CASE OVERVIEW

Between May 7, 2021 and December 15, 2024 inclusive, the directors, officers, auditors and underwriters (collectively, the “Defendants”) of The Lion Electric Company (“Lion Electric” or the “Company”), published documents that contain misrepresentations and omit to disclose material facts relating to the Company’s financial health, including the quality of Lion Electric’s products, its production capacity, order book, growth and profitability.

The effect of Defendants’ misconduct was to artificially inflate the value of Lion Electric’s securities. As a result, members of the proposed class acquired Lion Electric’s securities at artificially inflated prices that did not reflect their true value.

When the entire truth emerged on December 16, 2024, the value of Lion Electric’s securities plummeted, resulting in a loss to the members of the proposed class.  

The proposed class action seeks to obtain a judgment ordering the Defendants to pay damages to each member of the proposed class.  

MEMBERS OF THE PROPOSED CLASS

You are a member of the proposed class under civil law dispositions if you acquired one or more of Lion Electric’s securities on a primary or secondary market between May 7, 2021 and December 15, 2024, inclusive.

You are a member of the proposed class under Québec’s Securities Act dispositions if you acquired one or more of Lion Electric’s securities on a primary or secondary market between February 22, 2024 and December 15, 2024, inclusive. 

CASE STATUS

On February 21, 2025, an Application for Authorization to Institute a Class Action and for Authorization to Bring an Action for Damages under article 225.4 of the Securities Act, CQLR c V-1.1 was filed before the Superior Court of Québec.  

The class action is currently at the authorization stage.

PROCEEDINGS AND JUDGEMENT

• Application for Authorization to Institute a Class Action and for Authorization to Bring an Action for Damages under article 225.4 of the Securities Act (in French only).