The Lightspeed offices in Montreal in 2023. The company has agreed to settle a class-action lawsuit that alleged it misrepresented its financial performance.Ryan Remiorz/The Canadian Press
Lightspeed Commerce Inc. LSPD-T has agreed to pay $11-million to settle a class-action lawsuit in Quebec that alleged the company misrepresented its financial performance.
The proposed settlement agreement reached in June does not include any admission of liability by the company which denied the allegations of any wrongdoing.
The lawsuit was brought in 2021 by shareholders after Lightspeed shares fell following a critical short-seller report by Spruce Point Capital Management.
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A similar lawsuit in the U.S. was dismissed earlier this year.
Lightspeed said at that time that the allegations had no adequate legal basis and that the decision was a victory for the company.
A Quebec Superior Court will be asked to approve the settlement at a hearing set for Nov. 21 in Montreal.