Subject: ATY

POMERANTZ LLP ANNOUNCES NOTICE OF THE PENDENCY AND SETTLEMENT OF CLASS ACTION IN ALTIMEO ASSET MANAGEMENT V. QIHOO 360 TECHNOLOGY CO. LTD., ET AL. (CASE NO. 19 CIV. 10067 (PAE) (S.D.N.Y.))

NEW YORK, April 9, 2024 /PRNewswire/ -- SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND MOTION FOR ATTORNEYS' FEES AND EXPENSES

To: All owners and former owners of Qihoo ADS and Class A ordinary shares ("Qihoo Securities") (i) who sold their Qihoo Securities during the period from December 18, 2015 through July 15, 2016, inclusive, (the "Class Period") and/or (ii) whose Qihoo Securities were tendered, cancelled, or exchanged in Qihoo's July 15, 2016 take-private Merger (the "Settlement Class").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23(e) of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that Court-appointed Lead Plaintiffs, on behalf of themselves and all members of the proposed Settlement Class, and Qihoo 360 Technology Co. Ltd. ("Qihoo"), Hongyi Zhou and Eric X. Chen (collectively, the "Settling Defendants"), have reached a proposed settlement of the claims in the above-captioned class action (the "Action") in the amount of $29,750,000 (the "Settlement"). 

A hearing will be held before the Honorable Paul A. Engelmayer either in person or remotely, at the Court's discretion, on August 1, 2024, at 2:30 p.m. EDT in Courtroom 1305 of the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007 (the "Settlement Hearing") to determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated February 12, 2024; (iii) approve the proposed Plan of Allocation for distribution of the proceeds of the Settlement (the "Net Settlement Fund") to Settlement Class Members; and (iv) approve Lead Counsel's Fee and Expense Application.  The Court may change the date of the Settlement Hearing, or hold it remotely, without providing another written notice.  Information about the hearing will be posted at www.QihooSecuritiesSettlement.com. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT.  If you have not yet received a full Notice and Claim Form, you may obtain copies of these documents by visiting www.QihooSecuritiesSettlement.com or by contacting the Claims Administrator at:

 Qihoo Securities Settlement

c/o ­­­­­Claims Administrator
1650 Arch Street, Suite 2210
Philadelphia, PA 19103
(844) 699-3961

Inquiries, other than requests for information about the status of a claim, may also be made to Lead Counsel:

POMERANTZ LLP
Jeremy A. Lieberman, Esq.
Michael Grunfeld, Esq.
600 Third Avenue, 20th Floor
New York, NY 10016
www.pomlaw.com
(212) 661-1100

If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted online no later than August 8, 2024.  If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice so that it is received no later than July 5, 2024.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund. 

Any objections to the proposed Settlement, Lead Counsel's Fee and Expense Application, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are received no later than July 5, 2024. 

PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS'
COUNSEL REGARDING THIS NOTICE.

 

SOURCE Pomerantz LLP

News published on 9 april 2024 at 10:00 and distributed by: