Notice of a Proposed Class Action Settlement Involving All Persons or Entities Who Purchased or Otherwise Acquired SFX Entertainment, Inc. Common Stock

SEATTLE, Sept. 6, 2019 /PRNewswire/ --

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SUMMARY PUBLICATION NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION, MOTION FOR ATTORNEYS' FEES, AND FINAL 
SETTLEMENT HEARING

This notice is for all persons or entities who purchased or otherwise acquired SFX Entertainment, Inc. ("SFX") common stock during the period between February 25, 2015 and November 17, 2015, inclusive ("Class Period"). Your rights will be affected by a class action lawsuit pending in this court.

This Summary Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York ("District Court"), dated July 30, 2019.  The purpose of this Summary Publication Notice is to inform you of the proposed Settlement of the above-entitled actions (the "Action") against defendants D. Geoffrey Armstrong, John Miller, Michael John Meyer, and Robert F.X. Sillerman ("Sillerman") (collectively, "Director Defendants").

A Settlement hearing will be held before the Honorable Colleen McMahon, Chief United States District Judge, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, at 10:00 o'clock a.m. on December 13, 2019 in order: (1) to determine whether the proposed Settlement consisting of $6,750,000.00 (U.S.) in cash to be caused by the Director Defendants to be paid by their directors' and officers' insurance carriers ("Director Defendants' Contribution") and from Defendant Sillerman an allowed general unsecured dischargeable claim in the amount of $750,000.00, not subject to objection, reduction or setoff, in favor of Lead Plaintiff and the Class Members, in Defendant Sillerman's bankruptcy proceeding ("Sillerman Contribution") should be approved as fair, reasonable, and adequate to the Class and the proposed Final Judgment entered; (2) to determine whether the proposed Plan of Allocation for the proceeds of the Settlement is fair and reasonable, and should be approved by the Court; (3) to determine whether the application by Lead Counsel for an award of attorneys' fees not to exceed, in the aggregate, thirty-three and one third percent (33 1/3%) of the Director Defendants' Contribution and thirty-three and one third percent (33 1/3%) of the Sillerman Contribution, or portion(s) of the Sillerman Contribution paid, if and/or when paid into the Settlement Fund, plus reimbursement of Lead Counsel's reasonable out-of-pocket litigation and notice and settlement administration expenses should be approved; (4) to determine whether an award of reasonable costs and expenses to Lead Plaintiff directly relating to its representation of the Class should be approved; and (5) to rule upon such other matters as the Court may deem appropriate.

If you purchased or otherwise acquired SFX common stock from February 25, 2015 through and including November 17, 2015, and are not otherwise excluded from the Class, you are a Class Member. Excluded from the Class are the officers and directors of SFX during the Class Period (including the Director Defendants, Mitchell Slater, Andrew Bazos, Joseph Rascoff, Edward Simon, Pasquale Manocchia, Howard Tytel, and Sheldon Finkel), members of their immediate families, any entity in which they have or had a controlling interest, and their respective legal representatives, heirs, successors or assigns; the named plaintiffs in the Action denominated: Altimeo Invesissement, Altimeo Optimum, et al. v. Robert F.X. Sillerman, et al., Index No. 651084/2016 (N.Y. Sup. Ct. N.Y. Co.); and any Class Members who do not timely and properly request exclusion from the Class. Class Members who do not timely and properly request exclusion from the Class will be bound by the Final Judgment of the District Court. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than December 27, 2019, establishing that you are entitled to recovery. A Proof of Claim is being sent with this Notice. If you are a Class Member and need an additional Proof of Claim, copies may be obtained by telephoning the Claims Administrator at 1-844-961-0313 or by downloading the form on the internet at www.SFXSecuritiesLitigation.com.

If you do not wish to be included in the Class, you do not wish to participate in the Settlement and you do not wish to receive a distribution from the Net Settlement Fund, you may request to be excluded, in the manner set forth in the full Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Final Settlement Hearing ("Notice"), no later than November 12, 2019. If you are a Class Member and do not timely and validly request exclusion from the Class, and you wish to object to the Settlement, the Plan of Allocation, Lead Counsel's application for an award of attorneys' fees and/or reimbursement of expenses, and/or Lead Plaintiff's request for an award of reasonable costs and expenses, you may submit a written objection. If you are a Class Member and do not timely and validly request exclusion from the Class, your rights may be affected by the Settlement of this litigation, including the release and extinguishment of claims you may possess relating to your purchase or acquisition of SFX common stock during the Class Period.  You also may, but are not required to, appear at the Settlement Hearing. You must file and serve your written objection, in the manner specifically set forth in the Notice, no later than November 12, 2019.

This Summary Notice is only a summary of information regarding the Action and the Settlement. You are urged to obtain a copy of the full, detailed Notice, which includes, among other things, a description of: (1) the litigation in the Action prior to the Settlement; (2) the terms of the proposed Settlement; (3) the benefits of the Settlement to the Class; (4) the Plan of Allocation for the proceeds of the Settlement; (5) the rights of Class Members; (6) the release of claims against the Director Defendants; (7) the application for an award of attorneys' fees and expenses; (8) a request by Lead Plaintiff for reasonable costs and expenses directly relating to its representation of the Class; and (9) additional details concerning the Settlement Hearing, excluding oneself from the Class and/or objecting to the Settlement, the Plan of Allocation, and/or the application for attorneys' fees and/or reimbursement of expenses, including the procedures that MUST be followed for Class Members to request exclusion from the Class or to object to the Settlement, the Plan of Allocation and/or application for attorneys' fees and/or reimbursement of expenses.

A copy of the full Notice may be accessed at www.SFXSecuritiesLitigation.com, and for additional information, you may contact JND Legal Administration, the Claims Administrator, at the following address or email:

Guevoura Fund Ltd. v. Sillerman, et al.
c/o JND Legal Administration
PO Box 91202
Seattle, WA 98111-9302
[email protected]

PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE.

SOURCE JND Legal Administration