Proposed Settlement of Class Action Against Lightspeed Commerce Inc.

Overview of Class Action Against Lightspeed Commerce Inc.

On September 3, 2025, a proposed class action was formally initiated against Lightspeed Commerce Inc., alongside several of its executives and PricewaterhouseCoopers LLP, by the Superior Court of Québec. This action is significant because it relates to allegations that the defendants misrepresented crucial financial details about Lightspeed Commerce Inc.'s performance in official documents and statements made to the public. The lawsuit could have implications for all individuals and entities who acquired securities from Lightspeed Commerce or Lightspeed POS Inc. between March 7, 2019, and November 3, 2021.

Proposed Settlement Details

As part of the resolution process, the parties have agreed on a proposed settlement, which will require court approval. The settlement amounts to CDN $11 million, which is intended to fully and finally resolve all claims against the defendants. After deducting legal fees, administrative costs, and applicable taxes, the remaining settlement funds will be equally distributed among eligible class members on a pro-rata basis. Individuals can access the complete settlement agreement through the provided link to Faguyco's website.

Right to Opt-Out

Class members who opt not to participate in this proposed class action or wish to decline any benefits from the settlement must formally opt out by October 15, 2025. Relevant forms and further instructions for opting out can also be found at the same link mentioned above. This gives class members a chance to make a decision that best suits their circumstances regarding the proposed financial settlement.

Legal Fees and Court Approval

The legal representatives of the class are expected to request court approval for their fees, amounting to 33.33% of the total settlement, which equates to about CDN $3.67 million, in addition to disbursements and taxes, based on their agreement with the representative plaintiffs.

The Superior Court of Québec is set to conduct a hearing on November 21, 2025, at 9:30 a.m. This session aims to approve the proposed class action for settlement purposes along with the financial aspects of it, including legal fees. Class members do not need to appear at this hearing unless they choose otherwise. However, they are welcome to join either in person at courtroom 2.07 in the Montréal Courthouse or can attend virtually through Microsoft Teams.

Class Members' Actions Post-Hearing

At this stage, class members are not required to take any immediate actions to indicate their participation preference in the pending settlement. If the court approves the settlement during the November hearing, additional notifications will be sent out with detailed instructions for class members wishing to partake in the settlement. Class members are encouraged to seek independent legal counsel for personalized advice if necessary, at their discretion.

Objections to the Settlement

Those within the class hold the right to contest the proposed settlement. Any objections can be voiced at the forthcoming court hearing. For formal objections, written submissions are accepted and must include essential details such as the objector's contact information, the number of securities purchase during the relevant timeframe, a brief explanation for the objection, and an indication of whether the objector or a representative will attend the hearing. These should be sent to the administrator, Concilia Services Inc., with the attention of 'Lightspeed Commerce Inc. Class Action Proceedings' before October 15, 2025.

Queries and Assistance

For any questions about the procedural aspects of the proposed settlement, inquiries should be directed to Concilia Services Inc. at their Montréal office, while more intricate legal questions can be addressed to Mtre Lea Bruyere from LPC Avocats Inc. Furthermore, class members can find further information online regarding opt-out forms and access critical documents about the entire class action process from the designated links.

In conclusion, this proposed settlement represents a significant move in the ongoing legal proceedings involving Lightspeed Commerce Inc., and it is crucial for affected individuals to stay informed about their rights and the steps they need to take moving forward.