Welcome to the Lordstown Motors Stockholders Litigation Website
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
This website relates to a consolidated stockholder class action (the "Action”), pending in the Court of Chancery of the State of Delaware (the “Court”). Co-Lead Plaintiffs in the Action, Atri Amin and Benjamin Hebert (collectively, “Plaintiffs”), on behalf of themselves and the other members of the Settlement Class (as defined below), and Defendants David Hamamoto, Mark Walsh, Andrew Richardson, Steven Hash, and Judith Hannaway (collectively, “Defendants”) have reached a proposed settlement of the Action (the “Settlement”) for $15,500,000 (United States Dollars) in cash. The proposed Settlement, if approved by the Court, will resolve all claims in the Action.
If you are a member of the Settlement Class, you are subject to the Settlement. The Settlement Class preliminarily certified by the Court solely for purposes of the Settlement consists of:
All record and beneficial holders of DiamondPeak Class A common stock as of the effective time (the “Effective Time”) of the merger with Lordstown EV Corporation (f/k/a Lordstown Motors Corp.) on October 23, 2020.
Excluded from the Settlement Class are (i) Defendants and DiamondPeak; (ii) the directors, officers, or partners of DiamondPeak as of the Effective Time on October 23, 2020; (iii) the members of the immediate families of Defendants or of any person who was a director, officer, or partner of DiamondPeak as of the Effective Time on October 23, 2020; (iv) the parents, subsidiaries, and affiliates of DiamondPeak; (v) any entity in which any Defendant or any other excluded party has, or had as of the Effective Time on October 23, 2020, a controlling interest; and (vi) the heirs, successors, or assigns of any such excluded person or entity and the legal representatives of Defendants.
Please Note: The Settlement Class is a non-“opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2). Accordingly, Class Members do not have the right to exclude themselves from the Settlement Class.
Please read the Notice to fully understand your rights and options. Copies of the Notice can be found in the Important Documents page at the top of this website.
Payments to Eligible Class Members will be made only if the Court approves the Settlement and a Plan of Allocation, and only after any appeals are resolved. Please be patient, as this process will take some time to complete.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: | |
|---|---|
| RECEIVE A PAYMENT FROM THE SETTLEMENT. CLASS MEMBERS DO NOT NEED TO SUBMIT A CLAIM FORM. | If you are a member of the Settlement Class, you may be eligible to receive a pro rata distribution from the Settlement proceeds. Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement, if approved by the Court. If you are eligible for a distribution from the Settlement, it will be paid to you directly. See paragraphs 43-52 of the Notice for further discussion. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN JUNE 10, 2024. | If you are a member of the Settlement Class and would like to object to the proposed Settlement, the proposed Plan of Allocation, and/or Plaintiffs’ Counsel’s Fee and Expense Application, including Plaintiffs’ application for Incentive Awards, you may write to the Court and explain the reasons for your objection. |
| ATTEND A HEARING ON JUNE 25, 2024, AT 11:00 A.M. , AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JUNE 10, 2024. | Filing a written objection and notice of intention to appear that is received by June 10, 2024 allows you to speak in Court, at the discretion of the Court, about your objection. In the Court’s discretion, the June 25, 2024 hearing may be conducted by telephone or videoconference (see paragraphs 59-60 of the Notice). If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |
How do I obtain more information?
Detailed information about the Settlement is contained in the Notice, a copy of which can be found on the Important Documents page of this website.
Additional information can also be obtained by contacting the Settlement Administrator by calling toll-free 855-208-4125 or emailing
info@LordstownMotorsStockholdersLitigation.com or mailing a letter to:
Lordstown Motors Stockholders Litigation
c/o JND Legal Administration
PO Box 91095
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.
For More Information
Visit this website often to get the most up-to-date information.
c/o JND Legal Administration
PO Box 91095
Seattle, WA 98111
© JND Legal Administration. All rights reserved.
