Announcing a Class Action Settlement affecting former holders of Bowl America Class A common stock

BALTIMORE, Md., Sept. 23, 2024 /PRNewswire/ -- A proposed $2,175,000.00 Settlement has been reached in a class action lawsuit titled, Fine, et al., v. Bowl America, Inc., et al., 1:21-cv-01967- SAG (D. Md.). The lawsuit alleges that Cheryl A. Dragoo, Merle Fabian, Nancy E. Hull, Gloria M. Bragg and Allan L. Sher (deceased) (the "Defendants") breached fiduciary duties owed to Bowl America stockholders in connection with the Merger and/or aided and abetted such alleged breaches of duty. Defendants deny all allegations of wrongdoing and liability.

Who is Included? The Settlement Class is defined as all holders of Bowl America Class A common stock who, as of May 27, 2021: (1) were entitled to vote on the Merger; and (2) continued to hold such stock until the closing of the Merger on August 18, 2021. The class excludes the Defendants, their family members, heirs, and any person, firm, trust, corporation, or other entity related to or affiliated with any of the Defendants.

What does the Settlement Provide? If you are a member of the Class, you may be eligible to receive a distribution from the Settlement proceeds. Specifically, the Net Settlement Fund will be distributed on a pro rata basis to those eligible Class Members who held Bowl America shares at the time such shares were converted into the right to receive the Merger Consideration in connection with the Closing and are not excluded from the Class. Class Members do not need to submit a claim form or take any other action in order to be entitled to receive a distribution from the Settlement. Rather, distribution from the Settlement to Eligible Stockholders will be paid directly.

Your Other Options. If you want to keep any right you may have to sue or continue to sue Defendants and the other Released Defendant Parties on your own concerning the Released Plaintiffs' Claims, then you must take steps to remove yourself from the Class. This is called excluding yourself or "opting out." If you submit a valid exclusion request, you will not be legally bound by the Settlement or anything that happens in the Action, and you will not receive any payment from the Net Settlement Fund. The deadline to exclude yourself is November 28, 2024. If you do not exclude yourself, you may object to the object to the proposed Settlement, the proposed Plan of Allocation, or Class Counsel's request for a Fee and Expense Award by November 28, 2024.

The Court has scheduled a Settlement Hearing in this case on December 12, 2024 at 9:00 a.m., before The Honorable Stephanie A. Gallagher, either in person at the Court, or remotely by telephone or videoconference to, among other things, determine whether the proposed Settlement should be approved as fair, reasonable, and adequate to the Class and in the best interests of the Class. If there are timely objections, the Court will consider them and will listen to people who have properly requested to speak at the hearing. You or your own lawyer may attend and ask to appear at the hearing, but you are not required to do so. The hearing could reschedule to a different date or time, so please check the Settlement website for those details.

More Information. Complete information about your rights and options, as well as important documents (including the Settlement Agreement) are available at www.BowlAmericaSecuritiesLitigation.com. You may also call toll-free 1-888-874-4173.

URL // www.BowlAmericaSecuritiesLitigation.com

SOURCE United States District Court for the District of Maryland, Northern Division