Apex Technology $14.4M Stockholder Settlement

Apex Technology Sponsor, LLC, Jeff Epstein, Brad Koenig, David Chao, Peter Bell, Donna Wells, Alex Vieux, Steven Fletcher

Consumers who held shares of Apex Technology Acquisition Corp. Class A common stock as of June 28, 2021, at 4:30 p.m. ET and did not redeem all of the shares during the AvePoint Inc. merger may qualify to submit a claim for a cash payment from a class action settlement.

Apex Technology Sponsor LLC and related defendants agreed to pay $14.4 million to settle a class action lawsuit claiming breaches of fiduciary duty and unjust enrichment. The lawsuit alleges Apex’s directors and officers prevented Class A stockholders’ from making an informed redemption decision during the merger by making false and misleading statements.

Who is eligible for a Apex payout?

Class members must meet the following criteria:

They held shares of Apex Class A common stock as of June 28, 2021, at 4:30 p.m. ET either directly (of record) or indirectly (beneficially).
They could have, but did not, redeem all of their shares in connection with the merger between Apex and AvePoint.
They are an heir, successor-in-interest, transferee or assignee of someone who meets the above criteria.

How much is the class action settlement payment?

Pro Rata Cash Payment: The amount each class member receives depends on the number of valid claims submitted, the number of shares they held and their transactions after June 28, 2021.

How to claim an Apex stockholder class action rebate

To receive a payment from the settlement, class members can file a claim online or download and print the PDF claim form to complete and mail to the settlement administrator. The deadline to file a claim is July 29, 2025.

Settlement Administrator's mailing address: Apex Stockholder Settlement, Settlement Administrator, c/o Verita Global, P.O. Box 301171, Los Angeles, CA 90030-1171

Proof and documentation

Claimants must provide documentation supporting their holdings and transactions in Apex Class A common stock and/or AvePoint common stock. Acceptable documents include broker confirmation slips, account statements or other evidence showing:

Holdings of Apex Class A common stock as of June 28, 2021, at 4:30 p.m. ET
All purchases and sales of Apex Class A or AvePoint common stock after June 28, 2021, through Feb. 2, 2024
Holdings of AvePoint common stock as of the close of the market on Feb. 2, 2024, if applicable

Those filing on behalf of a deceased beneficial owner or their estate must include a copy of the death certificate as well as proof of authority to file, such as letters testamentary or other evidence of authority.

Payout options

Eligible class members will receive a paper check mailed to provided address.

$14.4 million Apex securities settlement fund breakdown

The $14.4 million settlement fund covers:

Settlement administration costs: Up to $500,000
Attorneys’ and expenses fees: Up to $2,880,000
Service awards to class representatives: Up to $5,000 each paid from attorneys’ fees and expenses
Payments to approved claimants: Remainder of the net settlement fund after the above deductions.

Important dates

Deadline to File a Claim: July 29, 2025
Fairness Hearing: July 10, 2025

When is the Apex stockholder settlement payout date?

Payments to eligible class members will be made after the Court approves the settlement, all appeals are resolved and claims processing is complete.

Why is there a securities class action settlement?

The class action lawsuit alleged Apex’s directors and officers failed to provide all relevant information to Class A stockholders regarding their right to redeem shares in connection with the AvePoint merger. Plaintiffs claimed misleading statements about the merger dissuaded stockholders from redeeming their shares, resulting in financial harm.

Defendants deny all allegations but agreed to settle to avoid further litigation and expense.