According to the lawsuit, defendants misled investors and/or failed to disclose that:

• the Air Miles program suffered from a lack of investment prior to the spinoff;
• as a result, Sobeys Inc., the second-largest supermarket chain in Canada and the second-largest sponsor in the Air Miles program, had informed defendants it was considering exercising its early termination rights;
• the threat of Sobeys’ departure loomed throughout 2021 including in the timeframe leading up to the spinoff;
• defendants expected the departure of any single large sponsor, such as Sobeys, would have “network effect” on the value of the entire Air Miles program;
• the high leverage and debt service obligations foisted upon Loyalty Ventures, in conjunction with the “network effect” impact on the value of the Air Miles business, threatened the Company’s ability to continue operations; and
• as a result, defendants’ positive statements about the Company’s financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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