Robbins Geller Rudman & Dowd LLP and The Rosen Law Firm, P.A. Announce Proposed Settlement in the FTA Securities Litigation

Robbins Geller Rudman & Dowd LLP and The Rosen Law Firm, P.A. Announce Proposed Settlement in the FTA Securities Litigation

PR Newswire

SAN DIEGO, May 1, 2024

SAN DIEGO, May 1, 2024 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and The Rosen Law Firm, P.A. regarding the FTA Securities Settlement:

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK: COMMERCIAL DIVISION

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK

SUMMARY NOTICE OF PENDENCY
AND PROPOSED SETTLEMENT OF CLASS ACTION

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Article 9 of the New York Civil Practice Law and Rules and an Order of the Supreme Court of the State of New York, New York County, Commercial Division (the "Court"), that the above-captioned litigation (the "State Action") is pending in the Court.

YOU ARE ALSO NOTIFIED that the plaintiffs and proposed class representatives in this State Action, Tomas Eduardo Kohn and Michael Barber (the "State Plaintiffs"), together with lead plaintiff Pratyush Kohli and named plaintiff Shivtaj Zirvi (the "Federal Plaintiffs," together with State Plaintiffs, the "Plaintiffs") in a related action captioned Pratyush Kohli v. Full Truck Alliance Co. Ltd., et al., No. 1:21-cv-03903-LDH-MMH (E.D.N.Y.) (the "Federal Action"), have reached a proposed settlement of both Actions for $10,250,000 in cash on behalf of the Settlement Class, that, if approved, will resolve all claims in both Actions.

A Fairness Hearing will be held on September 5, 2024, at 2:30 p.m. Eastern Time, before the Honorable Robert R. Reed, either in person at the New York County Courthouse, Part 43, Courtroom 222, 60 Centre Street, New York, NY 10007, or by telephone or videoconference (at the discretion of the Court). At the hearing, the Court will determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the State Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation of Settlement dated as of February 27, 2024 (and in the Notice) should be granted; (iii) whether, for purposes of the proposed Settlement only, the State Action should be finally certified as a class action on behalf of the Settlement Class, Plaintiffs should be certified as Class Representatives for the Settlement Class, and Robbins Geller Rudman & Dowd LLP, Johnson Fistel, LLP, The Rosen Law Firm, P.A., and Levi & Korsinsky, LLP should be finally appointed as Class Counsel for the Settlement Class; (iv) whether the proposed Plan of Allocation which will provide compensation to eligible Settlement Class Members in both Actions should be approved as fair and reasonable; and (v) whether Plaintiffs' Counsel's application for an award of attorneys' fees and litigation expenses should be approved and whether Plaintiffs should be granted an award for their service to the Settlement Class.

If you are a member of the Settlement Class (a "Settlement Class Member"), your rights will be affected by the pending Actions and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and Proof of Claim, you may obtain copies of these documents by contacting the Claims Administrator, FTA Securities Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 301171, Los Angeles, CA 90030-1171, 1-866-688-4905. Copies of the Notice and Proof of Claim can also be downloaded from the website maintained by the Claims Administrator at www.FTASecuritiesSettlement.com.

If you are a Settlement Class Member, to be eligible to receive a payment under the proposed Settlement, you must submit a Proof of Claim postmarked (if mailed), or online, no later than July 23, 2024, in accordance with the instructions set forth in the Proof of Claim. If you are a Settlement Class Member and do not submit a proper Proof of Claim, 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 releases, judgments, or orders entered by the Court in the State Action.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is postmarked no later than August 15, 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 State 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 Plaintiffs' Counsel's Fee and Expense Application, must be filed with the Court and delivered to Class Counsel and defendant FTA's counsel such that they are received no later than August 15, 2024, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, FTA, the other 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 Class Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Proof of Claim, should be made to the below Class Counsel:

ROBBINS GELLER RUDMAN
  & DOWD LLP
Brian E. Cochran
655 West Broadway, Suite 1900
San Diego, CA 92101-8498
Tel.: 1-800-449-4900
settlementinfo@rgrdlaw.com

THE ROSEN LAW FIRM, P.A.
Phillip Kim
275 Madison Ave., 40th Floor
New York, NY 10016
Tel.: (212) 686-1060
pkim@rosenlegal.com

Requests for the Notice and Proof of Claim should be made to:

FTA Securities Settlement
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 301170
Los Angeles, CA 90030-1171
1-866-688-4905
www.FTASecuritiesSettlement.com

By Order of the Court

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SOURCE Robbins Geller Rudman & Dowd LLP