Labaton Sucharow LLP Announces Pendency of Class Action, Proposed Settlement and Motion for Attorneys' Fees and Expenses for Purchasers of Class A Common Stock of SciPlay Corporation

NEW YORK, Sept. 8, 2021 /PRNewswire/ --

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT, AND MOTION FOR ATTORNEYS' FEES AND EXPENSES

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Supreme Court of the State of New York, New York County, that Lead Plaintiffs Police Retirement System of St. Louis and Hongwei Li, on behalf of themselves and the proposed Settlement Class,¹ and SciPlay and the other defendants in the Action, have reached a proposed settlement of the above-captioned class action (the "Action") in the amount of $8,275,000 that, if approved, will resolve the Action in its entirety (the "Settlement").

This Action is a securities class action brought on behalf of those Persons who purchased or acquired SciPlay Class A common stock pursuant and/or traceable to the Company's Registration Statement for SciPlay's May 3, 2019 initial public offering of Class A common stock.  Lead Plaintiffs allege that the Registration Statement contained misleading statements and omissions.  Defendants have denied, and continue to deny, all of Lead Plaintiffs' allegations, and deny that the Registration Statement was in any way materially false or misleading.

A hearing will be held before the Honorable Andrea Masley, on November 15, 2021 at 3:30 p.m. EDT, before the Court, either in person at the Supreme Court, New York County, Courtroom 242, 60 Centre Street, New York, NY  10007, or remotely using directions that will be posted in advance on the Settlement website, in the Court's discretion (the "Settlement Hearing") to, among other things, determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated July 27, 2021; (iii) approve the proposed Plan of Allocation for distribution of the Net Settlement Fund; and (iv) approve Lead Counsel's Fee and Expense Application.  The Court may change the date of the Settlement Hearing without providing another notice.  You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT.  If you have not yet received a Notice and Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by visiting the website dedicated to the Settlement, www.SciPlaySecuritiesSettlement.com, or by contacting the Claims Administrator at:

SciPlay Corporation Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173062
Milwaukee, WI 53217
866-905-8128
[email protected]

Inquiries, other than requests for the Notice/Claim Form or for information about the status of a claim, may also be made to Lead Counsel:

Alfred L. Fatale III Esq.
LABATON SUCHAROW LLP
140 Broadway
New York, NY 10005
www.labaton.com
[email protected]
888-219-6877

If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted online no later than December 23, 2021.  If you are a Settlement Class Member and you do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by the Settlement and all judgments or orders entered by the Court in the Action, whether favorable or unfavorable. 

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than October 25, 2021.  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 Action, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.  If you are a Settlement Class Member and do not timely and validly exclude yourself from the Settlement Class, you will remain in the Settlement Class and that means that, upon the Effective Date of the Settlement, you will release all Plaintiffs' Released Claims against the Defendant Releasees.

Any objections to the proposed Settlement, the Judgment, the proposed Plan of Allocation, and/or Lead Counsel's Fee and Expense Application must be mailed to the Court and counsel for the Parties in accordance with the instructions in the Notice, such that they are received no later than October 25, 2021. 

PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR
DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

^{__________________
1} All terms not defined herein shall have the definition assigned to them in the Stipulation and Agreement of Settlement, dated July 27, 2021.

SOURCE Labaton Sucharow LLP