Flying Eagle Acquisition Corp Announces Class Action Settlement News
Introduction to the Class Action Settlement
Welcome to the latest updates regarding the class action lawsuit involving Flying Eagle Acquisition Corp. This notice pertains to all holders of Flying Eagle Class A common stock as of the acquisition of Legacy Skillz Inc. The preliminary certification of this class action opens the door for eligible shareholders to possibly benefit from a proposed settlement amounting to $10 million.
Details of the Settlement Class and Exclusions
To clarify, the Settlement Class includes those who held Flying Eagle Class A common stock during the acquisition. This encompasses both beneficial and record holders. Notably, shares that converted from Class B to Class A or were redeemed prior to the merger are not eligible. These exclusions ensure the settlement is focused on those who held their shares during the specified timeframe.
Who is Involved in the Action?
The action sees several plaintiffs taking a stand, calling attention to their shared experience as members of the Settlement Class. The plaintiffs, including individuals who felt the effects of the merger, seek justice through a class action aimed at ensuring that all valid claims are processed fairly and equitably.
Understanding the Settlement Hearing
A pivotal moment in this process is the Settlement Hearing, which is set to take place soon. This hearing will allow the Court to validate the proposed settlement's terms and ensure that they serve the best interests of all affected shareholders. During this session, various motions and claims will be reviewed, and the proposed settlement will be evaluated for fairness.
What to Expect from the Settlement Hearing
During the Settlement Hearing, several determinations will be made. First, the Court will consider whether the Settlement Class should be officially recognized for the purpose of this agreement. Additionally, the Court will assess the adequacy of the legal representation provided by the plaintiffs and their counsel. This ensures that all voices are heard and represented adequately.
Important Dates to Remember
All members of the Settlement Class should keep an eye out for important dates related to this class action. The hearing, scheduled for early September, is a critical event where plaintiffs can express their perspectives and objections if any arise regarding the Settlement or proposed plans for distribution.
How to Stay Informed
Class Members are urged to remain engaged throughout this process. Resources such as the dedicated settlement website will provide updates and facilitate communication for any inquiries or needs regarding the action or the settlement. It's essential for investors to stay updated.
Claims and Distribution Process
Upon approval of the settlement, eligible class members will be entitled to a distribution from the Net Settlement Fund. This process will be executed based on a pro rata allocation strategy, ensuring that all eligible parties receive their fair share of any awarded funds.
Next Steps for Class Members
For those in the Settlement Class, now is the time to take action. Ensure that your voice is heard and that your claims are processed. Information regarding submitting any objections to the settlement will be circulated as the hearing date draws closer.
Frequently Asked Questions
1. What is the class action lawsuit about?
The lawsuit revolves around the acquisition of Legacy Skillz Inc. by Flying Eagle Acquisition Corp. and claims associated with that transaction.
2. Who is eligible for the settlement?
Anyone who held Flying Eagle Class A common stock as of the acquisition date is eligible, excluding specified classes of stock.
3. How can I file an objection?
Objections must be filed with the Court of Chancery by the specified date given in the settlement information.
4. When is the Settlement Hearing?
The Settlement Hearing is scheduled for early September. Details about specific timing will be provided closer to the date.
5. How will the settlement be distributed?
The Net Settlement Fund will be divided among eligible shareholders based on the number of shares held at the time of the acquisition.
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