- Bombardier (TSX:BBD.B) intends to defend itself in Québec’s highest court against a lawsuit that alleges former executives misled investors
- The aerospace company stated the Superior Court of Québec has authorized Denis Gauthier to pursue a lawsuit for damages against Bombardier, as well as former executives Alain Bellemare and John Di Bert
- In 2019, Gauthier sought approval to initiate a class action lawsuit against the Canadian business jet manufacturer and the executives, alleging they made false and misleading representations
- Bombardier Inc. stock last traded at C$89.23 per share
Bombardier (TSX:BBD.B) intends to defend itself in Québec’s highest court against accusations that former executives misled investors.
In a news release, the aerospace company stated Monday that the Superior Court of Québec has authorized Denis Gauthier to pursue a lawsuit for damages against Bombardier, as well as former executives Alain Bellemare and John Di Bert.
In 2019, Gauthier sought approval to initiate a class action lawsuit against the Canadian business jet manufacturer and the executives, alleging they made false and misleading representations, including the failure to disclose important information in a timely manner regarding the company’s 2018 guidance.
The court hasn’t decided if these claims are valid. Bombardier added that its team is considering its options, which could include filing an appeal.
The class action targets anyone who purchased Bombardier stock between Aug. 2, 2018, and Nov. 8, 2018.
Montreal-based Bombardier designs, manufactures and services business jets, including the Global and Challenger aircraft families. The company has a worldwide fleet of more than 5,000 aircraft in service across multinational corporations, charter and fractional ownership providers, governments and private individuals.
Bombardier Inc. stock (TSX:BBD.B) last traded at C$89.23 per share and has risen nearly 50 per cent higher in the past month as well as more than 4,000 per cent over the past five years.
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(Top photo: Bombardier)