Ithaca Energy Limited Class Action Settlement Update and Rights
Understanding the Ithaca Energy Limited Class Action Settlement
It is crucial to read this notice carefully, as it may significantly impact your rights as a Class Member. This notice is intended for all individuals and entities that have purchased common shares of Ithaca Energy Limited, previously known as Ithaca Energy Inc., during a specific timeframe.
Purpose of the Notice
This announcement serves to inform Class Members about the proposed settlement reached in the class action lawsuit against Ithaca Energy Limited. This class action concerns allegations involving misrepresentations made during the time frame when some investors acquired shares of Ithaca in the secondary market.
Details of the Class Action
The class action was initiated on behalf of investors who purchased shares from the secondary market after a certain date. The action alleges that Ithaca made false statements regarding their offshore oil and gas operations, specifically linked to their floating production facility and projected revenues. However, Ithaca has denied any wrongdoing or liability.
Proposed Settlement Agreement
The proposed settlement details that Ithaca’s insurance provider will pay CAD 9 million to resolve all claims associated with the action. Once all expenses such as class counsel fees, interests, and taxes are deducted, the remaining amount will be shared among Class Members as per a court-approved plan. More detailed documents regarding the settlement can be reviewed through specified resources.
Approval Hearing Guidelines
The approval of this settlement will be discussed in a court hearing where Class Members are welcome to express their views. The court will evaluate the terms of the settlement, as well as the costs associated with legal representation. It is important to note that attendance at this hearing is not mandatory for those who do not oppose the settlement.
How to File an Objection
If there are concerns regarding the settlement, Class Members may submit their objections in writing before the specified deadline. It is vital for objectors to include their personal information and reasons for opposing the settlement in their submissions.
Lawyers’ Fees and Settlement Implications
The legal team representing the Class Members plans to seek approval from the Court for legal fees amounting to 30% of the settlement fund. Common practice dictates that legal representatives may receive payment from the settlement to cover their expenses. Regardless of fee approval, the settlement stands independently.
Questions for Class Members
For any inquiries regarding this notice or the class action suit, Class Members can reach out to their legal representatives at the provided contact details. It is crucial to ensure all questions are clarified in a timely manner.
Frequently Asked Questions
What is the main purpose of this notice?
The notice aims to inform Class Members about a proposed settlement reached in a class action lawsuit against Ithaca Energy Limited, outlining their rights to participate in court proceedings.
Who qualifies as a Class Member?
A Class Member is anyone who purchased shares of Ithaca Energy Limited in the secondary market during the specified period and held those shares until a due date.
How can I object to the proposed settlement?
Class Members wishing to object can submit their written objections to the designated legal representation, including necessary personal details and a summary of their objections.
What are the financial implications of this settlement?
The settlement includes a payment of CAD 9 million, which will be distributed among Class Members after deducting legal fees and expenses. It serves to resolve all claims associated with the action.
When will the approval hearing take place?
The approval hearing is scheduled for a future date, where the terms of the settlement and the request for legal fees will be evaluated by the court.
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