08:53 AM EDT, 09/24/2024 (MT Newswires) -- The Competition Tribunal has found that Cineplex ( CPXGF ) had engaged in drip pricing given the way it added its online booking fee to the tickets page on its website and app.

The company has been fined $38.9 million ($0.61/share) and legal costs, notes National Bank analyst Adam Shine.

Cineplex ( CPXGF ), which said it was "shocked and disappointed" with the Tribunal's decision, will appeal the ruling to the Federal Court of Appeal.

Shine, who says he was also surprised by the Tribunal's decision, believes "this is definitely a ruling worth appealing."

Cineplex ( CPXGF ) is rated Outperform, with a $12.50 target.