MONTREAL, June 16, 2025 /PRNewswire/ — Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the unified omnichannel platform powering ambitious retail and hospitality businesses in over 100 countries, has announced it has reached an agreement in principle to fully resolve the proposed class action proceedings filed in Quebec. The settlement follows the recent dismissal of a parallel U.S. securities class action against the Company, where the court found the plaintiff’s allegations to lack an adequate legal basis.
The settlement, which is subject to approval by the Superior Court of Quebec, aims to definitively resolve all claims brought on behalf of the proposed class members against the Company. As part of the agreement, Lightspeed and the other settling defendants do not admit any liability and deny all allegations of wrongdoing.
“Lightspeed is in a period of transformation, focused on strategic growth to build a profitable long-term company for our customers and shareholders,” stated Founder and CEO, Dax Dasilva. “Resolving this action enables Lightspeed to concentrate on its transformation–focusing on markets where we have a proven advantage–and delivering exceptional experiences to our customers globally.”
The financial sum of the settlement is approximately $8.09 million.
To learn more about Lightspeed, visit http://www.lightspeedhq.com.
|
_________________________________ |
|
1 Re-Re-Amended Motion for Authorization to Bring an Action Pursuant to Section 225.4 of the Québec Securities Act and Application for Authorization to Institute a Class Action. See court docket number 500-06-001164-215. |
|
2 $11 million converted into U.S. dollars using an exchange rate of 0.7354, being the daily rate of exchange posted by the Bank of Canada for conversion of Canadian dollars into U.S. dollars on June 13, 2025. |
About Lightspeed
Lightspeed is the POS and payments platform empowering businesses at the heart of communities in over 100 countries. As the preferred partner for ambitious retail and hospitality entrepreneurs, Lightspeed helps businesses accelerate growth, deliver exceptional customer experiences, and operate more efficiently across all channels and locations.
With its fast, flexible omnichannel technology, Lightspeed offers point of sale, ecommerce, embedded payments, inventory management, reporting, staff and supplier management, financial services, and an exclusive wholesale retail network. Backed by data insights and expert support, Lightspeed enables businesses to optimize efficiency and focus on their core strengths.
Founded in Montréal, Canada in 2005, Lightspeed is listed on both the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD), with teams across North America, Europe, and Asia Pacific.
Follow us on LinkedIn, Facebook, Instagram, YouTube, and X.
Forward-Looking Statements
This news release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws, including information regarding Lightspeed’s pending and threatened litigation and settlement agreement. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of Lightspeed’s management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations, under “Risk Factors” in our most recent Annual Information Form, and in our other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under our profiles on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed’s subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that Lightspeed considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by Lightspeed. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
View original content to download multimedia:https://www.prnewswire.com/news-releases/lightspeed-commerce-announces-settlement-agreement-for-quebec-class-action-302483089.html
SOURCE Lightspeed Commerce Inc.
Original article, Author: Jam. If you wish to reprint this article, please indicate the source:https://aicnbc.com/2645.html
