The parties to this class action lawsuit (the “Class Action”) have agreed on a proposed settlement (the “Settlement”), which the Court has preliminarily approved. The Settlement will provide for a payment to Class Members based on the number of shares of Symbria Inc. stock in their respective Symbria Inc. Employee Stock Ownership Plan (“ESOP”) as of the date of the October 31, 2015 ESOP transaction through December 31, 2024 (the “Class Period”).
The notice summarizes the Settlement and informs Class Members of their rights under the Settlement. The complete Settlement Agreement, and other information about this lawsuit, is available here or by contacting Class Counsel listed below.
The total Settlement Amount is $5.9 million. This amount will go to payments to Class Members, Settlement Administrative Expenses, payment of Class Counsel’s Attorneys’ Fees and Costs approved by the Court, payment of any approved Class Representative Award to the Plaintiff in the case, and potentially for fees and costs of an independent fiduciary.
Under the proposed Settlement, your estimated payment will be based on the proportion of the vested shares of Symbria stock you held in the Plan during the Class Period divided by the total number of vested shares held by all Class Members in the Plan during the Class Period.
SUMMARY OF YOUR LEGAL RIGHTS & OPTIONS | |
Members of the Class with an active ESOP account | Option #1: Do Nothing. If you received a Notice and you do nothing, you will receive your Settlement payment in your active ESOP account if you have one. |
Members of the Class without an active ESOP account | Option #2: Class Members Without an Active ESOP Account May Elect Form of Payment. You may make an election by submitting the Election Form online by April 3, 2025. If you do not submit an Election Form by that date, then your Settlement payment will be paid by check, less tax withholding. |
All members of the class | Option #3: Object. If you are not satisfied with the terms of the proposed Settlement, then you or your attorney may inform the Court by sending a letter or written statement by April 3, 2025. If you object and you do not have an active ESOP account, you may still complete an Election Form online. |
Upcoming Important Dates
Objection Deadline
4/3/2025
Rollover Deadline
4/3/2025
Final Approval Hearing
4/24/2025