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 Jér?me 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.