Pomerantz LLP Announces a Notice of Pendency and Settlement of Class Action in Gong v. Neptune Wellness Solutions, Inc., et al.

CHICAGO, April 11, 2023 /PRNewswire/ --                                                                                                                 

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK

NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION

TO:     ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED NEPTUNE WELLNESS SOLUTIONS INC. ("NEPTUNE") SECURITIES ON THE NASDAQ OR ANOTHER U.S. TRADING VENUE BETWEEN JULY 24, 2019, THROUGH JULY 15, 2021, BOTH DATES INCLUSIVE (THE "CLASS PERIOD"), AND WERE DAMAGED THEREBY.

THIS NOTICE WAS AUTHORIZED BY THE COURT.  IT IS NOT A LAWYER SOLICITATION.  PLEASE READ THIS SUMMARY NOTICE CAREFULLY AND IN ITS ENTIRETY.   PLEASE REVIEW THE NOTICE POSTED AT www.NEPTUNESECURITIESSETTLEMENT.COM FOR ADDITIONAL DETAILS AND INSTRUCTIONS.

YOU ARE HEREBY NOTIFIED that a hearing will be held in the above-captioned action (the "Action") on June 20, 2023, at 11:00 a.m., before Magistrate Judge Arlene R. Lindsay in Courtroom 810, United States Federal Courthouse, Central Islip, New York 11722 or via Microsoft Teams or some other video platform to determine: (1) whether a Class should be certified for purposes of the Settlement and whether Plaintiff and Lead Counsel have adequately represented the Class Members; (2) whether the Settlement of the Class's claims against Defendants for $4,000,000 in cash or, if Neptune so proposes between January 25, 2023, and February 1, 2023, $1,500,000 cash and $2,750,000 worth of Neptune common stock should be approved as fair, reasonable, and adequate; (3) whether the proposed Plan of Allocation is fair, just, reasonable, and adequate; (4) whether the Court should permanently enjoin the assertion of any claims that arise from or relate to the subject matter of the Action; (5) whether the Action should be dismissed with prejudice against Defendants, as set forth in the Stipulation filed with the Court; (6) whether the application by Lead Counsel for an award of attorneys' fees and expenses should be approved; and (7) whether Plaintiff's application for reimbursement of costs and expenses should be granted.

IF YOU PURCHASED OR OTHERWISE ACQUIRED NEPTUNE WELLNESS SOLUTIONS INC. SECURITIES ON THE NASDAQ OR ANOTHER U.S. TRADING VENUE BETWEEN JULY 24, 2019, THROUGH JULY 15, 2021, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim, postmarked or delivered to the Settlement Administrator no later than May 21, 2023.  Your failure to submit your Proof of Claim by May 21, 2023, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of the Action.  If you are a Class Member and do not request exclusion, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

Copies of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement or exclude yourself from the Settlement), a Proof of Claim form, and the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) may be obtained online at www.NeptuneSecuritiesSettlement.com or from the Settlement Administrator at:

Gong v. Neptune Wellness Solutions Inc., et al.
c/o A.B. Data, Ltd.
P.O. Box 173001
Milwaukee, WI 53217

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of Court.  Inquiries may also be made to Lead Counsel:

Joshua B. Silverman, Esq.
Pomerantz LLP
10 S. LaSalle St., Ste. 3505
Chicago, IL 60603
Telephone: (312) 377-1181

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED NO LATER THAN MAY 30, 2023, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.  ALL CLASS MEMBERS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE JUDGMENTS ENTERED IN THE ACTION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, ANY REQUEST FOR AN AWARD OF ATTORNEYS FEES AND EXPENSES, OR ANY REQUEST FOR A COMPENSATORY AWARD TO LEAD PLAINTIFF BY MAY 30, 2023, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

Dated:   April 11, 2023

                                                                                                     _______________________________
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK

Source:
Pomerantz LLP

SOURCE Pomerantz LLP

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