In 2017, the Capital Market Authority in Saudi Arabia introduced
a new class action regime for claims by shareholders of listed
companies in the Kingdom. In this article, we look at the
conclusion of Saudi Arabia's first class action, specifically
the recently announced decision by the CRSD Appeals Committee.
Since the regime was introduced, there has only been one class
action admitted by the Committees for the Resolution of Securities
Disputes (CRSD), the specialist tribunal for
securities disputes in the Kingdom of Saudi Arabia
(KSA) (see our first article on this subject
here).
That class action was originally registered by a claimant
shareholder against the former Board of Directors of the
construction services contractor, Mohammad Al-Mojil Group
(MMG), its senior management and its auditor for
alleged violations committed during the subscription in MMG's
shares as part of its 2008 IPO. Approval from the CRSD to
consolidate the class action was issued by way
