Radan Food Directors Face Lawsuit
The Capital Market Authority issued a decision to accept a class-action lawsuit against certain members of the board of directors and the audit committee of Al Rayan Food Company, due to their violations of financial market regulations and the misrepresentation of financial data during the periods of 2018-2020. They were accused of failing to adhere to approved accounting standards and of not properly assessing the impact of the company's investments, with the intention of influencing the stock price. There is also a possibility that those who purchased shares of the company between 2019 and March 2022 may join the lawsuit. The Authority's goal is to protect investors and promote transparency in the financial markets.
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