Arab News, 1 June 2021: MMG investors have been awarded 40.2 million Riyals and won the Kingdom’s first ever class action.
Executives at the construction company, Mohammad Al Mojil Group and an auditor have been ordered to pay.
It follows a ruling by the General Secretariat of Committees for Resolution of Securities Disputes in the case which involved the manipulation of financial statements to give a false impression of the company following its 2008 Initial Public Offering and the subsequent three years.
The Kingdom introduced a new class action regime in 2017 for claims by shareholders of listed companies in the country.
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