Understanding the Alloy Steel Class Action Settlement

If you were a record or beneficial owner of Alloy Steel common stock as of September 17, 2021, you might be eligible for a substantial cash award from a $9,500,000 settlement fund. This settlement resolves a class action lawsuit involving Karsan Value Funds and Kostecki Brokerage Pty Ltd. This article will guide you through who benefits from the settlement, important dates, and how to claim your award.

Who Benefits?: Who can receive a settlement award. How much can I get?: How much they can receive.

Important Dates

• Deadline to Object to The Settlement: March 20, 2024
• Deadline to File a Notice of Intention to Appear at the Settlement Hearing: March 20, 2024
• Settlement Hearing: April 4, 2024, at 11:00 a.m.

Eligibility Criteria for Class Members

Class Members are defined as all record and beneficial owners of Alloy Steel common stock as of the merger date, September 17, 2021, who received merger consideration. This includes those who held the stock directly as well as those who may have had interests through financial or investment vehicles.

• Class members who were record and/or beneficial owners of Alloy Steel common stock as of September 17, 2021
• Class members who received Merger consideration

Exclusions from the Class include the Defendants, their officers, directors, Immediate Family members, and the Appraisal Stockholders who resolved their appraisal claims separately.

Detailed Award Information

Eligible Class Members may receive a pro rata distribution from the Net Settlement Fund, which is the Settlement Amount minus taxes, expenses, attorneys' fees, and court-approved costs. The gross benefit is estimated to be approximately $1.90 per share of Alloy Steel Common stock held at the time of the Merger.

• Direct distribution to Eligible Class Members: No claim form submission required
• Distribution method: Same as Merger Consideration receipt

The Merger at the Heart of the Settlement

The settlement arises from a merger that took place on September 17, 2021, involving Alloy Steel. Maria Kostecki and Steven Kostecki proposed a going-private transaction and offered $2.55 per share to acquire all outstanding shares.

Is Proof Required to Claim the Reward?

No proof of claim is required for Eligible Class Members to receive their distribution from the Net Settlement Fund. The process has been designed to be seamless, with the Settlement Administrator handling the distribution directly.

How to Claim Your Award

Eligible Class Members do not need to take any action to claim their award. The Settlement Administrator will automatically distribute the funds to those who are eligible. However, it is crucial to keep your contact and account information up to date with your broker to ensure that you receive your payment without any issues. For more information, visit the official settlement website at https://alloysteelstockholdersettlement.com/.

Deciphering the Settlement Amount

The total Settlement Amount agreed upon is $9,500,000. This amount will create the Net Settlement Fund, from which Eligible Class Members will receive their pro rata share after deductions for court-approved taxes, expenses, attorneys' fees, and other costs.

Exploring the Class Action Settlement

The settlement is the result of allegations that the defendants breached their fiduciary duties by conducting and consummating the Merger at an unfair price and through an unfair process. The Defendants have denied all allegations but agreed to the Settlement to avoid the uncertainty and expense of further litigation. The next steps involve the Court's final approval and the subsequent distribution of the Settlement Fund to Eligible Class Members. The Settlement Hearing scheduled for April 4, 2024, will be a critical date for finalizing the terms of the Settlement.