Blue Ridge Bankshares Class Action Settlement Details Unveiled
Introduction to the Class Action Settlement
The Rosen Law Firm has announced a proposed class action settlement that aims to benefit purchasers of publicly-traded common stock of Blue Ridge Bankshares, Inc. The United States District Court for the Eastern District of New York has given preliminary approval for this proposed settlement, which is set to be a significant milestone for shareholders involved.
Key Information About the Settlement
This proposed class action settlement involves common stock transactions that took place between set dates. Specifically, all persons who purchased the publicly-traded common stock of Blue Ridge Bankshares, Inc. during this period are included in the Settlement Class. This covers trades made between February 3, 2023, and October 31, 2023. The details surrounding this settlement aim to clarify rights and outline the benefits available for shareholders impacted.
Settlement Benefits and Claims
The proposed settlement outlines several important points regarding the distribution of settlement funds. The court is set to consider a Settlement Amount of $2,500,000, which is designed to compensate shareholders. It will also examine a plan of allocation that details how these funds will be distributed among class members. This critically important hearing is scheduled to ensure a fair resolution for all parties involved.
Hearing Details and Participation
A virtual hearing will take place where shareholders can voice their concerns and participate in the settlement discussions. Interested parties can attend the hearing virtually by accessing a designated link or by dialing in directly. This approach provides an opportunity for transparency and involvement from the shareholders.
Understanding Your Rights as a Settlement Class Member
Being a member of the Settlement Class means that your rights concerning ownership in Blue Ridge common stock may be impacted. It is crucial for shareholders to understand the implications of this settlement, including any rights to compensation and the necessity for submitting appropriate claims to benefit from the settlement proceeds.
Filing Claims and Deadlines
Shareholders interested in participating in the settlement must submit a Proof of Claim. This must be reported to the Claims Administrator no later than a specified deadline. Additionally, those wishing to exclude themselves from the settlement or express objections to the agreement must adhere to particular procedures and timelines outlined in the settlement documentation.
Exclusion and Representation Options
For shareholders who prefer not to participate in the Settlement Class, there is a provision for exclusion. Requests for exclusion must be submitted within a stipulated time frame. Moreover, class members seeking independent legal representation may opt to hire their own attorney, thereby protecting their interests throughout the process.
Contact Information for Queries
Any inquiries relating to the settlement can be directed to the lead counsel at The Rosen Law Firm. Shareholders are encouraged to reach out for clarification and assistance related to the settlement and their individual circumstances.
Conclusion
The proposed class action settlement regarding Blue Ridge Bankshares offers a chance for affected shareholders to receive compensation from their investments. With the court's approval, steps are now moving forward for shareholders to assert their claims and understand their rights in this ongoing process.
Frequently Asked Questions
1. What is the purpose of the class action settlement?
The settlement seeks to provide compensation for shareholders who purchased Blue Ridge common stock within the specified period.
2. How do I know if I am part of the Settlement Class?
If you purchased Blue Ridge common stock between February 3, 2023, and October 31, 2023, you are included.
3. How can I file a claim?
You can file a Proof of Claim electronically or by mail to the Claims Administrator before the deadline.
4. What happens if I don’t file a claim?
If you fail to file a claim, you may lose the right to receive any compensation from the settlement.
5. Who can I contact for questions?
You can contact the lead counsel, Jonathan Horne, at The Rosen Law Firm for any questions concerning the settlement.
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