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Class action against Al-Misk over share sale
The Capital Market Authority (CMA) announced that it has accepted a class-action lawsuit against Hamil Al-Misk Business Services Holding Company, due to its offering of shares to the public without adhering to the approved regulatory procedures, thus violating the Capital Market Law. The Authority indicated that the lawsuit includes individuals who subscribed to the company's shares, and that those affected can submit their requests to join within ninety days via the Authority's website. This step aims to enhance transparency, protect investors' rights from unfair practices and manipulation, reduce costs, and simplify the legal procedures to ensure that those harmed receive their compensation swiftly. These measures reaffirm the importance of obtaining the necessary regulatory approvals before offering shares to the public.
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