07:14 AM EST, 11/28/2024 (MT Newswires) -- Exro Technologies ( EXROF ) , a clean-technology company focused on e-mobility, said overnight Wednesday it has learned of a proposed class action lawsuit against it that has been filed in the Court of the King's Bench, Alberta. Exro ( EXROF ) expects to be served with the statement of claim shortly.

The claim is a proposed securities class action on behalf of investors who purchased Exro ( EXROF ) securities between Jan. 30 and Nov. 13 of this year. Exro ( EXROF ), its CEO and the chair of the board of directors are named in the statement of claim. The plaintiff says that the action arises out of the April merger between Exro Technologies and SEA Electric and alleges that the class member incurred losses on their investments in Exro ( EXROF ) securities due to misrepresentations in a material change report filed by Exro ( EXROF ) on Jan. 30. The plaintiff seeks certification of the action as a class action and his appointment as a class representative.

Exro ( EXROF ) said it disputes the allegations in the statement of claim and that it will defend itself.