Understanding the Proposed Settlement for Lightspeed Securities
Overview of the Proposed Settlement
This notice aims to clarify the situation surrounding a significant proposed settlement concerning the securities of Lightspeed Commerce Inc. This information is crucial as it may have implications for your rights.
Who is Affected?
The notice is intended for all individuals and entities that acquired securities of Lightspeed Commerce Inc., excluding certain associates of the defendants. This includes securities acquired from March 7, 2019, up until November 3, 2021. If you are part of this group, it is essential to take heed of the information in this notice.
Details of the Class Action
A class action was initiated against Lightspeed Commerce Inc., various directors and officers, and their auditing firm for allegedly misrepresenting key facts regarding the company’s financial disclosures. The action was filed in the Superior Court of Québec, with the plaintiffs asserting that this misrepresentation harmed investors.
The Proposed Terms of Settlement
The defendants have proposed a settlement amounting to CDN $11 million. This settlement is intended to resolve all claims against them related to the issues raised in the class action. If the court approves the settlement, the funds will be distributed to the class on a pro rata basis after deducting legal fees, administrative costs, and any applicable taxes.
Opting Out of the Settlement
If you prefer not to participate in the settlement or receive any benefits from it, you must formally opt out by a specified deadline. Further instructions regarding the opt-out process will be provided along with the necessary forms.
Understanding Legal Fees Involved
The legal representatives for the class will seek court approval for their fees based on a percentage of the total settlement sum, which amounts to 33.33% of the CDN $11 million, along with any additional expenses incurred during the proceedings.
Hearing for Settlement Approval
A hearing has been scheduled for the court to consider the proposed settlement and associated legal fees. While attendance is not mandatory for class members who do not oppose the settlement, the opportunity to attend and express any concerns is available. Virtual participation options will also be provided for convenience.
Submitting Objections
If there are concerns regarding the proposed settlement, class members have the right to voice their objections. This can be done in writing before the objection deadline. Submissions will be collected, and any issues raised will be addressed during the court proceedings.
Questions and Support
For questions related to the settlement process, class members can reach out to designated administrative contacts who can provide guidance and assist with any inquiries related to the class action and the settlement process.
Additional Resources
For ongoing updates and information, refer to official sources where documents pertaining to the class action are available. This includes opt-out forms and access to past court records relating to the case.
Final Notice to Brokerage Firms
Brokerage firms are advised to circulate this notice to clients who purchased Lightspeed securities during the specified period. Compensation for distribution-related expenses is limited and should be appropriately documented.
Remember, this notice has been sanctioned by the Court. Direct any inquiries regarding the content to the designated contacts only.
Frequently Asked Questions
What is the proposed settlement amount?
The proposed settlement amount is CDN $11 million.
Who is eligible for the settlement?
Eligibility includes individuals and entities that acquired Lightspeed securities between March 7, 2019, and November 3, 2021.
What should I do if I want to opt out?
If you want to opt out, ensure you do so before the specified deadline, following the provided instructions.
How will the legal fees be determined?
The lawyers for the class will seek approval for fees equating to one-third of the total settlement, plus expenses.
Where can I find more information?
Further information and updates are available from designated contacts associated with the case.
About The Author
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