Bernstein Litowitz Berger & Grossmann LLP and Pomerantz LLP Announce Notice of Pendency and Proposed Settlement of Stockholder Class Action Involving Record and Beneficial Holders of DiamondPeak Holdings Corp. Class A Common Stock as of the Effective Time of the Merger with Lordstown EV Corporation (f/k/a Lordstown Motors Corp.) on October 23, 2020

SEATTLE, May 6, 2024 /PRNewswire/ -- 

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER CLASS ACTION, SETTLEMENT HEARING, AND
RIGHT TO APPEAR

TO: All record and beneficial holders of DiamondPeak Holdings Corp. ("DiamondPeak") Class A common stock as of the effective time (the "Effective Time") of the merger with Lordstown EV Corporation (f/k/a Lordstown Motors Corp.) on October 23, 2020 (the "Settlement Class").

Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the full Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (the "Notice"), available at www.LordstownMotorsStockholdersLitigation.com. Any capitalized terms used in this Summary Notice that are not otherwise defined in this Summary Notice shall have the meanings given to them in the Notice or in the Stipulation and Agreement of Settlement, Compromise, and Release dated March 4, 2024 (the "Stipulation"), which is also available at www.LordstownMotorsStockholdersLitigation.com.

Please read this SUMMARY notice carefully. your rights will be affected by a class action lawsuit pending in this court.

YOU ARE HEREBY NOTIFIED, the above-captioned consolidated stockholder class action (the "Action") is pending in the Court of Chancery of the State of Delaware (the "Court"). 

YOU ARE ALSO NOTIFIED that (i) Co-Lead Plaintiffs Atri Amin and Benjamin Hebert (collectively, "Plaintiffs"), on behalf of themselves and the other members of the Settlement Class; and (ii) Defendants David Hamamoto, Mark Walsh, Andrew Richardson, Steven Hash, and Judith Hannaway (collectively, "Defendants") (Plaintiffs and Defendants, together, the "Parties") have reached a proposed settlement of the Action (the "Settlement") for $15,500,000 (United States Dollars) in cash. The terms of the Settlement are stated in the Stipulation. If approved by the Court, the Settlement will resolve all claims in the Action.

A hearing (the "Settlement Hearing") will be held on June 25, 2024, at 11:00 a.m., before the Honorable Lori W. Will, Vice Chancellor, at the Court of Chancery of the State of Delaware, New Castle County, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, DE 19801, to, among other things: (i) determine whether to finally certify the Settlement Class for settlement purposes only, pursuant to Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2); (ii) determine whether Plaintiffs and Plaintiffs' Co-Lead Counsel have adequately represented the Settlement Class, and whether Plaintiffs should be finally appointed as Class Representatives for the Settlement Class and Plaintiffs' Co‑Lead Counsel should be finally appointed as Class Counsel for the Settlement Class; (iii) determine whether the proposed Settlement should be approved as fair, reasonable, and adequate to Plaintiffs and the other members of the Settlement Class and in their best interests; (iv) determine whether the proposed Order and Final Judgment approving the Settlement, dismissing the Action with prejudice, and granting the Releases provided under the Stipulation should be entered; (v) determine whether the proposed Plan of Allocation of the Net Settlement Fund is fair and reasonable, and should therefore be approved; (vi) determine whether and in what amount any award of attorneys' fees and payment of Litigation Expenses to Plaintiffs' Counsel ("Fee and Expense Award") should be paid out of the Settlement Fund, including any incentive awards to Plaintiffs ("Incentive Awards") to be paid solely from any Fee and Expense Award; (vii) hear and rule on any objections to the Settlement, the proposed Plan of Allocation, and/or Plaintiffs' Counsel's application for a Fee and Expense Award, including any Incentive Awards to Plaintiffs; and (viii) consider any other matters that may properly be brought before the Court in connection with the Settlement.

Any updates regarding the Settlement Hearing, including any changes to the date, time, or format of the hearing or updates regarding remote or in-person appearances at the hearing, will be posted to the Settlement website, www.LordstownMotorsStockholdersLitigation.com.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Net Settlement Fund. If you have not yet received the Notice, you may obtain a copy of the Notice by contacting the Settlement Administrator by mail at Lordstown Motors Stockholders Litigation, c/o JND Legal Administration, PO Box 91095, Seattle, WA 98111; by telephone at 855-208-4125; or by email at [email protected]. A copy of the Notice can also be downloaded from the Settlement website, www.LordstownMotorsStockholdersLitigation.com.

If the Settlement is approved by the Court and the Effective Date occurs, the Net Settlement Fund will be distributed on a pro rata basis to Eligible Class Members in accordance with the proposed Plan of Allocation stated in the Notice or such other plan of allocation as is approved by the Court. Pursuant to the proposed Plan of Allocation, each Eligible Class Member will be eligible to receive a pro rata payment from the Net Settlement Fund equal to the product of (i) the number of shares of DiamondPeak Class A common stock held as of the Effective Time of the Merger on October 23, 2020 ("Eligible Shares") and (ii) the "Per-Share Recovery" for the Settlement, which will be determined by dividing the total amount of the Net Settlement Fund by the total number of Eligible Shares held by all Eligible Class Members. As explained in further detail in the Notice, Eligible Class Members do not have to submit a claim form to receive a payment from the Net Settlement Fund.

Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Plaintiffs' Counsel's Fee and Expense Application, including Plaintiffs' application for Incentive Awards, must be filed with the Register in Chancery in the Court of Chancery of the State of Delaware and delivered to Plaintiffs' Co-Lead Counsel and Defendants' Counsel such that they are received no later than June 10, 2024, in accordance with the instructions set forth in the Notice.

Please do not contact the Court or the Office of the Register in Chancery regarding this Summary Notice. All questions about this Summary Notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to the Settlement Administrator or Plaintiffs' Co-Lead Counsel.

Requests for the Notice should be made to the Settlement Administrator:

Lordstown Motors Stockholders Litigation
c/o JND Legal Administration
PO Box 91095
Seattle, WA 98111

Telephone:  855-208-4125
Email:  [email protected]
Settlement website:  www.LordstownMotorsStockholdersLitigation.com

Inquiries, other than requests for the Notice, should be made to Plaintiffs' Co-Lead Counsel:

Jeroen van Kwawegen
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, NY 10020

Telephone:  800‑380‑8496
Email: [email protected]

Gustavo F. Bruckner
Pomerantz LLP
600 Third Avenue
New York, NY 10016

Telephone: 646-581-9941
Email: [email protected]

BY ORDER OF THE COURT
OF CHANCERY OF THE
STATE OF DELAWARE

SOURCE JND Legal Administration