Le Lézard
Classified in: Business
Subjects: LAW, ATY

Pomerantz LLP and Levi & Korsinsky LLP Announce Notice of Proposed Settlement If You Purchased or Otherwise Acquired Common Stock Of Bakkt Holdings, Inc. ("Bakkt") or VPC Impact Acquisition Holdings ("VIH"), or Warrants To Purchase Bakkt or VIH Common Stock (Together, "Bakkt Securities") From March 31, 2021 Through November 19, 2021, Inclusive


NEW YORK, Oct. 16, 2023 /PRNewswire/ --

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK

 

SUZANNE POIRIER, Individually and On Behalf of All Others Similarly Situated,

 

Plaintiff,

 

v.

 

BAKKT HOLDINGS, INC. f/k/a VPC IMPACT ACQUISITION HOLDINGS, JOHN MARTIN, OLIBIA STAMATOGLOU, GORDON WATSON, KAI SCHMITZ, and KURT SUMMERS,

 

Defendants.

 

 

 

   Case No. 1:22-cv-02283-EK-PK

 

 

 

SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT; (II) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND LITIGATION EXPENSES; AND (III) SETTLEMENT FAIRNESS HEARING

 

 

 

IF YOU PURCHASED OR OTHERWISE ACQUIRED COMMON STOCK OF BAKKT HOLDINGS, INC. ("BAKKT") OR VPC IMPACT ACQUISITION HOLDINGS ("VIH"), OR WARRANTS TO PURCHASE BAKKT OR VIH COMMON STOCK (TOGETHER, "BAKKT SECURITIES") FROM MARCH 31, 2021 THROUGH NOVEMBER 19, 2021, BOTH DATES INCLUSIVE (THE "CLASS PERIOD"), YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT.  CERTAIN PERSONS ARE EXCLUDED FROM THE DEFINITION OF THE SETTLEMENT CLASS AS SET FORTH IN THE STIPULATION AND AGREEMENT OF SETTLEMENT.

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS MAY 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 by Order of the United States District Court for the Eastern District of New York, that in the above-captioned litigation (the "Action"), a Settlement has been proposed for $3,000,000.00 in cash.  A hearing will be held on February 27, 2024, at 11:00 a.m., before the Honorable Eric Komitee, at the United States District Court, Eastern District of New York, 225 Cadman Plaza East, Brooklyn, NY 11201, or remotely per details that will be made publicly available on the Settlement website (www.BakktSecuritiesSettlement.com), for the purpose of determining whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation and Agreement of Settlement (the "Stipulation") should be entered dismissing the Action against all Defendants with prejudice; (3) a Settlement Class of all persons, other than Defendants and other excluded persons, who purchased or otherwise acquired Bakkt Securities during the Class Period (the "Settlement Class"), should be finally certified for purposes of the Settlement only; (4) the proposed Plan of Allocation for distribution of the Settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (5) the application of Co-Lead Counsel for the payment of attorneys' fees and expenses from the Settlement Fund, including interest earned thereon, should be approved and, if so, in what amount; and (6) to award Plaintiffs out of the Settlement Fund pursuant to 15 U.S.C. § 78u-4(a)(4) in connection with their representation of the Settlement Class and, if so, in what amount.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THE ACTION, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.  If you have not received a detailed Notice of (i) Proposed Settlement, (ii) Motion for an Award of Attorneys' Fees and Litigation Expenses, and (iii) Settlement Fairness Hearing (the "Notice") and a copy of the Proof of Claim and Release ("Claim Form"), you may obtain a copy of these documents by contacting the Claims Administrator: Bakkt Securities Settlement c/o A.B. Data, Ltd., P.O. Box 173027, Milwaukee, WI, 53217, 1-877-390-3468, [email protected]. You may also obtain copies of the Stipulation, Notice, and Claim Form at www.BakktSecuritiesSettlement.com.

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 by mail postmarked no later than January 9, 2024, or submit it online by that date.  If you are a Settlement Class Member and do not submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will still be bound by any judgment entered by the Court in this Action (including the releases provided for therein).

To exclude yourself from the Settlement Class, you must mail a written request for exclusion so that it is received by February 6, 2024, in accordance with the instructions set forth in the Notice.  If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by any judgment entered by the Court in this Action (including the releases provided for therein) whether or not you submit a Claim Form.  If you submit a written request for exclusion, you will have no right to recover money pursuant to the Settlement.

Any objection to the proposed Settlement, the Plan of Allocation of Settlement proceeds, or the fee and expense application must be filed with the Court no later than February 6, 2024.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.  If you have any questions about the Settlement, or your eligibility to participate in the Settlement, you may contact Co-Lead Counsel at the following address(es) or telephone numbers:

Pomerantz LLP
Jeremy Lieberman
600 Third Avenue, 20th Floor
New York, NY 10016
Telephone: (212) 661-1100
jalieberman@pomlaw.com

Levi & Korsinsky LLP
Adam M. Apton
33 Whitehall Street, 17th Floor
New York, NY 10004
Telephone: (212) 363-7500
aapton@zlk.com

DATED: September 21, 2023

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK

 

 

SOURCE Pomerantz LLP and Levi Korsinsky LLP


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