Lightspeed Commerce Inc. has agreed to pay $11 million to settle a Quebec class-action lawsuit alleging the company misrepresented its financial performance.
The proposed settlement, reached in June, does not involve any admission of liability. Lightspeed has consistently denied any wrongdoing.
The lawsuit was filed in 2021 after Lightspeed shares tumbled following a critical short-seller report by Spruce Point Capital Management. Shareholders argued the company had overstated its growth and financial outlook.
A similar lawsuit in the United States was dismissed earlier this year. At that time, Lightspeed said the claims lacked adequate legal basis and called the ruling a victory.
The settlement now awaits approval from the Quebec Superior Court, which has scheduled a hearing for November 21 in Montreal.