Levi & Korsinsky, LLP Announce Notice of Pendency of Class Action For All Persons and Entities Who Purchased or Otherwise Transacted in Securities of QuantumScape Corporation ("QuantumScape") From November 27, 2020, to April 14, 2021, Inclusive

NEW YORK, Aug. 26, 2024 /PRNewswire/ --

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF CLASS, AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California, that the above-captioned litigation (the "Action") has been certified as a class action for purposes of the Settlement only on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the full Notice of (I) Pendency of Class Action, Certification of Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that Plaintiffs in the Action have reached a proposed settlement of the Action for $47,500,000 in cash that, if approved, will resolve all claims asserted or that could have been asserted in the Action (the "Settlement"). 

A hearing will be held on November 13, 2024, at 2:00 p.m., before the Honorable William H. Orrick III at the United States District Court for the Northern District of California, United States Courthouse, Courtroom 2, 17th Floor, 450 Golden Gate Avenue, San Francisco, CA 94102 or via Zoom, to determine (i) whether the proposed Settlement should be  approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation and Agreement of Settlement dated June 11, 2024, (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair, reasonable, and adequate; and (iv) whether Plaintiffs' Counsel's Fee and Expense Application should be approved.  The Court reserves the right to hold the Fairness Hearing telephonically or by other virtual means.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  The Notice and Proof of Claim and Release Form ("Claim Form") can be downloaded from the website maintained by the Claims Administrator, www.QuantumScapeSettlement.com.  You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at QuantumScape Corporation Settlement, c/o A.B. Data, Ltd. P.O. Box 173131, Milwaukee, WI 53217, 866-778-9623.

If you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form online or postmarked no later than December 13, 2024.  If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Class and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than October 9, 2024, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Plaintiffs' Counsel's Fee and Expense Application, must be filed with the Court such that they are received no later than October 23, 2024, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Defendants, or their counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Plaintiffs' Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Plaintiffs' Counsel:

LEVI & KORSINSKY, LLP
Nicholas Porritt, Esq.
33 Whitehall Street
17^th Floor
New York, NY 10004
(212) 363-7500
[email protected] 

Requests for the Notice and Claim Form should be made to:

QuantumScape Corporation Settlement
A.B. Data, Ltd.
P.O. Box 173131
Milwaukee, WI 53217
www.QuantumScapeSettlement.com  

By Order of the Court

SOURCE Levi & Korsinsky, LLP