Summary Notice of Pendency of Class Action and Proposed Class Action Settlement for Purchasers of Gridsum Holding Inc. Securities from September 22, 2016 through January 7, 2019.
Peifa Xu, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v. Gridsum Holding, Inc., Guosheng Qi, Ravi Sarathy, Michael Peng Zhang, and Thomas Adam Melcher, Defendants.
NEW YORK, Jan. 30, 2024 /PRNewswire/ -- The following release was issued by RG/2 Claims Administration LLC, as Claims Administrator, on behalf of Bragar Eagel & Squire, P.C.
PUBLICATION NOTICE
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
Peifa Xu, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v. Gridsum Holding, Inc., Guosheng Qi, Ravi Sarathy, Michael Peng Zhang, and Thomas Adam Melcher, Defendants. Civil Action No. 1:18-cv-03655 (GHW)
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED CLASS ACTION SETTLEMENT
To: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED GRIDSUM HOLDING INC. ("GRIDSUM") SECURITIES (I) FROM SEPTEMBER 22, 2016 THROUGH JANUARY 7, 2019, OR (II) PURSUANT AND/OR TRACEABLE TO THE OFFERING DOCUMENTS ISSUED AND OTHERWISE IN CONNECTION WITH GRIDSUM'S SEPTEMBER 2016 INITIAL PUBLIC OFFERING, ((I) AND (II) TOGETHER, THE "CLASS PERIOD"), INCLUSIVE, AND WHO WERE DAMAGED THEREBY (THE "SETTLEMENT CLASS")
EXCLUDED FROM THE CLASS ARE DEFENDANTS, ANY PREVIOUSLY NAMED DEFENDANTS IN THE ACTION, CURRENT AND FORMER OFFICERS AND DIRECTORS OF THE COMPANY, MEMBERS OF THEIR IMMEDIATE FAMILIES AND THEIR LEGAL REPRESENTATIVES, HEIRS, SUCCESSORS OR ASSIGNS AND ANY ENTITY IN WHICH ANY EXCLUDED PARTY HAS OR HAD A CONTROLLING INTEREST.
PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THIS ACTION.
YOU ARE HEREBY NOTIFIED, pursuant to Federal Rule of Civil Procedure 23 and an Order of the United States District Court for the Southern District of New York, that the Court-appointed Lead Plaintiff William Barth, and additional plaintiff Xuechen Li (collectively, "Plaintiffs"), on behalf of themselves and all other members of the Settlement Class, and Gridsum, Guosheng Qi, Ravi Sarathi, Michael Peng Zhang, and Thomas Adam Melcher (collectively, "Defendants", and together with the Plaintiffs, the "Parties"), have reached a proposed settlement of the claims in the above-captioned class action (the "Action") in the amount of $4,500,000 (the "Settlement").
A hearing will be held before the Honorable Gregory H. Woods on April 3, 2024 at 2:00 p.m., in Courtroom 12C of the United States District Court, Southern District of New York, 500 Pearl Street, New York, NY 10007 (the "Settlement Hearing"), where the Court will consider whether: (i) the Settlement is fair, reasonable, and adequate, and should be finally approved; (ii) the Plan of Allocation is fair and reasonable, and should be approved; and (iii) Lead Counsel's application for attorneys' fees and expenses and Plaintiffs' reimbursement awards are reasonable and should be approved. The Court may change the date of the Settlement Hearing, or hold it telephonically or via videoconference, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. A full Notice and Claim Form can be obtained by visiting the website of the Claims Administrator, www.gridsumsecuritiessettlement.com; calling the Claims Administrator toll free at 1-866-742-4955; emailing the Claims Administrator at [email protected]; or writing to the Claims Administrator at:
Gridsum Securities Settlement
c/o RG/2 Claims Administration LLC
P.O. Box 59479
Philadelphia, PA 19102-9479
Inquiries, other than requests for the Notice/Claim Form or for information about the status of a claim, may also be made to Lead Counsel:
BRAGAR EAGEL & SQUIRE, P.C.
Attn: Lawrence P. Eagel
810 Seventh Avenue, Suite 620
New York, NY 10019
(212) 308-5858
If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted via e-mail no later than May 15, 2024. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement.
If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than March 4, 2024. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.
Any objections to the proposed Settlement, Lead Counsel's application for attorneys' fees and expenses and awards to Plaintiffs, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are received no later than March 4, 2024.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.
DATED: January 30, 2024
BY ORDER OF THE COURT UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
SOURCE: Lawrence P. Eagel, Bragar Eagel & Squire, P.C., 810 Seventh Avenue, Suite 600, New York, NY 10019, Telephone 212-308-5858, [email protected] and Tina Chiango, RG/2 Claims Administration LLC, P.O. Box 59479, Philadelphia, PA 19102-9479, Telephone 866-742-4955, Facsimile 215-827-5551, [email protected]
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