Levi & Korsinsky LLP Announces Proposed Settlement of Class Action on Behalf of Purchasers of CLD Tokens

NEW YORK, May 5, 2022 /PRNewswire/ -- Levi & Korsinsky LLP announces that the United States District Court for the Western District of Pennsylvania has approved the following announcement of a proposed settlement of a class action that would benefit investors who purchased or otherwise acquired CLD Tokens directly from Cloud With Me, Ltd., which is captioned Balestra v. Cloud With Me, Ltd., et al, Case No. 2:18-cv-00804-MRH-LPL:

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS OR ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED CLD TOKENS DIRECTLY FROM CLOUD WITH ME, LTD. BETWEEN JULY 25, 2017 AND JUNE 19, 2018, INCLUSIVE (THE "CLASS PERIOD"), WHILE LOCATED WITHIN THE UNITED STATES, AND WERE DAMAGED THEREBY (THE "CLASS").

THIS NOTICE WAS AUTHORIZED BY THE COURT.                PLEASE READ IT CAREFULLY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on July 26, 2022 at 9:30a.m. before the Hon. Mark R. Hornak of the United States District Court for the Western District of Pennsylvania at the Joseph F. Weis, Jr. United States Courthouse, 700 Grant Street, Pittsburgh, PA 15219, to determine whether, among other things: (1) the proposed settlement (the "Settlement") with Cloud With Me Ltd., Gilad Somjen, and Asaf Zamir (the "Defendants") for $165,000 in cash plus any earnings on any such monies should be approved by the Court as fair, reasonable, and adequate; (2) the proposed Final Judgment, dismissing and releasing various claims against the Settling Defendants, as provided for by the settling parties' Stipulation and Agreement of Settlement ("Stipulation"), should be entered; (3) the Proposed Plan of Allocation should be approved; and (4) an award of attorneys' fees and expenses from the Settlement proceeds should be made.

This litigation is a securities class action brought on behalf of those who purchased or otherwise acquired CLD Tokens directly from Cloud With Me, Ltd. during the Class Period while located within the United States and were allegedly damaged thereby (the "Class Members") against the Defendants for allegedly issuing unregistered securities in violation of the federal securities laws. Lead Plaintiff alleges that these caused damages to Class Members. The Settling Defendants deny all of Lead Plaintiff's allegations.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS MAY BE AFFECTED BY THE PROPOSED SETTLEMENT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.

To be eligible to share in the distribution of the proposed Settlement Fund, you must establish your rights to do so by submitting a Proof of Claim form to the Claims Administrator so that it is postmarked no later than July 19, 2022. Your failure to do so will preclude you from receiving any portion of the Settlement. Any objections to the proposed Settlement, Plan of Allocation, or application for an award of attorneys' fees and expenses must be filed and delivered to Class Counsel and Defendants' Counsel at the addresses below as well as the Court: Clerk of the Court, U.S. District Court for the Western District of N.Y., Joseph F. Weis, Jr. United States Courthouse, 700 Grant Street, Pittsburgh, PA 15219 no later than July 6, 2022, in the manner and form explained in the full printed "Notice of Pendency and Proposed Settlement of Class Action" (the "Notice").

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN JUNE 26, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. IF YOU ARE A CLASS MEMBER AND DO NOT REQUEST EXCLUSION THEREFROM, YOU WILL BE BOUND BY THE SETTLEMENT AND BY ANY FINAL JUDGMENT ENTERED IN THIS MATTER WHETHER OR NOT YOU SUBMIT A PROOF OF CLAIM.

You may obtain the Notice as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and the proposed Final Judgment, online at www.strategicclaims.net/CLD or by writing to the Claims Administrator:
Balestra v. Cloud With Me, Ltd.
c/o Strategic Claims Services
600 N. Jackson Street, Suite 205
P.O. Box 230 Media, PA 19063
[email protected]

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. Inquiries, other than requests for the Notice or for a Proof of Claim form, may be made to Lead Counsel or Settling Defendants' Counsel:

Counsel for Lead Plaintiff

Alfred G. Yates, Jr.
Law Office of Alfred G. Yates, Jr. P.C.
1575 McFarland Road, Suite 305
Pittsburgh, PA 15216

Donald J. Enright
LEVI & KORSINSKY LLP
1101 30th Street, N.W., Suite 115
Washington, DC 20007

Defendants' Counsel:

Eric S. Rosen Kyle W. Roche
Roche Freedman LLP 99 Park Avenue, Suite 1910
New York, New York 10016

Dated: April 21, 2022      HON. MARK R. HORNAK
CHIEF U.S. DISTRICT COURT JUDGE

SOURCE Levi & Korsinsky, LLP