Lightspeed Commerce (LSPD) Announces Settlement Agreement for Quebec Class Action

Lightspeed Commerce Inc., (NYSE: LSPD) today announced that it has reached an agreement in principle to resolve in full the proposed class action proceedings filed in Quebec.¹ 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 have no adequate legal basis.

The settlement, which remains subject to the approval of the Superior Court of Quebec, purports to definitely settle and discharge all claims put forward on behalf of the proposed class members against the Company and the other defendants. As part of the settlement, the Company and the other settling defendants admit no liability and deny all allegations of wrongdoing whatsoever.

"Lightspeed is in a moment of transformation, centering our business on strategic growth as we build a long-term profitable company for our customers and shareholders," explained Founder and CEO, Dax Dasilva. "Resolving this action means Lightspeed can remain focused on our transformation–concentrating on the markets where we have a proven right to win–and delivering exceptional experiences to our customers worldwide."

The amount of the settlement is ~$8.09 million².

To learn more about Lightspeed, visit http://www.lightspeedhq.com.

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