SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED NN, INC.'S COMMON STOCK IN THE COMPANY'S SEPTEMBER 14, 2018 SECONDARY PUBLIC OFFE
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This notice was authorized by the court. It is not a lawyer solicitation. Please read this notice carefully and in its entirety.
NEW YORK, Sept. 26, 2022 /PRNewswire/ -- The following statement is being issued by SCOTT+SCOTT ATTORNEYS AT LAW LLP regarding the NN, Inc. Securities Litigation Settlement.
YOU ARE HEREBY NOTIFIED that a hearing will be held on December 1, 2022, at 2:00 p.m., before the Honorable Andrew Borrok, J.S.C., Supreme Court of New York, County of New York: Commercial Division, 60 Centre Street, New York, NY 10007, to determine whether: (1) the proposed settlement of the above-captioned action (the "Litigation"), as set forth in the Stipulation of Settlement ("Stipulation" or "Settlement"), for $9,500,000 in cash should be approved by the Court as fair, reasonable, and adequate;2 (2) the Judgment, as provided under the Stipulation, should be entered; (3) to award Plaintiff's Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), as discussed below), and, if so, in what amount; (4) to award Plaintiff for representing the Settlement Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate. Any changes to the hearing date or time will be published on www.NNIncSecuritiesLitigation.com.
The Litigation is a consolidated securities class action brought on behalf of all persons and entities who purchased or otherwise acquired NN, Inc.'s common stock in the Company's September 14, 2018 Secondary Public Offering ("SPO")1, against NN, certain of its officers and directors, and underwriters for the SPO (collectively, "Defendants") for, among other things, allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the SPO. Plaintiff alleges that these purportedly false and misleading statements inflated the price of the Company's stock, resulting in damage to Settlement Class Members when the truth was revealed. Defendants deny all of Plaintiff's allegations.
IF YOU PURCHASED OR ACQUIRED NN COMMON STOCK IN THE SEPTEMBER 14, 2018 SECONDARY PUBLIC OFFERING YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THE LITIGATION.
To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form ("Proof of Claim") by mail (postmarked no later than December 15, 2022) or electronically (no later than December 15, 2022). Your failure to submit your Proof of Claim by December 15, 2022, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of the Litigation. If you are a member of the Settlement Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation and other settlement documents, online at www.NNIncSecuritiesLitigation.com, or by writing to:
NN, Inc. Securities Litigation SettlementClaims Administratorc/o Kroll Settlement AdministrationP.O. Box 225391New York, NY 10150-5391
Inquiries should NOT be directed to the Defendants, Court, or Clerk of the Court. Inquiries, other than requests for the Notice or a Proof of Claim, may be made to Plaintiff's Counsel:
SCOTT+SCOTT ATTORNEYS AT LAW LLPJeffrey P. JacobsonThe Helmsley Building230 Park Avenue, 17th FloorNew York, NY 10169Telephone: 800-404-7770
IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY NOVEMBER 15, 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 THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.
IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, PLAN OF ALLOCATION, REQUEST BY PLAINTIFF'S COUNSEL FOR AN AWARD OF ATTORNEYS' FEES AND EXPENSES, AND/OR AWARD TO PLAINTIFF FOR REPRESENTING THE SETTLEMENT CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO PLAINTIFF'S COUNSEL AND DEFENDANTS' COUNSEL BY NOVEMBER 15, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: SEPTEMBER 1, 2022.
BY ORDER OF THE SUPREME COURT OF
NEW YORK, COUNTY OF NEW YORK:
THE HONORABLE ANDREW BORROK, J.S.C.
1 For purposes of the Settlement only, the "Settlement Class" includes all persons and entities who purchased or otherwise acquired NN's common stock in the Company's September 14, 2018 Secondary Public Offering, unless excluded by the terms of the Stipulation. 2 Unless otherwise defined herein, all capitalized terms shall maintain the same meaning as those set forth in the Stipulation, which can be viewed and/or obtained at www.NNIncSecuritiesLitigation.com.
View original content:https://www.prnewswire.com/news-releases/summary-notice-of-proposed-settlement-of-class-action-to-all-persons-and-entities-who-purchased-or-otherwise-acquired-nn-incs-common-stock-in-the-companys-september-14-2018-secondary-public-offering-spo-301625046.html
SOURCE Kroll Settlement Administration
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