News Summary

Montréal-based Lightspeed Commerce has agreed to a proposed settlement of a 2021 class-action lawsuit in Quebec, alleging it misrepresented its financial reports. The company, along with its leaders and auditor PricewaterhouseCoopers, will pay $11 million CAD without admitting liability. This follows the dismissal of a similar case in the United States earlier this year, where the court found no plausible reasons to claim the company’s statements were false or misleading. The settlement, subject to approval by a Superior Court of Québec judge, will see legal fees representing one-third of the settlement amount. The class-action lawsuit was initiated after a report by Spruce Point Capital Management claimed Lightspeed inflated key business metrics. Despite the controversy, Lightspeed’s recent earnings report exceeded its expected revenue and gross profit for the first quarter of fiscal 2026.