NEW YORK, Dec. 2, 2019 /PRNewswire/ -- Pomerantz LLP announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Namaste Technologies Inc. (OTCMKTS: NXTTF):
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: All persons and entities who, during the period between November 29, 2017 and March 6, 2019 inclusive, purchased or otherwise acquired the common stock of Namaste Technologies ("Namaste") and were allegedly damaged thereby (the "Settlement Class"):
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 Southern District of New York, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action 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 $2,750,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action.
A hearing will be held on March 11, 2020 at 10:00 a.m., before the Honorable Gregory H. Woods at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 12C, 500 Pearl Street, New York, NY 10007, 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 Second Amended Stipulation and Agreement of Settlement dated October 25, 2019 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.
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 Settlement Fund. If you have not yet received the Notice and Proof of Claim Form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator at In re Namaste Technologies Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson, Suite 205, Media, PA 19063. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.namastesecuritieslitigation.com.
If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form to the Claims Administrator postmarked no later than March 20, 2020. If you are a Settlement 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 Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than February 19, 2020 by the Claims Administrator, Lead Counsel and Defendants' Counsel, in accordance with the instructions set forth in the Notice. 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 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 Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Clerk of the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than February 19, 2020, in accordance with the instructions set forth in the Notice.
Please do not contact the Court, the Clerk's office, Namaste, or its counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.
Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:
Jeremy A. Lieberman, Esq.
600 Third Ave., 20th Floor
New York, NY 10016
Requests for the Notice and Claim Form should be made to:
In re Namaste Technologies Inc. Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 205
Media, PA 19063
By Order of the Court
SOURCE Pomerantz LLP