The Cash Store Financial Services Inc., an Edmonton-based alternative lender, has been hit with a class action suit in Quebec, alleging that it made misrepresentations.
The Edmonton-based company (TSX:CSF) said Tuesday that it plans to defend itself vigorously against what it says are unfounded allegations.
The company says that this latest claim is substantially similar to other recently announced proposed class action proceedings in New York, Alberta and Ontario, and a previously disclosed complaint filed by Globis Capital Partners L.P.
It notes that the plaintiffs in this latest case allege, among other things, that the company made misrepresentations about its internal controls and financial reporting and the third-party loan portfolio acquisition between Nov. 24, 2010 and May 24, 2013.
The company says that substantially similar class actions may continue to be launched in Alberta, Ontario, New York and Quebec, as well as other jurisdictions; and it pledges to provide disclosure about these cases in its quarterly and annual filings.