Arrival SA $11.28 Million Securities Class Action Settlement

Investors who purchased or otherwise acquired publicly traded securities of Arrival SA or CIIG Merger Corp. between Nov. 18, 2020, and Nov. 19, 2021, and were damaged thereby or who beneficially owned CIIG common stock eligible to vote or redeem before the March 24, 2021, business combination may be eligible to claim a cash payment from an $11.28 million class action settlement, plus any remaining funds from a $2,000,000 defense cost reserve.

Arrival SA agreed to pay $11,275,000, with an additional $2,000,000 set aside as a reserve for certain defense costs, to settle a class action lawsuit alleging the company and related defendants made false and misleading statements about Arrival’s business and financial prospects, particularly in connection with the March 24, 2021, de SPAC business combination with CIIG Merger Corp. The settlement administrator will add any remaining funds from the reserve to the settlement fund.

Who can file a claim?

The settlement class includes:

• Investors who purchased or otherwise acquired publicly traded securities of Arrival SA or CIIG Merger Corp. between Nov. 18, 2020, and Nov. 19, 2021, and were damaged thereby
• Investors who beneficially owned and held CIIG common stock that was eligible to vote at CIIG’s special meeting and or to redeem before the March 24, 2021, business combination

Additional details

• Both individuals and entities can be class members.
• Authorized representatives may submit claims on behalf of beneficial owners subject to claim form requirements.
• Executors, administrators, guardians, legal representatives or trustees may submit claims on behalf of others and must provide proof of authority.

How much is the Arrival SA payout?

The total settlement fund is $11,275,000 plus any remaining balance from a $2,000,000 defense cost reserve. The amount each class member receives depends on several factors:

• The number of valid claims filed
• The number of shares purchased, acquired, redeemed or held during the relevant periods
• The timing of each investor purchase, sale redemption or holding
• The total recognized losses of all claimants

The settlement administrator will distribute payments on a pro rata basis according to the court-approved plan of allocation:

• The estimated average recovery is approximately $0.12 to $0.14 per allegedly damaged share before deductions for attorneys fees, litigation expenses and administration costs.
• The estimated average recovery after deductions is approximately $0.08 to $0.09 per share.
• Actual payments may be higher or lower depending on individual claims and the total number of valid claims.
• Recognized loss calculations vary based on the type of claim, including Section 10b claims for purchasers, Section 14a claims for CIIG holders eligible to vote or redeem and Section 11 claims for investors who acquired Arrival shares through the business combination.
• The settlement administrator will calculate each class member’s payment using the recognized loss formula that applies to their transactions.
• For claimants who experienced a trading gain or broke even, the recognized loss is zero, and the claimant will not receive a payout.
• The settlement administrator will reduce payments on a pro rata basis if total recognized losses exceed the fund.

How to claim a settlement payment

Class members can file a claim online or download, print and complete the PDF claim form (Page 17) and mail it to the settlement administrator. The claim deadline is Feb. 24, 2026.

Settlement administrator's mailing address: Arrival SA Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063

Proof or documentation required to submit a claim

All class members must provide transaction documentation that shows each purchase, acquisition, redemption and or sale of Arrival or CIIG securities, including:

• Broker confirmation slips
• Broker account statements
• Clearinghouse or bank records containing the necessary transactional information
• Other documentation the settlement administrator deems adequate

$11.28 million settlement fund

The $11,275,000 settlement fund includes:

• Settlement administration costs: Amount not specified
• Attorneys' fees: Up to $4,425,000
• Attorneys' expenses: Up to $325,000
• Service awards to plaintiffs: Up to $30,000 total
• Payments to eligible class members: Remainder of the fund

Important dates

• Deadline to file a claim: Feb. 24, 2026
• Deadline to opt out: Feb. 24, 2026
• Fairness hearing: March 17, 2026

When is the Arrival SA securities class action payout date?

The settlement administrator will issue payments to eligible class members after it completes claim processing and the court grants final approval to the settlement and resolves any appeals.

Why did this class action settlement happen?

The class action lawsuit alleged Arrival and related defendants made false and misleading statements about Arrival’s business and financial outlook, particularly relating to the March 24, 2021, business combination with CIIG. The plaintiffs claimed these alleged misstatements caused investors to purchase or acquire Arrival or CIIG securities at artificially inflated prices.

Arrival denies all allegations of wrongdoing and liability but agreed to settle to avoid the risks, costs and delays of further litigation.

Sources

1. Class notice
2. Claim form
3. Stipulation of settlement