XU V. GRIDSUM HOLDINGS, INC., ET AL.
CIVIL ACTION NO. 1:18-CV-03655 (GHW)
THE UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
TO: ALL PERSONS AND ENTITIES THAT (I) PURCHASED OR OTHERWISE ACQUIRED GRIDSUM HOLDING INC. (“GRIDSUM”) SECURITIES FROM SEPTEMBER 22, 2016 THROUGH JANUARY 7, 2019, OR (II) PURSUANT AND/OR TRACEABLE TO THE OFFERING DOCUMENTS ISSUED AND OTHERWISE IN CONNECTION WITH GRIDSUM’S SEPTEMBER 2016 INITIAL PUBLIC OFFERING, ((I) AND (II) TOGETHER, THE “CLASS PERIOD”), INCLUSIVE, AND WHO WERE DAMAGED THEREBY (THE “SETTLEMENT CLASS”).
Pursuant to Federal Rule of Civil Procedure 23 and an Order of the United States District Court for the Southern District of New York, that the Court-appointed Lead Plaintiff William Barth, and additional plaintiff Xuechen Li (collectively, “Plaintiffs”), on behalf of themselves and all other members of the Settlement Class, and Gridsum, Guosheng Qi, Ravi Sarathy, Michael Peng Zhang, and Thomas Adam Melcher (collectively, “Defendants”, and together with the Plaintiffs, the “Parties”), have reached a proposed settlement of the claims in the above-captioned class action (the “Action”) in the amount of $4,500,000 (the “Settlement”).
r12C of the United States District Court, Southern District of New York, 500 Pearl Street, New York, NY 10007 (the “Settlement Hearing”), where the Court will consider whether: (i) the Settlement is fair, reasonable, and adequate, and should be finally approved; (ii) the Plan of Allocation is fair and reasonable, and should be approved; and (iii) Lead Counsel’s application for attorneys’ fees and expenses and Plaintiffs’ reimbursement awards are reasonable and should be approved. The Court may change the date of the Settlement Hearing, or hold it telephonically or via videoconference, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT:
SUBMIT A CLAIM FORM - 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 via e-mail no later than May 15, 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
EXCLUDE YOURSELF FROM THE CLASS - 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 such that it is received no later than March 4, 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.
OBJECT - Any objections to the proposed Settlement, Lead Counsel’s application for attorneys’ fees and expenses and awards to Plaintiffs, 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 March 4, 2024.
GO TO A HEARING - You may ask the Court for permission to speak at the Settlement Hearing. To do so, you must include with your objection, no later than March 4, 2024 a statement that you, or your attorney, intend to appear in Xu v. Gridsum Holdings Inc. et al., Case No. 1:18-cv-03655-GHW. Persons who intend to present evidence at the Settlement Hearing must also include in their objections the identities of any witnesses that they may wish to call to testify and any exhibits they intend to introduce into evidence at the hearing. You may not speak at the Settlement Hearing if you exclude yourself or if you have not provided written notice in accordance with the procedures for objecting.