#Class Action #Canada #Montreal #Lightspeed Commerce #Settlement

Proposed Settlement of Class Action against Lightspeed Commerce

A class action lawsuit has been initiated against Lightspeed Commerce Inc., along with several of its directors and executives, and PricewaterhouseCoopers LLP. This case is currently underway before the Superior Court of Quebec in Canada. The claims in question allege that the defendants made false representations regarding significant facts related to the financial performance of Lightspeed Commerce. These statements were included in public disclosures and documents, raising concerns for the investors involved.

Settlement Overview

The parties involved have come to an agreement on a proposed settlement, which will not require any admission of liability by the defendants. The primary terms of this settlement state that the defendants will pay a total of CAD 11 million as a comprehensive resolution of all claims made against them. Should this settlement receive judicial approval, the agreed amount – after deductions for legal fees, expenses, administrative costs, and taxes – will be distributed among the members of the group on a pro rata basis.

For a detailed view of the settlement agreement, interested parties can refer to the official website at Faguy & Co..

Exclusion Options

Individuals who do not wish to participate in the class action or receive benefits from the settlement must formally exclude themselves no later than October 15, 2025. Instructions for submitting an exclusion request are available on the same website mentioned above.

Legal Fees and Distribution Costs

The attorneys representing the group intend to request that the court approve their fees, which will amount to one-third (33.33%) of the total settlement, along with any additional costs and taxes as agreed upon with the group representatives.

Approval Hearing

An important court hearing will take place on November 21, 2025, at 9:30 AM at the Montréal Courthouse, located at 1 Notre-Dame St. East, Montreal, Quebec. During this hearing, the court will consider authorizing the proposed class action solely for the purpose of settlement and will approve the outlined settlement as well as the associated legal fees, costs, and taxes. Group members who wish to attend this hearing can do so in person at Courtroom 2.07 or virtually via a Microsoft Teams link that will be provided prior to the date. Note that attendance is not mandatory for members who do not oppose the proposed settlement.

Participation Decisions

At this stage, group members are not required to indicate their intention of participating in the proposed settlement. After the hearing on November 21, should the court approve the settlement, another notice will follow with guidelines for members wishing to participate. Any members who feel the need to consult with their personal attorneys may do so at their own expense.

Raising Objections

Group members reserve the right to raise objections concerning the proposed settlement. During the approval hearing, they can present their claims relating to the settlement or the distribution of remaining funds. The court will review all objections provided that they are submitted in writing in advance to Concilia Services Inc. via email or prepaid mail by October 15, 2025. The necessary contact for submitting objections is:

• - Email: [email protected]
• - Address: 1-5900, Avenue Andover, Montreal (QC) H4T 1H5, Attention: Lightspeed Commerce Class Action.

Written objections may be submitted in either English or French and must contain the following information:

1. Full name, current mailing address, phone number, and email address (if applicable).
2. The number of Lightspeed shares purchased between March 7, 2019 and held after market closure on either September 28, 2021, or November 3, 2021, along with relevant trading slips.
3. A brief explanation outlining the nature and reasons for the objection.
4. If the objector or their representative intends to appear at the hearing in person or via counsel, the name, address, phone number, fax number, and email address of the attorney must be specified.

The court, the claimants, and the defendants will be informed of all objections raised.

Further Questions

For any inquiries related to this process, individuals should contact the Administrator CONCILIA SERVICES INC. at 1-5900, Avenue Andover, Montreal (QC) H4T 1H5, Phone: 1-888-350-7708, or via email at [email protected]. For legal matters, concerns can also be directed to Me Lea Bruyere, LPC Avocats Inc., located at 276, rue Saint-Jacques, bureau 801, Montreal, Quebec, H2Y 1N3, Phone: 514-379-1572, Email: [email protected].

More Information

Additional details, including the exclusion form, can be found on the group’s attorney's website at Faguy & Co.. Also, key documents regarding the class action are accessible through the Class Action Registry at Registry of Class Actions.

Notice to Brokerage Firms

Brokerage firms are requested to disseminate this notice in both French and English to their clients who purchased securities of Lightspeed between March 7, 2019 and November 3, 2021, for whom a valid email address is available. For clients lacking a valid email address, a postal notice in both languages should be sent. Brokerage firms may collectively claim a maximum of CAD 15,000 for costs incurred in distributing this notice to group members. If total claims exceed this amount, each firm's claim will be reduced proportionately.

This notice has received judicial approval. Any questions regarding the contents of this notice should not be directed to the court.

A version of this notice is available in English at Faguy & Co..