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

Proposed Settlement in Lightspeed Securities Class Action

On September 3, 2025, the Superior Court of Québec announced a significant development in the class action lawsuit involving Lightspeed Commerce Inc. The lawsuit, brought against Lightspeed and several of its executives, claims that they provided misleading statements regarding the company’s financial performance. This legal action reflects the growing concerns among investors about the transparency of financial disclosures.

Overview of the Lawsuit

The lawsuit pertains to investors who purchased securities from Lightspeed Commerce Inc. or Lightspeed POS Inc. between March 7, 2019, and November 3, 2021. The plaintiffs argue that the defendants wrongfully depicted the financial health of the company in their public statements and filings, which ultimately misled investors. Given the serious nature of these allegations, the court procedure has garnered considerable attention.

Settlement Agreement Details

In response to the lawsuit, the parties have agreed to a settlement that requires the defendants to pay CAD 11 million. This payment aims to resolve all claims made against them, although it does not admit any wrongdoing. The settlement will be allocated to the class members after deducting legal fees, administrative expenses, and any applicable taxes, pending the court’s approval. A complete copy of the settlement agreement can be accessed at Settlement Document.

Opting Out

Members of the class action group have the right to opt out if they do not wish to receive benefits from the settlement. To do so, they must submit an exclusion request by October 15, 2025. Detailed instructions and the opt-out form are available on the settlement website.

Legal Fees and Distribution

Plaintiffs' attorneys have requested court approval for their fees, amounting to one-third (33.33%) of the CAD 11 million settlement, along with reimbursement for any expenses incurred. These financial arrangements will also fall under the court’s scrutiny.

Court Hearing

A crucial hearing is set for November 21, 2025, at 9:30 AM in the Montréal courthouse, where the judge will evaluate the proposed settlement and the attorney fees. Class members are not required to attend but may do so either in-person or virtually via Microsoft Teams.

Class Members’ Rights

Class members retain the right to object to the proposed settlement and raise any concerns they might have during the hearing. Written objections can be submitted in either English or French to Concilia Services Inc., and the court will address these objections accordingly.

This lawsuit and proposed settlement serve to highlight the implications of corporate transparency and the responsibilities of public companies to their investors. Those who feel impacted by Lightspeed's disclosures finally have the opportunity to voice their concerns and potentially benefit from the settlement.

For any questions regarding the class action process, individuals may reach out to Concilia Services Inc. at the provided contact information. Moreover, further resources and documentation about the case can be found at the Québec Registre des actions collectives website.

This event signifies a critical moment for investors involved with Lightspeed and underscores the importance of vigilance and clarity in corporate communications.