NEW YORK, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announce 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 MGT Capital Investments, Inc. (OTCMKTS:MGTI):
This is a summary that provides limited information about the settlement titled Guyer v. MGT Capital Investments, Inc., Civil Action No. 1:18-cv-09228.
PLEASE VISIT WWW.STRATEGICCLAIMS.NET OR CALL 1-866-274-4004 FOR MORE INFORMATION.
The United States District Court for the Southern District of New York (the “Court”) has preliminarily approved a proposed Settlement of a class action lawsuit pending against MGT Capital Investments, Inc. (“MGT”) and Robert B. Ladd (the “Defendants”). The proposed Settlement would resolve a class action lawsuit alleging that, in violation of the federal securities laws, Defendants made false statements and omitted material facts from October 9, 2015 through and including September 7, 2018, which were allegedly corrected, in whole or in part, by subsequent disclosures. Defendants deny that they did anything wrong.
If you purchased or otherwise acquired MGT shares between October 9, 2015 and September 7, 2018, inclusive, you may be a Class Member. The Settlement provides that, in exchange of settling all claims related to the purchase of MGT shares during the Class Period that were or could have been asserted against the Defendants and the other Released Parties in this case, a settlement payment of $750,000, less attorneys’ fees and litigation expenses, will be divided among Class Members who timely submit a valid Proof of Claim Form (“Proof of Claim”). For a full description of the Settlement, your rights and how to make a claim, please view the Stipulation and Agreement of Settlement at www.strategicclaims.net and obtain a copy of the Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and Proof of Claim by visiting the website: www.strategicclaims.net or by requesting copies from the Claims Administrator through any of the following ways: (1) mail: Guyer v. MGT Capital Management Investments, Inc. Securities Litigation Settlement, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063; (2) call toll free: (866) 274-4004; (3) fax: (610) 565-7985; or (4) email: info@strategicclaims.net.
To qualify for payment, you must submit a Proof of Claim, which can be found on the website www.strategicclaims.net. PROOFS OF CLAIM ARE DUE BY MAY 20, 2020 TO THE CLAIMS ADMINISTRATOR AT THE ADDRESS ABOVE. If you do not want to be legally bound by the settlement, you must exclude yourself by May 6, 2019. If you exclude yourself, you cannot get money from this settlement. If you stay in the settlement, you may object to it by May 6, 2019. The Notice explains how to exclude yourself or to object.
The Court will hold a hearing in this case on May 27, 2020 at 11:00 a.m. at the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007, to consider whether to approve the settlement, the plan of allocation, and a request by Lead Counsel for up to 25% of the settlement fund in attorneys’ fees, plus up to $50,000.00 in expenses, exclusive of claims administration expenses, for litigating the case and negotiating the Settlement. You may, but do not have to, attend the hearing and ask to be heard by the Court. For more information, call toll-free 1-866-274-4004, or visit the website www.strategicclaims.net.