Understanding the Settlement Notice
Read this notice carefully as it may affect your rights.
This notice concerns all individuals and entities, except specific individuals linked to the defendants, who acquired securities of LIGHTSPEED COMMERCE INC. or LIGHTSPEED POS INC. from March 7, 2019, to November 3, 2021 (collectively known as the "Class" or "Class Members").
Recently, a class action was initiated against Lightspeed Commerce Inc., alongside multiple directors and officers, as well as PricewaterhouseCoopers LLP, in the Superior Court of Québec. The claims allege that these defendants misrepresented essential facts concerning Lightspeed Commerce Inc.'s financial performance in their public disclosures and statements.
On a specific date, the Honourable Lukasz Granosik formally approved a settlement for these proceedings. Notably, this settlement comes without any acknowledgment of fault by the defendants, who firmly stand by their innocence regarding all allegations. This notice outlines the settlement essentials and the necessary actions Class Members must undertake to secure compensation.
Compensation Summary
SUMMARY OF THE SETTLEMENT TERMS
The defendants have agreed to a settlement amounting to CDN $11 million, concluding all claims brought against them. The Court has stipulated that Class Counsel Fees will be one-third (33.33%) of this amount, alongside additional costs for disbursements and taxes, which will be prioritized from the settlement total. The remainder of the settlement, after fees and expenses, will be distributed among Class Members on a pro rata basis, according to a plan approved by the Court. The settlement details along with the allocation plan are accessible to view.
Claim Application Deadline
A CLAIM FOR COMPENSATION MUST BE MADE BY MARCH 4, 2026
To receive the compensation outlined in the settlement, every Class Member is required to submit a completed Claim Form by the deadline of March 4, 2026. This form can be obtained online or by contacting the settlement's designated Administrator. Failure to provide a completed Claim Form by the deadline means losing the opportunity to claim any portion of the settlement.
Role of the Administrator
The Court has appointed Concilia Services Inc. to oversee the administration of the settlement. Their responsibilities include processing Claim Forms, determining eligibility for compensation, and distributing the net settlement amount to eligible Class Members. Forms can be submitted online, or a paper version may be utilized for those lacking internet connectivity.
Contact Information for Claims
Class Members needing assistance with their claims or documentation should reach out to Concilia Services Inc. They can be contacted at their Montreal office, where inquiries regarding the claims process can be addressed.
Common Inquiries
For any questions about this settlement notice, it is important to direct them specifically to Concilia Services Inc., who are equipped to provide information related to the claims process and Class Member eligibility.
Alternatively, inquiries may be directed to legal representatives at LPC Avocats Inc., who are also handling aspects related to this case.
Important Notice to Brokerage Firms
Further, brokerage firms are instructed to disseminate this notice to their clients who purchased Lightspeed securities during the specified date range. This delivery should be performed via email or regular mail, ensuring compliance with obligations to keep clients informed.
This notice has been court approved. Inquiries regarding this notice should not be submitted to the Court.
Frequently Asked Questions
What is the settlement amount approved by the court?
The total settlement amount approved is CDN $11 million.
Who is eligible to claim under the settlement?
Any individual or entity that acquired shares of Lightspeed Commerce Inc. or Lightspeed POS Inc. between March 7, 2019, and November 3, 2021, is eligible to claim.
How can I submit my Claim Form?
Claims can be submitted online via Concilia Services Inc. or through a paper form if internet access is not available.
What happens if I miss the claim deadline?
If the Claim Form is not submitted by March 4, 2026, you will forfeit any rights to compensation from the settlement.
Who should I contact for more information?
Questions should be directed to Concilia Services Inc. or LPC Avocats Inc. for additional guidance on claims and eligibility.
