IMPORTANT UPDATE TO ALL SETTLEMENT CLASS MEMBERS: In light of the rapidly changing situation concerning the spread of COVID-19, the Court has suspended the Settlement Hearing currently scheduled for Friday, April 3, 2020 at 10:30 a.m., before the Honorable Charles Norgle at the United States District Court for the Northern District of Illinois, Everett McKinley Dirksen United States Courthouse, Courtroom 2341, 219 South Dearborn Street, Chicago, IL 60604. The new date and time for the Settlement Hearing will be posted on this website once it becomes available.
UPDATE TO CERTAIN SETTLEMENT CLASS MEMBERS: On February 24, 2020, JND received a list of additional names and addresses of potential Settlement Class Members from Pershing LLC and Stifel Nicolaus & Company (collectively referred to as the “Pershing and Stifel Potential Class Members”). As a result, the Pershing and Stifel Potential Class Members did not receive the Postcard Notice until after the February 14, 2020 deadline to: (1) object to the Settlement, Plan of Allocation and/or request for attorneys’ fees and Litigation Expenses, or (2) exclude themselves from the Settlement.
The Court granted Lead Counsel’s request to: (1) move the Settlement Hearing, for all Settlement Class Members, to April 3, 2020 at 10:30 a.m.; and (2) extend the exclusion and objection deadline to March 25, 2020, for the Pershing and Stifel Potential Class Members only.
In order to request exclusion or file a written objection, please refer to the Notice for all required steps and information to be completed on or before March 25, 2020.
DEADLINE TO SUBMIT A CLAIM REMAINS APRIL 24, 2020: The deadline to submit a Claim Form remains April 24, 2020 for all Settlement Class Members. If you wish to be eligible to participate in the Settlement, you must submit a valid Claim Form on-line or postmarked no later than April 24, 2020.
The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement;; (II) Settlement Fairness Hearing: And (III) Motion For An Award Of Attorneys' Fees and Reimbursement of Litigation Expenses.
Summary of the Action and Settlement
The Notice relates to a proposed Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants Fenix, Kent Robertson (“Robertson”), and Scott Pettit (“Pettit”) (collectively, the “Defendants”) violated the federal securities laws by making false and misleading statements regarding Fenix Parts, Inc. ("Fenix"). A more detailed description of the Action is set forth in paragraphs 11-26 of the Notice. The proposed Settlement, if approved by the Court, will settle claims of the Settlement Class, as defined in paragraph 27 of the Notice.
Subject to Court approval, Lead Plaintiffs, on behalf of themselves and the Settlement Class, have agreed to settle the Action in exchange for a settlement payment of $3,300,000 in cash (the “Settlement Amount”) to be deposited into an escrow account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class. The proposed plan of allocation (the “Plan of Allocation”) is set forth on pages 11-12 of the Notice.
The Settlement Class consists of:
All persons and entities who or which purchased or otherwise acquired Fenix Parts, Inc. common stock in Fenix's initial public offering on May 14, 2015, and/or on the public market between May 14, 2015 and June 27, 2017, inclusive, and were damaged thereby.
To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form with adequate supporting documentation either online or postmarked no later than April 24, 2020. A Claim Form is included with the Notice, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll free at 1-844-961-0322. If you wish to file a claim online, please go to the "File A Claim" page. Please retain all records of your ownership of and transactions in Fenix common stock, as they may be needed to document your Claim.
Only Settlement Class Members, i.e., persons and entities who purchased or otherwise acquired shares of Fenix common stock during the Settlement Class Period and were damaged as a result of such purchases or acquisitions, will be eligible to share in the distribution of the Net Settlement Fund. The only securities that are included in the Settlement are Fenix common stock.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A CLAIM FORM ONLINE OR POSTMARKED NO LATER THAN APRIL 24, 2020.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims that you have against Defendants and the other Defendants’ Releasees so it is in your interest to submit a Claim Form.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 14, 2020.
||If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 14, 2020.
||If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.
|GO TO A HEARING ON APRIL 3, 2020 AT 10:30 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 14, 2020.
||Filing a written objection and notice of intention to appear by February 14, 2020 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection
||If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-844-961-0322 or emailing info@FenixSecuritiesLitigation.com or mailing a letter to:
Beezley v. Fenix Parts, Inc., et al.
c/o JND Legal Administration
P.O. Box 91222
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.