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Ridan Food directors face class action
The Capital Market Authority announced the acceptance of a class action lawsuit against the members of the Board of Directors and the Audit Committee of Rayan Food Company. The lawsuit stems from their financial violations that led to misleading investors regarding the accurate value of the stock, due to non-compliance with accounting standards and the improper valuation of certain investments. The aim was to influence the stock price during the years 2018 to 2020. The Authority has called on investors who purchased the company's shares between March 2019 and March 2022 to join the lawsuit within 90 days of this announcement.
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