MONTREAL, July 23, 2024 (GLOBE NEWSWIRE) -- Bombardier Inc. ("Bombardier" or the "Company") announced that it intends to vigorously defend itself against a class action which the Superior Court of Québec only partially authorized Plaintiff Jérôme Gauthier to institute against it (the "Authorization Decision"). Bombardier denies any wrongdoing.
As previously disclosed, on April 21, 2023, an application for authorization to institute a class action was filed before the Superior Court of Québec, in the district of Montréal, against Bombardier and Messrs. Pierre Beaudoin, Éric Martel and Alain Bellemare (respectively, the Chairman of the Board of Directors, the President and Chief Executive Officer and the former President and Chief Executive Officer of Bombardier) (the "Application"). The Application sought authorization to represent all persons who received restricted share units, in November 2020, vesting in November 2023 (the "RSUs") and to claim in their name an unspecified amount equal to the value of the RSUs that were cancelled on a pro rated basis following the sale of its Bombardier Transportation business segment ("BT") to Alstom S.A. ("Alstom") on January 29, 2021.
Of the seven causes of action put forward by the Plaintiff against Bombardier and the individual defendants, the Superior Court only authorized two, with respect to the interpretation of its RSU plan (the "Plan") in relation to the November 2020 RSU grants, and only against Bombardier. The Court has not yet heard or ruled on the merits of the allegations underpinning this class action and Bombardier is currently reviewing the Authorization Decision and is assessing its options, including the possibility of filing an appeal. Bombardier intends to continue to vigorously defend itself at every step of this litigation.
The Plaintiff obtained the authorisation to represent all natural persons that meet the following four conditions:
(1) they were employed by BT before January 29, 2021;
(2) they signed, after September 16 2020, a grant agreement with Bombardier for RSUs, governed by the Plan;
(3) they were awarded RSUs for which the vesting date was later than January 29, 2021; and
(4) their employment agreement was not terminated before the vesting date of the RSUs.
About Bombardier
At Bombardier (BBD-B.TO), we design, build, modify and maintain the world's best-performing aircraft for the world's most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.
For them, we are committed to pioneering the future of aviation-innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.
Bombardier customers operate a fleet of approximately 5,000 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier's performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico.???
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| Francis Richer de La Flèche Vice President Financial Planning and Investor Relations Bombardier +1 514 240 9649 | Mark Masluch Senior Director, Communications Bombardier +1 514 855 7167 |
