Gores Holdings IV $17.5M Securities Settlement

Those who held Gores Holdings IV Inc. Class A common stock, including shares held as part of a public unit, at any time between Sept. 22, 2020, to Jan. 21, 2021, may qualify to claim a cash payment from a class action settlement.

Gores Holdings IV Inc. agreed to pay $17,500,000 to settle a class action lawsuit alleging the company’s directors and officers failed to provide all relevant information to stockholders regarding their redemption rights in connection with the company’s merger with UWM Holdings Corp. The lawsuit further claimed the directors and officers made misleading statements, which may have discouraged stockholders from redeeming their shares at the appropriate time.

Who is eligible for a Gores Holdings IV payout?

The class includes record and beneficial holders of Gores IV Class A common stock (including shares held as part of a public unit).

• Shareholders must have purchased, acquired or held such securities at any time from Sept. 22, 2020 (the date the merger was announced), through and including Jan. 21, 2021 (the date the merger closed).

How much is the securities payout?

Pro Rata Cash Payment: Payment amount will be determined by the number of qualifying shares each class member held, at what time and at what price.

How to claim a Gores IV Holdings class action rebate

To receive a settlement payment, class members must file a claim online or download and print a PDF claim form to complete and mail to the settlement administrator. The claim deadline is Aug. 13, 2025.

Settlement Administrator's mailing address: Gores IV Stockholder Litigation, c/o A.B. Data, Ltd., P.O. Box 170500, Milwaukee, WI 53217

Required proof and documentation

• Class members must provide the last four digits of their Social Security of Taxpayer Identification Number.
• Class members must also submit documentation to support their claim, such as:
• Stockbroker confirmation slips
• Stockbroker statements
• Other documents showing their Gores IV Class A common stock holdings as of Jan. 15, 2021
• Documentation of purchases and sales of Gores IV Class A or UWM common stock through March 7, 2023
• Documentation of their holdings of UWM common stock as of March 7, 2023

Payout options

Payments will be made via paper check to the address provided.

$17.5 million stockholder settlement fund breakdown

The settlement fund of $17,500,000 covers:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $4,375,000
• Attorneys' expenses: To be determined
• Service awards to class representatives: Up to $10,000 per named plaintiff
• Payments to eligible class members: The remainder of the settlement fund

Important dates

• Deadline to File a Claim: Aug. 13, 2025
• Final Fairness Hearing: July 15, 2025

When is the Gores Holdings IV, Inc. Stockholder Litigation payout date?

Payments will be issued to eligible class members after all other funds are distributed and the court enters the class distribution order.

Why was there a class action lawsuit?

The class action lawsuit alleged Gores IV's directors and officers breached their fiduciary duties by failing to provide all material information to stockholders about their redemption rights in connection with the merger with UWM Holdings Corp. Plaintiffs claimed the directors and officers made misleading statements, which may have discouraged stockholders from redeeming their shares.

The defendants denied any wrongdoing but agreed to settle to avoid the risks and costs of continued litigation.

Sources

1. Settlement Notice
2. Settlement Agreement