BROOKLYN, N.Y., July 03, 2023 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the Eastern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers Sunlands Technology Group American Depository Shares (NYSE: STG):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED THE PUBLICLY-TRADED AMERICAN DEPOSITORY SHARES (“ADSs”) OF SUNLANDS TECHNOLOGY GROUP (“SUNLANDS”) PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND RELATED PROSPECTUS ISSUED IN CONNECTION WITH SUNLANDS’ MARCH 2018 INITIAL PUBLIC STOCK OFFERING (THE “SUNLANDS IPO OFFERING DOCUMENTS”).
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of New York, that a hearing will be held on September 27, 2023, at 2:00 p.m. before the Honorable Robert M. Levy, United States Magistrate Judge for the Eastern District of New York, 225 Cadman Plaza East, Courtroom 11-B South, Brooklyn, NY 11201, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $6,200,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $80,000, and a service payment of no more than $10,000 to Plaintiff, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement, dated May 8, 2023 (the “Settlement Stipulation”). The Court reserves the right to hold the Settlement Fairness Hearing telephonically or by other virtual means.
If you purchased ADSs of Sunlands pursuant or traceable to the Sunlands IPO Offering Documents, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in publicly-traded Sunlands ADSs. If you need assistance obtaining a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form (“Claim Form”), you may write to, call, or contact the Claims Administrator: Sunlands Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063; (Toll-Free) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net. You can also download copies of the Notice and submit your Claim Form online at www.strategicclaims.net/Sunlands/. If you are a member of the Settlement Class, to share in the distribution of the Net Settlement Fund, you must submit a Claim Form electronically or postmarked no later than August 28, 2023 to the Claims Administrator, establishing that you are entitled to share in the recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.
If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than September 6, 2023, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.
Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and awards to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than September 6, 2023, by each of the following:
| Clerk of the Court United States District Court Eastern District of New York 225 Cadman Plaza East Brooklyn, NY 11201 | Phillip Kim Brian B. Alexander The Rosen Law Firm, P.A. 275 Madison Ave 40th Floor New York, NY 10016 Lead Counsel | Edmund Polubinski III Nikolaus J. Williams Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Counsel for the Sunlands Defendants Douglas H. Flaum Gabrielle Lisa Gould Goodwin Proctor LLP 620 Eighth Avenue New York, NY 10018 Counsel for the Underwriter Defendants |
If you have any questions about the Settlement, you may call or write to Lead Counsel:
Brian B. Alexander
THE ROSEN LAW FIRM, P.A.
275 Madison Ave
40th Floor
New York, NY 10016
Tel: (212) 686-1060
balexander@rosenlegal.com
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: JUNE 14, 2023
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
EASTERN DISTRICT OF NEW YORK
