The Superior Court of Quebec Grants Leave under Quebec Securities Act to Institute Class Action Proceedings as against PricewaterhouseCoopers LLP for Settlement purposes only
(S.C.M. no. 500-06-001173-216)
MONTRÉAL, Nov. 13, 2022 /PRNewswire/ - On November 1, 2022, the Superior Court of Quebec granted authorization to the lead Plaintiff to exercise a class action as against PricewaterhouseCoopers LLP, the Canadian member firm in the PwC network of firms, ("PwC") under the Québec Securities Act ("QSA") for the sole purpose of a Settlement (the "Settlement").
The Settlement may affect the rights of persons and entities who acquired Nuvei's securities on or after September 17, 2020 to December 7, 2021, and held some or all of those securities until after the close of trading on December 7, 2021.
The originating Application for Authorization of a Class Action and for Authorization to Bring an Action pursuant to Section 225.4 of the Quebec Securities Act (the "Action") was filed on December 8, 2021, in connection with securities issued by Nuvei Corporation ("Nuvei") (TSX andNasdaq: "NVEI") for, inter alia, damages for misrepresentation under Title VIII, Chapter II, Divisions I and II of the QSA and for civil fault pursuant to article 1457 of the Civil Code of Quebec.
The Action will be continuing as against Nuvei and the other non-settling defendants.
There is a proposed settlement with PwC (the "Settlement Agreement"). The Settlement Agreement provides for payment by PwC of CAD $300,000.00 for the benefit of the Applicant and the Settlement Class members described as follows:
All persons and entities, other than the Excluded Persons, who acquired Nuvei Corporation securities on or after September 17, 2020 to December 7, 2021, and held some or all of those securities until after the close of trading on December 7, 2021.
(the "Settlement Class" or the "Settlement Class members")
Excluded from the Settlement Class are PwC and the Non-Settling Defendants, members of the immediate families of the Individual Defendants, and the directors, officers, subsidiaries and affiliates of Nuvei and its subsidiaries (the "Excluded Persons")
The Settlement is a compromise of disputed claims, without any admission of liability by PwC, for the purpose of avoiding a trial and the additional costs and expenses related thereto. This notice does not mean that the Court has found liability or a likelihood of recovery on the part of any Class Member. PwC denies each and all of the claims and allegations of wrongdoing made by the Applicant in the Action.
Settlement Class members who want to be bound by the PwC Settlement are automatically included and need not do anything at this time.
Settlement Class Members who do not want to be bound by the PwC Settlement must "opt out," meaning that they must exclude themselves from the PwC Settlement. If you are a Settlement Class member and you wish to opt out of the PwC Settlement, you must complete, sign and return the Opt-Out Form provided at Appendix A of the long form notice to LPC Avocat Inc. and to the Superior Court of Québec. In order for your opt-out to be valid, your complete and signed Opt-Out Form must be postmarked or received by no later than December 13, 2022.
A motion to approve the PwC Settlement will take place on December 20, 2022 at 9:30 a.m., in room 15.09 of the Montreal courthouse and by videoconference. The courthouse is located at 1 Notre-Dame St. East, Montréal, Québec. To object to the Settlement Agreement, you should do so by setting out your objection in writing addressed to LPC Avocat Inc. postmarked or received by December 13, 2022.
The lead Plaintiff and the proposed Settlement Class members are represented by LPC Avocat Inc.
For information about the lawsuit, your rights and how to exercise them, see the long-form notice and related documents, including the judgment referenced in this press release, available online at www.lpclex.com/nuvei.
SOURCE LPC Avocat Inc.
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