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

Proposed Settlement in Class Action Against Lightspeed Commerce

On September 3, 2025, a proposed class action against Lightspeed Commerce Inc. was formally initiated, alongside several of its directors and officers and PricewaterhouseCoopers LLP. This action, brought before the Superior Court of Québec, centers around allegations that the defendants misrepresented critical facts regarding Lightspeed Commerce's financial performance in its public disclosures. This article outlines the notable aspects of the proposed settlement, which could significantly affect investors involved with the company.

Background of the Class Action

The class action stems from allegations that between March 7, 2019, and November 3, 2021, the defendants misled investors regarding Lightspeed Commerce's actual financial standing. Such misrepresentations may have induced several individuals and entities to acquire securities of Lightspeed under false pretenses, leading to financial detriment among stakeholders.

In response to these claims, the parties have come to a proposed settlement amounting to CDN $11 million. It's crucial to note that this settlement has been reached without any admission of liability from the defendants. The upcoming court ruling will determine the acceptance and implementation of this settlement.

Key Settlement Terms

The agreement proposes that the CDN $11 million is to be paid in full and final settlement of all claims against the defendants. If approved by the court, the settlement funds, after deducting legal fees and other expenses, will be distributed among the class members on a pro-rata basis. A detailed copy of the settlement terms is available on the Faguy Co. website.

Opting Out of the Settlement

Class members who do not wish to take part in this proposed settlement or receive any benefits from it must opt-out by October 15, 2025. Instructions for opting out are also accessible on the Faguy Co. website.

Legal Fees and Court Approval

The lawyers representing the class are seeking approval for their fees, which are set at one-third (33.33%) of the settlement amount, plus reimbursements for disbursements and taxes. This request will be made during the court approval hearing scheduled for November 21, 2025, at the Montréal Courthouse. Class members interested in the proceedings do not need to appear unless they wish to do so in person or virtually.

Objections and Next Steps

Class members reserve the right to voice objections to the proposed settlement. They can present their concerns during the approval hearing, and are encouraged to submit written objections to Concilia Services Inc. by October 15, 2025. All objections must include personal identification details and specify the rationale for their opposition.

Continuing the Dialogue

Queries regarding this class action may be directed to Concilia Services Inc. For legal counsel, Mtre Lea Bruyere LPC Avocats Inc. is available for assistance. Further documentation and forms for opting out are notably provided on the aforementioned Faguy Co. website, ensuring that affected parties have adequate resources as they navigate this process.

In conclusion, this proposed settlement with Lightspeed Commerce serves as a significant development for investors who believe their interests were adversely impacted during the disputed timeline. As the approval hearing approaches, it remains paramount for class members to understand their rights and the implications of this settlement, whether they choose to opt-in or out. Stay tuned for further updates as the court date draws near.