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Scott+Scott Attorneys at Legislation LLP Announce a Discover of Proposed Settlement of Class Motion for the In re Netshoes Securities Litigation – PRNewswire

NEW YORK, Sept. 28, 2020 /PRNewswire/ —

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

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In Re Netshoes Securities Litigation

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Index No. 157435/2018

Hon. Andrew Borrok (Part 53)

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO:     ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED NETSHOES, INC. (“NETSHOES” OR THE “COMPANY”) COMMON STOCK BEFORE MAY 15, 2018.1

THIS NOTICE WAS AUTHORIZED BY THE COURT.  IT IS NOT A LAWYER SOLICITATION.  PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on November 23, 2020, at 10:00 a.m., by Skype Business videoconference 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 $8,000,000 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 Lead 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.  Details regarding the video conference will be posted closer to the date of the hearing on the website www.NetshoesSecuritiesLitigation.com.  Any changes to the hearing date or time will also be published on that website.

The Litigation is a consolidated securities class action brought on behalf of those Persons who purchased or acquired Netshoes common stock before May 15, 2018, against Netshoes, certain of its officers and directors, and underwriters for the initial public offering (“IPO”) (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 IPO.  Lead 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 Lead Plaintiff’s allegations.

IF YOU PURCHASED OR ACQUIRED NETSHOES COMMON STOCK BEFORE MAY 15, 2018, 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 17, 2020) or electronically (no later than December 17, 2020).  Your failure to submit your Proof of Claim by December 17, 2020, 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.NetshoesSecuritiesLitigation.com, or by writing to:

Netshoes Securities Litigation Settlement
Claims Administrator
c/o A.B. Data, Ltd.
P.O. Box 173108
Milwaukee, WI 53217

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 Lead Counsel:

SCOTT+SCOTT ATTORNEYS AT LAW LLP
Jeffrey P. Jacobson
The Helmsley Building
230 Park Avenue, 17th Floor
New York, NY 10169
Telephone: (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 17, 2020, 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 LEAD PLAINTIFF FOR REPRESENTING THE SETTLEMENT CLASS.  ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL BY NOVEMBER 17, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: SEPTEMBER 28, 2020          

BY ORDER OF THE SUPREME COURT OF


NEW YORK, COUNTY OF NEW YORK:


COMMERCIAL DIVISION


THE HONORABLE ANDREW BORROK, J.S.C.

Source: Scott+Scott Attorneys at Law LLP

1     For purposes of this Settlement only, the “Settlement Class” includes all persons or entities who purchased or otherwise acquired Netshoes common stock before May 15, 2018, unless you are an excluded party under the terms of the Stipulation of Settlement.

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.NetshoesSecuritiesLitigation.com.

SOURCE Scott+Scott Attorneys at Law LLP

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http://www.netshoessecuritieslitigation.com

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