B. Riley Merger Class Action Settlement: Key Details to Know
Understanding the Class Action Settlement
In a significant legal development, a class action lawsuit has been initiated concerning all record and beneficial holders of B. Riley Principal 150 Merger Corp. common stock. This action is centered around the class and various defendants who are involved in the proceedings. As stockholders, it’s crucial to stay informed about the potential settlement and how it may affect your rights and interests.
Who Are the Parties Involved?
The class action features Nathan Carter as the plaintiff, representing all eligible individuals who held B. Riley Principal 150 Merger Corp. common stock during a specific timeframe. Defendants in this case include B. Riley Securities, Inc., along with several individuals connected to the company's management and operations.
The Proposed Settlement Details
The proposed settlement amount for this action is $3,250,000, which will include a substantial cash component and shares in GameSquare Holdings, Inc. This distribution aims to resolve the claims made in this action effectively. For shareholders, this settlement represents a path toward potential reimbursement without needing to engage in lengthy litigation personally.
What Should Class Members Know?
If you are identified as a member of the class, your rights and potential benefits are directly impacted by this ongoing action and the ensuing settlement. Eligible class members typically encompass those who did not redeem their shares on a specified redemption date. Understanding your rights in this context is vital.
Key Dates for Class Members
There are important deadlines associated with this litigation, including the date set for the Settlement Hearing. This hearing is scheduled for May 13, where matters concerning the certification of the class and the fairness of the proposed settlement will be evaluated. Staying updated on such dates will be essential for all class members.
Allocation of Settlement Funds
Once the settlement is formally approved, the distribution of the Net Settlement Fund will occur on a pro-rata basis among eligible class members. This means that the compensation amount each member may receive is contingent on the number of shares they hold relative to the overall eligible shares. An allocation plan will be established, outlining specific details about how these distributions will work.
Filing Objections
Class members who have concerns regarding the proposed settlement or allocation plan have the right to file objections. These objections must be formally submitted to the court by a specified date prior to the hearing to ensure they are considered. Transparency in the objection process is crucial to uphold the integrity of the class action system.
Clear Communication and Contact Points
For those affected by the class action, clear lines of communication are established. The settlement administrator can provide valuable information and answer questions related to the settlement process. Directing inquiries appropriately ensures that class members receive timely and accurate information about their rights and the status of the action.
Frequently Asked Questions
What is the purpose of this settlement?
The settlement aims to compensate eligible class members for claims related to the lawsuit involving B. Riley Principal 150 Merger Corp. common stock.
Who is eligible to participate in the settlement?
All record and beneficial holders of the company’s common stock as of a specific date who did not redeem their shares are eligible, excluding certain individuals defined in the notice.
How will the funds be distributed?
The funds will be allocated on a pro-rata basis, meaning payments will be based on the number of shares eligible class members held compared to the total number of shares in the settlement.
When is the court hearing scheduled?
The court hearing for the proposed settlement will occur on May 13, where various matters related to the settlement will be discussed and decided.
How can class members file objections?
Class members can file objections with the court by following the instructions included in the settlement notice. It’s essential to meet any deadlines specified for these objections.
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