Robbins Geller Rudman & Dowd LLP and Abraham, Fruchter & Twersky, LLP Announce Proposed Settlement in the Sea Offerings Litigation

SAN DIEGO, May 12, 2025 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Abraham, Fruchter & Twersky, LLP regarding the proposed Settlement in the Sea Offerings Litigation:

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK: COMMERCIAL DIVISION

TO: All persons and entities who purchased or otherwise acquired American Depositary Shares ("ADSs") or 0.25% convertible senior notes due 2026 ("Notes") of Sea Limited ("Sea"), pursuant and/or traceable to the registration statements and prospectuses issued in connection  with Sea's September 14, 2021 offerings of ADSs and Notes (the "Settlement Class")¹

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT. THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION.

YOU ARE HEREBY NOTIFIED, pursuant to Article 9 of the New York Civil Practice Law and Rules and an Order of the Supreme Court of the State of New York, New York County, Commercial Division (the "Court"), that the above-captioned litigation (the "Action") is pending in the Court.

YOU ARE ALSO NOTIFIED that the plaintiffs in this Action, City of Taylor Police and Fire Retirement System and General Retirement System of the City of Detroit (together, "Plaintiffs"), have reached a proposed settlement of the Action for $40,000,000 in cash (the "Settlement Amount") on behalf of the Settlement Class, that, if approved, will resolve all claims in the Action.

A hearing will be held on August 7, 2025, at 2:00 p.m. Eastern Time, before the Honorable Andrew Borrok, either in person at the New York County Courthouse, Courtroom 238, 60 Centre Street, New York, NY 10007, or by telephone or videoconference (at the discretion of the Court). At the hearing, the Court will determine whether: (1) the proposed Settlement should be approved as fair, reasonable, and adequate; (2) the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation of Settlement dated February 28, 2025 (and in the Notice) should be granted; (3) for purposes of the proposed Settlement only, the Action should be finally certified as a class action on behalf of the Settlement Class, Plaintiffs should be certified as Class Representatives for the Settlement Class, and Robbins Geller Rudman & Dowd LLP and Abraham, Fruchter & Twersky, LLP should be finally appointed as Class Counsel for the Settlement Class; (4) Plaintiffs' Counsel's application for an award of attorneys' fees not to exceed one-third (33 1/3%) of the Settlement Amount, and payment of litigation expenses of not more than $200,000, plus interest earned on both amounts, should be approved; (5) an award of not more than $5,000 to each Plaintiff for representing the Settlement Class should be approved; and (6) the proposed Plan of Allocation should be approved as fair, reasonable, and adequate.

If you are a member of the Settlement Class (a "Settlement Class Member"), your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Net Settlement Fund. If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator, Verita Global, at Sea Offerings Settlement, c/o Verita Global, P.O. Box 301133, Los Angeles, CA 90030-1133, 1-833-867-3776.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator at www.SeaOfferingsSettlement.com.

If you are a Settlement Class Member, to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked (if mailed), or online, no later than August 4, 2025, in accordance with the instructions set forth in the Claim Form.  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 releases, judgments, or orders entered by the Court in the Action.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is postmarked no later than July 7, 2025, 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, Plaintiffs' Counsel's Fee and Expense Application, or any application for an award to Plaintiffs, must be filed with the Court, delivered to Class Counsel and defendant Sea's Counsel, and postmarked no later than July 7, 2025, in accordance with the instructions set forth in the Notice.

You should monitor the Court's docket and the website maintained by the Claims Administrator, www.SeaOfferingsSettlement.com, before making plans to attend or participate in the Fairness Hearing.

Please  do not contact the Court, the Clerk's office, Sea, the other 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 Class Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to either of the below Class Counsel:

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

Sea Offerings Settlement
c/o Verita Global
P.O. Box 301133
Los Angeles, CA 90030-1133
1-833-867-3776
www.SeaOfferingsSettlement.com

                                                                                                By Order of the Court

¹ Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the long-form Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses (the "Notice"), a copy of which may be downloaded from the Settlement website maintained by the Claims Administrator at www.SeaOfferingsSettlement.com.

SOURCE Robbins Geller Rudman & Dowd LLP