Labaton Keller Sucharow LLP Announces Proposed Settlement on Behalf of Purchasers of Lordstown Motors Corp. Securities - RIDE RIDEW
SUMMARY NOTICE OF CERTIFICATION OF SETTLEMENT CLASS AND PROPOSED SETTLEMENT
If you purchased the publicly traded securities of Lordstown Motors Corp. ("LMC") during the period from August 3, 2020 through July 2, 2021, and/or held LMC's publicly traded Class A Common Stock on September 21, 2020, and were damaged thereby, you may be entitled to a payment from a settlement.
YOU ARE HEREBY NOTIFIED, by Order of the
If the Settlement is approved on a final basis, the Settlement will provide releases and resolve claims in the Ohio Securities Litigation alleging that the Settling Defendants violated Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934. The Settlement will be implemented in accordance with the provisions of the Plan, which provide for the creation of a Settlement Fund in the amount of at least
The Bankruptcy Court has scheduled a final hearing before the Honorable Mary F. Walrath, remotely via Zoom, on June 11, 2024, at 10:30 a.m. (prevailing Eastern Time), Courtroom 4, 824 N. Market Street, 5th Floor,
IF YOU ARE A MEMBER OF THE
If you are a member of the Ohio Settlement Class, to be eligible to share in the distribution of the proceeds from the Settlement, you must submit an Ohio Claim Form postmarked or submitted online no later than July 20, 2024 to the Ohio Settlement Claims Administrator. If you are a member of the Ohio Settlement Class and do not timely submit a valid Ohio Claim Form, you will not be eligible to share in the distribution of the proceeds from the Settlement, but you will nevertheless be bound by the terms of the Settlement, the Confirmation Order, and the Plan, including the releases set forth therein.
If you are a member of the Ohio Settlement Class and wish to exclude yourself from the class, you must submit a written request for exclusion in accordance with the instructions in the Notice so that it is received no later than May 21, 2024 by the Ohio Settlement Claims Administrator. If you exclude yourself from the Ohio Settlement Class, you will not be eligible to share in the distribution of the proceeds of the Settlement. Exclusion is the only option that potentially may allow you to pursue individual claims against the Released Parties. With respect to the Debtors, your ability to bring claims against them may be limited by the Plan and whether you timely filed an individual claim in the Chapter 11 Cases.
Any objections to the proposed Settlement, the Plan of Allocation, and/or Ohio Class Counsel's motion for attorneys' fees and expenses must be filed with the Bankruptcy Court, either by mail or in person, and be mailed to counsel in accordance with the instructions in the Notice, such that they are received no later than May 21, 2024 by the Bankruptcy Court, Ohio Class Counsel, and Debtor's Counsel Representative.
PLEASE DO NOT CONTACT THE COURT, DEBTORS, OR
DEBTORS' COUNSEL REGARDING THIS NOTICE.
DATED: APRIL 5, 2024
BY ORDER OF THE
COURT - DISTRICT OF
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SOURCE Labaton Keller Sucharow LLP