Hagens Berman Sobol Shapiro LLP and The Rosen Law Firm, P.A. Announce Proposed Class Action Settlement on Behalf of Purchasers of SOS Limited American Depositary Shares – SOS

CAMDEN, N.J., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Hagens Sobol Shapiro LLP and The Rosen Law Firm, P.A. announce that the United States District Court for the District of New Jersey has approved the following announcement of a proposed securities class action settlement that would benefit purchasers of SOS Limited American Depositary Shares (NYSE: SOS):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED SOS LIMITED (“SOS”) AMERICAN DEPOSITARY SHARES (“ADSs”) FROM JULY 22, 2020, THROUGH FEBRUARY 26, 2021, BOTH DATES INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on November, 29 2022, at 3:00 p.m. before the Honorable Robert B. Kugler, United States Judge of the District of New Jersey, United States Courthouse, Courtroom 4D, 4th & Cooper Streets, Camden, NJ 08101 for the purpose of determining: (1) whether the proposed settlement of the claims in the above-captioned Action (“Settlement”) for consideration including the sum of $5,000,000 (“Settlement Amount”) should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of attorneys for Lead Plaintiffs (“Plaintiffs’ Counsel”) for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $33,000 and an incentive payment of no more than $10,000 total to Lead Plaintiffs should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement dated May 20, 2022 (the “Settlement Stipulation”). The Court reserves the right to hold the hearing telephonically or by videoconference.

If you purchased or otherwise acquired SOS ADSs during the period from July 22, 2020 through February 26, 2021, both dates inclusive (the “Settlement Class Period”), you are a “Settlement Class Member” and your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in SOS securities. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, you may download a copy at www.strategiclaims.net/SOS/ or obtain copies by contacting the Claims Administrator at: SOS Limited Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; [email protected].

If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must electronically submit a properly completed Proof of Claim by 11:59 p.m. on November 8, 2022 to the Claims Administrator, establishing that you are entitled to recovery. If you are unable to electronically submit a Proof of Claim, you may mail a Proof of Claim at your own expense. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than November 8, 2022 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

If you want to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than November 8, 2022, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment and the releases therein entered in the Action pursuant to the Settlement Stipulation.

Any objection to the Settlement, Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than November 8, 2022, to each of the following:

Clerk of the Court
United States District Court
District of New Jersey
Mitchell H. Cohen Building and U.S. Courthouse
4th & Cooper Streets
Room 1050
Camden, New Jersey 08101

PLAINTIFFS’ COUNSEL:
Reed Kathrein
Wesley Wong
HAGENS BERMAN SOBOL SHAPIRO LLP
715 Hearst Avenue, Suite 300
Berkeley, CA 94710

Laurence M. Rosen
Phillip Kim
Yu Shi
THE ROSEN LAW FIRM, P.A.
One Gateway Center, Suite 2600
Newark, NJ 07102

COUNSEL FOR DEFENDANTS:
Jeffrey S. Jacobson
Sandra D. Grannum
FAEGRE DRINKER BIDDLE & REATH LLP
1177 Avenue of the Americas, 41st Floor
New York, NY 10036

If you have any questions about the Settlement, you may call or write to Plaintiffs’ Counsel:

HAGENS BERMAN SOBOL SHAPIRO LLP
Reed Kathrein
Wesley Wong
715 Hearst Avenue, Suite 202
Berkeley, CA 94710

THE ROSEN LAW FIRM, P.A.
Laurence M. Rosen
Phillip Kim
Yu Shi
One Gateway Center, Suite 2600
Newark, NJ 07102

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

Dated: July 20, 2022

BY ORDER OF THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW JERSEY