ELMSQ - The Rosen Law Firm P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Electric Last Mile Solutions Inc. Publicly-Traded Common Stock - ELMSQ | Benzinga
NEWARK, N.J., May 07, 2024 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the District of New Jersey has approved the following announcement of a proposed class action settlement that would benefit purchasers of Electric Last Mile Solutions, Inc. publicly-traded common stock (OTC:ELMSQ):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
| TO: |
| ALL PERSONS WHO PURCHASED PUBLICLY-TRADED COMMON STOCK OF ELECTRIC LAST MILE SOLUTIONS, INC. BETWEEN JUNE 9, 2021 AND FEBRUARY 1, 2022, 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 September 20, 2024, at 9:15 a.m. before the Honorable Michael E. Farbiarz, United States District Judge of the District of New Jersey, Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Newark, New Jersey 07101, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action against defendants Jason Luo, James Taylor, Albert Li, Marshall Kiev, and David Boris (the "Individual Defendants") for consideration including the sum of $2,700,000 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 Lead 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 $36,000 and a service payment of no more than $5,000 in total to Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Second ...