Follow-up Announcement by the GS-CRSD on the Issuance of Two Decisions by the CRSD Approving the Two Class Actions Filed by Investors Against Sanam Business Holding Company and Sport Address Business Services Holding Company
Further to the announcement of the General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) dated 11/05/1447H, corresponding to 02/11/2025, regarding the issuance of two decisions by the Committee for Resolution of Securities Disputes (CRSD), No. (21/L/D1/C/2025) of 1447 H., dated 08/04/1447 H., corresponding to 30/09/2025, and decision No. (22/L/D2/C/2025) of 1447 H., dated 08/04/1447 H., corresponding to 30/09/2025; approving the acceptance of the registration of the following two class actions:
1. The class action filed by an investor against the Sanam Business Holding Company, after the Company conducted a marketing campaign offering shares in the Sanam Alnomu Business Services Holding Company, a subsidiary Company to it, without following regulatory procedures stated in the Rules on the Offer of Securities and Continuing Obligations, and as a result his subscription to the Company's shares based on that. The claimant requested the registration of the class action with the CRSD, the annulment of the subscription agreement concluded with the Company, and obliging it to return the capital he paid as a result of his subscription.
2. The class action filed by an investor against the Sport Address Business Services Holding Company, as a result of the Company offering its shares and conducting a marketing campaign to invest with it without following regulatory procedures stated in the Rules on the Offer of Securities and Continuing Obligations, and as a result his subscription to the Company's shares based on that. The claimant requested the registration of the class action with the CRSD, the annulment of the subscription agreement concluded with the Company, and obliging it to return the capital he paid as a result of his subscription.
The GS-CRSD announced the issuance of two decisions by the CRSD, No. (24/L/D2/C/2026) of 1447 H., dated 14/09/1447 H, corresponding to 03/03/2026, and No. (25/L/D2/C/2026) of 1447H., dated 14/09/1447H, corresponding to 03/03/2026, approving the two aforementioned class actions filed by the main claimants, after the number of requests sharing the same lawful bases, claimed facts, and subject matter reached the statutory threshold for issuing the decisions approving them.
The CMA has facilitated the procedures for submitting requests to join the two aforementioned class actions. With the completion of the joining requests for these two actions, the CMA would like to note that any person who has not previously submitted a request to join the said class actions may file an individual complaint through the CMA's website via the following link.
Details of the announcement can be found on the website of the GS-CRSD, via the following link:
Announcement of the GS-CRSD
NewsDetailsWcmPortlet
