Lightspeed to pay $11 million to settle Quebec class-action lawsuit

Lightspeed Commerce offices are seen in Montreal. THE CANADIAN PRESS/Christinne Muschi

MONTREAL — Lightspeed Commerce Inc. has agreed to pay $11 million to settle a class-action lawsuit in Quebec that alleged the company misrepresented its financial performance.

The proposed settlement agreement reached in June does not include any admission of liability by the company which denied the allegations of any wrongdoing.

The lawsuit was brought in 2021 by shareholders after Lightspeed shares fell following a critical short seller report by Spruce Point Capital Management.

A similar lawsuit in the U.S. was dismissed earlier this year.

Lightspeed said at that time that the allegations had no adequate legal basis and that the decision was a victory for the company.

A Quebec Superior Court will be asked to approve the settlement at a hearing set for Nov. 21 in Montreal.

This report by The Canadian Press was first published Sept. 3, 2025.