suits) issued by the Authority in November 2017G, aims to facilitate the litigation procedures for investors and reduce the litigation costs, time and efforts in order to ensure that the affected persons receive their compensation in the quickest and easiest manner possible; aiming to achieve the investors protection, the enhancement of the capital market attractiveness and the reduction of investment risks in it.
It is worth noting that the class action suit announced on the General Secretariat's website relates to the affected investors in the subscription stage described above, taking into consideration that a (preliminary) decision regarding the violations subsequent to the subscription stage in the company's shares relating to the misleading and manipulation in its financial statements was issued on 09/05/1440H, corresponding to 15/01/2019G by the Committee for the Resolution of Securities Disputes to convict the defendants of the offenses attributed to them. This decision is not final and may be appealed before the Appeal Committee for the Resolution of Securities Disputes, and the Authority will announce to the public when such decision becomes final.
The details of the General Secretariat of Committees for Resolution of Securities Disputes' announcement can be viewed via the following link:
(The General Secretariat of Committees for Resolution of Securities Disputes' announcement)
An application to join the class action suit can be submitted via the following link:
(Join the class action suit)The Frequently Asked Questions regarding the Class Action Suits can be viewed via the following link:
(FAQs)
