Quebec court authorizes class action against Bombardier

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By Staff The Canadian Press

Posted May 27, 2024 11:43 am

1 min read

A Quebec judge is authorizing a people action from shareholders against Bombardier Inc. complete claims that nan level shaper presented a mendacious image of its financial business successful 2018, a turbulent twelvemonth that saw its stock value tank.

The suit alleges that Bombardier, then-CEO Alain Bellemare and then-chief financial serviceman John Di Bert grounded to make timely disclosures of cardinal facts astir nan company’s financial forecast.

Filed successful Quebec Superior Court by shareholder Denis Gauthier successful 2019, nan people action concerns investors who bought institution banal betwixt Aug. 2 and Nov. 8, 2018.

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In nan months starring up to Nov. 8, nan Montreal-based institution said it was connected way to execute financial goals linked to its restructuring.

 'Bombardier announces plans to laic disconnected astir 1,600 workers'

0:24 Bombardier announces plans to laic disconnected astir 1,600 workers

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But successful its third-quarter results successful November 2018, Bombardier announced it would trim 5,000 jobs and waste disconnected 2 units, and reported free rate travel that sat “well below” expectations of breaking moreover without falling backmost connected proceeds from a caller mill sale, according to 1 expert astatine nan time.

Stock astatine Bombardier tumbled 23 per cent connected that November time successful 2018.

Bombardier, which has since reinvented itself arsenic a pure-play business pitchy manufacturer, says it whitethorn entreaty nan authorization by nan court, which has not yet heard aliases ruled connected nan allegations.

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