Continental Resources $60 Million Class Action Settlement

Investors who held Continental Resources Inc. common stock at the closing of the November 2022 buyout that took the company private at $74.28 per share may be eligible to receive a cash payment from a class action settlement.

Harold Hamm and Bill Berry agreed to pay $60 million to settle a stockholder class action lawsuit alleging they breached their fiduciary duties to Continental's minority stockholders in connection with the buyout. The lawsuit alleged Hamm and his affiliates cashed out the minority stockholders for inadequate consideration after an unfair process and engaged in insider trading before Hamm publicly announced his offer.

Who can file a claim?

The settlement class includes all former record holders and beneficial owners of Continental Resources Inc. common stock who held or owned shares at any time between Oct. 17, 2022, and Nov. 22, 2022, inclusive, and held shares at the closing of the transaction that entitled them to receive $74.28 per share in cash.

Additional details

• Both individuals and entities can be class members.
• The class includes legal representatives, trustees, executors, administrators, estates and heirs of eligible holders and anyone acting for or claiming under them.
• Class members who purchased shares but did not settle the trade before closing are eligible for a payment on those shares.

How much can class members get?

The total settlement fund is $60,000,000. The amount each class member receives depends on several factors:

• The number of eligible shares held at the closing of the transaction
• The total number of eligible shares all eligible class members held
• The amount of the net settlement fund after court-approved deductions

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

• Each class member's payment equals the number of eligible shares they held at closing times the per-share recovery.
• The per-share recovery is the net settlement fund divided by the total number of eligible shares.
• For shares held in a "street name" through a broker, the settlement administrator will distribute payments to Depository Trust Co. participants, who will then distribute payments on a pro rata basis to beneficial owners.
• For shares held of record outside DTC, the settlement administrator will distribute payments directly to the record holder.

No claim form needed to receive compensation

Class members do not need to submit a claim form to receive payment. The settlement administrator will distribute payments the same way class members received the original $74.28 per share.

Settlement administrator's mailing address: Continental Shareholder Litigation, c/o A.B. Data Ltd., P.O. Box 170500, Milwaukee, WI 53217

$60 million settlement fund breakdown

The $60,000,000 settlement fund includes:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $19,998,000
• Litigation expenses: Up to $6,000,000
• Service awards to plaintiffs: Up to $100,000 total
• Payments to eligible class members: Remainder of the fund

Important dates

• Settlement hearing: Nov. 10, 2026

When is the Continental Resources stockholder class action settlement payout date?

The settlement administrator will issue payments after the court resolves any appeals and grants final approval of the settlement.

Why is there a class action settlement?

The class action lawsuit alleged Harold Hamm and his affiliates cashed out Continental's minority stockholders for inadequate consideration after an unfair process and engaged in insider trading before Hamm publicly announced his offer to take the company private. The plaintiffs claimed Bill Berry and other former defendants breached their fiduciary duties by approving the transaction or recommending that the board approve it.

The defendants denied all allegations of wrongdoing but agreed to settle to avoid the burden, expense and distraction of continued litigation.

Sources

1. Class notice