MONTEVERDE & ASSOCIATES PC ANNOUNCES PROPOSED CLASS ACTION SETTLEMENT ON BEHALF OF FORMER HOLDERS OF COVISINT CORPORATION COMMON STOCK

NEW YORK, July 12, 2024 /PRNewswire/ --

SUMMARY NOTICE

TO:     ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF SHARE(S) OF COVISINT CORPORATION ("COVISINT") COMMON STOCK WHO HELD SUCH SHARE(S) AT ANY TIME BETWEEN JUNE 5, 2017 (THE DATE OF THE MERGER AGREEMENT BETWEEN COVISINT AND OPEN TEXT CORPORATION) AND JULY 26, 2017 (THE DATE OPEN TEXT CORPORATION COMPLETED ITS ACQUISITION OF COVISINT), EXCLUDING THE DEFENDANTS IN THIS ACTION AND ANY PERSON OR ENTITY RELATED TO OR AFFILIATED WITH ANY DEFENDANT (THE "CLASS"). 

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Circuit Court for Oakland County, Michigan, that a hearing will be held on October 16, 2024, at 10:00 a.m. Eastern Time, before the Honorable Victoria A. Valentine.  The hearing will occur at the Circuit Court for Oakland County, Michigan, Sixth Judicial Circuit Business Court via Virtual Hearing. To join the Virtual Hearing by compuer with video, go to zoom.us and click on "Join a Call." When prompted, you will join using Meeting ID 248 858 5282. To join the Virtual Hearing by telephone without video, call 1-646-876-9923 and connect using Meeting ID 248 858 5282. The hearing will be held for the purpose of determining: (a) whether the Court should grant final approval of the proposed Settlement on the terms and conditions provided for in the Stipulation as fair, reasonable, and adequate and in the best interests of Class Members; (b) whether the Court should enter an Order and Final Judgment dismissing the Action on the merits and with prejudice as to the Defendants, and effectuating the releases described in the Stipulation; (c) whether the Court should grant the application of Plaintiffs for the Fee and Expense Award; (d) whether to finally certify the Class as an opt-out class; and (e) such other matters as may properly come before the Court.

IF YOU PURCHASED, SOLD, OR HELD COVISINT COMMON STOCK DURING THE PERIOD FROM AND INCLUDING JUNE 5, 2017, THROUGH AND INCLUDING JULY 26, 2017 (THE "CLASS PERIOD"), YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OR ACQUISITION OF COVISINT COMMON STOCK DURING THE CLASS PERIOD.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice"), you may obtain copies by calling the Covisint Corporation Merger Litigation, Claims Administrator, at 1-866-742-4955, or on the Internet at www.covisintsettlement.com. If you are a Class Member, you do not need to take any further steps to share in the distribution of the Net Settlement Fund.

If you purchased, sold, or held Covisint common stock during the Class Period and you desire to be excluded from the Settlement Class, you must submit a request for exclusion so that it is received no later than September 16, 2024, in the manner and form explained in the detailed Notice referred to above. All Class Members who do not timely and validly request exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the Stipulation and Agreement of Compromise, Settlement, and Release.

Any objection to the Settlement, the Plan of Allocation, Plaintiffs' Counsel's request for the payment of attorneys' fees and expenses, and any incentive award to Plaintiffs must be received by each of the following recipients via hard copy and email no later than September 25, 2024:

Clerk of Court:
Clerk of Court
Circuit Court for Oakland County, Michigan
Sixth Judicial Circuit Business Court
1200 North Telegraph Road
Pontiac, Michigan 48341

Plaintiffs' Counsel:
MONTEVERDE & ASSOCIATES PC
Juan E. Monteverde
The Empire State Building
350 Fifth Avenue
Suite 4740
New York, NY 10118
[email protected]

Defendants' Counsel:
PAUL HASTINGS LLP
Christopher H. McGrath
695 Town Center Drive
17th Floor
Costa Mesa, CA 92626
[email protected]

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Monteverde & Associates PC, at the address listed above.

Dated: July 9, 2024              

BY ORDER OF THE COURT
CIRCUIT COURT FOR
OAKLAND COUNTY, MICHIGAN

SOURCE Monteverde & Associates PC

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