Saudi Capital Market Authority accepts class action against Hamel Al Musk, opens 90-day opt-in
Investors can join a class action against Hamel Al Musk for an alleged illegal share offering, with the CMA opening a 90-day window for claims.
The Saudi Capital Market Authority has approved a class action lawsuit against Hamel Al Musk Holding for Business Services, following an alleged illegal share offering. The Capital Market Authority opened a 90-day window for investors to join the class action, which is based on Article 57 of the Procedures for Resolution of Securities Disputes.
The lawsuit seeks to annul the subscriptions and require the defendant to refund the funds paid. Eligible investors, who subscribed to the company's shares, can submit their applications through the Investor Protection Portal on the Authority's website, processed by the Investor Protection Department. Upon receiving at least ten applications with identical legal grounds, facts, and claims, the committee will approve the class action, unless it extends the 90-day period, which cannot exceed 180 days.
If the conditions are met, the committee will refer the application directly to the Committee for the Resolution of Securities Disputes. This class action mechanism aims to streamline litigation, protect investors, and uphold the fairness of securities transactions in the Saudi capital market.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
