CAE Investor Tells Court He’s Ending Securities Class Action

A CAE Inc. investor who filed a proposed class action in July alleging the company engaged in securities fraud has voluntarily ended the lawsuit, according to a Friday court filing.

Norbert Gamache filed suit alleging CAE, a Canadian aviation and defense training company, misled and omitted information from investors “in a scheme to deceive the market.” CAE’s defense segment holds fixed-price, long-term contracts, causing the company to “absorb cost overruns which can dent profit margins or generate significant losses,” Gamache says in his complaint. He alleges that CAE misrepresented “significant cost overruns” from some of the company’s pre-pandemic fixed-price ...