Follow-up Announcement from the General Secretariat of CRSD Regarding the Issuance of CRSD Decision to Register the Class Action Filed by an Investor against a Number of Former Executives in Etihad Etisalat Co. (Mobily)

Tuesday, January 05, 2021 at 4:17 PM

Tue Jan 5, 2021 16:17

Further to the announcement of the General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) on 21/04/1442 H. corresponding to 06/12/2020, regarding the issuance of the Committee for Resolution of Securities Disputes (CRSD) decision No. 6/L/D1/C/2020 for the year 1442 H. dated 09/04/1442 H. corresponding to 24/11/2020, to accept a request to register the class action lawsuit submitted by an investor against some senior executives in Etihad Etisalat Co. (Mobily), against whom a final decision was issued by the Appeal Committee for Resolution of Securities Disputes (ACRSD) decision No. (1997/L.S/2020) for the year 1442 H. dated 14/01/1442 H. corresponding to 02/09/2020, which was announced on GS-CRSD’s website on 24/02/1442 H., also against former members of the board of directors of Etihad Etisalat Co. (Mobily), against whom a final decision was issued by the ACRSD decision No. 1462/L.S/2018 for the year 1439 H. dated 10/09/1439 H. corresponding to 25/05/2018, and announced on the website of the Capital Market Authority (CMA) on 12/06/2018;

The GS-CRSD announces the issuance of the CRSD decision No. 7/L/D1/C/2020 for the year 1442 H. dated 13/05/1442 H. corresponding to 28/12/2020, confirming the registration of the class action lawsuit mentioned above filed by the main claimant after the number of requests – which share the same lawful bases and claimed facts as well as having the same subject matter – reached the lawful number that allow issuing a decision to register a class action.

The details of the announcement can be found on GS-CRSD website, through the following link:
Announcement from GS-CRSD

Furthermore, the CMA took the initiative to facilitate the procedures of requesting joining the abovementioned class action lawsuit via an electronic link on the CMA’s website, making it easier for the affected investors who meet the conditions to submit their requests without the need to personally come to the headquarters of the CMA or the GS-CRSD. The CMA invites all affected investors, who have not yet join this class action during the previous period to promptly submit their requests to join this class action via the following link:
Request to Join the Class Action Lawsuit

You can also view the frequently asked questions about the class action through the following link: