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Lightspeed Agrees to $11M Settlement in Quebec Class-Action Lawsuit
ByAinvest
Wednesday, Sep 3, 2025 9:33 am ET1min read
Lightspeed Commerce Inc. has agreed to pay $11 million to settle a class-action lawsuit in Quebec that alleged the company misrepresented its financial performance. The proposed settlement does not include an admission of liability and was reached in June. A similar lawsuit in the U.S. was dismissed earlier this year.
Lightspeed Commerce Inc. has agreed to pay $11 million to settle a class-action lawsuit in Quebec that alleged the company misrepresented its financial performance. The proposed settlement, reached in June, does not include an admission of liability and was announced on September 3, 2025 [1].The lawsuit, filed before the Superior Court of Québec, accused Lightspeed Commerce Inc., several of its directors and officers, and PricewaterhouseCoopers LLP of misrepresenting material facts in Lightspeed's public filings and statements. The settlement will be distributed to the class members, excluding certain persons associated with the defendants, who acquired securities of Lightspeed Commerce Inc. or Lightspeed POS Inc. between March 7, 2019 and November 3, 2021 [1].
The terms of the proposed settlement involve a total payment of CDN $11 million, with the settlement amount for the class, less the lawyers' fees and disbursements, administrator's expenses, and taxes, to be distributed on a pro-rata basis. The lawyers for the class will ask the court to approve their legal fees in the amount of 1/3 (33.33%) of CDN $11,000,000, plus disbursements and taxes [1].
Class members have until October 15, 2025, to opt out of the proposed settlement. The approval hearing is scheduled for November 21, 2025, at the Montréal Courthouse. Class members who do not oppose the settlement are not required to appear at the hearing, although they may do so if they wish [1].
In a related development, a similar lawsuit in the U.S. was dismissed earlier this year. Lightspeed Commerce Inc. has not commented on the settlement or the allegations made in the lawsuit.
References:
[1] https://www.prnewswire.com/news-releases/notice-of-the-proposed-settlement-of-the-class-action-proceedings-relating-to-lightspeed-securities-302542461.html
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