Glancy Prongay & Murray LLP Announces Pendency of Class Action and Proposed Settlement Involving Purchasers of Romeo Power, Inc. Common Stock and Warrants, and RMG Acquisition Corp. Class A Common Stock, Warrants and Units
NEW YORK, Feb. 12, 2024 /PRNewswire/ --
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE ROMEO POWER INC. SECURITIES LITIGATION
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Case No. 1:21-cv-03362-LGS |
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND
PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING;
AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: All persons and entities who, during the period between October 5, 2020 and August 16, 2021 inclusive, purchased or otherwise acquired publicly traded: (i) RMG Acquisition Corp. ("RMG") Class A common stock or Romeo Power, Inc. ("Romeo") common stock; (ii) RMG warrants or Romeo warrants; and/or (iii) RMG units, and were injured thereby (the "Settlement Class")1:
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").
YOU ARE ALSO NOTIFIED that Plaintiffs in the Action have reached a proposed settlement of the Action for $14,900,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action.
A telephonic hearing will be held on July 10, 2024 at 3:45 p.m., at the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, Courtroom 1106, 40 Foley Square, New York, NY 10007, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against the Individual Defendants, and the Releases specified and described in the Stipulation (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved. The call-in number is (888) 363-4749, and the access code is 558-3333. Persons granted remote access to proceedings are reminded of the general prohibition against making audio or video recordings of court proceedings.
If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. The Notice and Proof of Claim and Release Form ("Claim Form") can be downloaded from the website maintained by the Claims Administrator, www.RomeoPowerSecuritiesSettlement.com. You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at In re Romeo Power Inc. Securities Litigation, c/o Epiq Systems, Inc., PO Box 3719, Portland, OR 97208-3719, toll-free 877-915-1127.
If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form online or postmarked no later than May 29, 2024. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than June 19, 2024, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Individual Defendants' Counsel such that they are received no later than June 19, 2024, in accordance with the instructions set forth in the Notice.
Please do not contact the Court, the Clerk's office, the Individual Defendants, or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.
Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:
GLANCY PRONGAY & MURRAY LLP
Kara M. Wolke, Esq.
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
(888) 773-9224
[email protected]
Requests for the Notice and Claim Form should be made to:
In re Romeo Power Inc. Securities Litigation
c/o Epiq Systems, Inc.
PO Box 3719
Portland, OR 97208-3719
877-915-1127
www.RomeoPowerSecuritiesSettlement.com
By Order of the Court
___________________________
1 All capitalized terms used in this Summary Notice that are not otherwise defined herein have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated December 7, 2023 (the "Stipulation"), which is available at www.RomeoPowerSecuritiesSettlement.com.
URL: www.RomeoPowerSecuritiesSettlement.com
SOURCE Glancy Prongay & Murray LLP
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