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Consumers who purchased, acquired or held InterPrivate Acquisition Corp. Class A common stock between Aug. 16, 2019, and March 12, 2021, and still held redeemable common stock on March 9, 2021, may qualify to claim a cash payment from a class action settlement.
InterPrivate Acquisition Corp. agreed to pay $14,000,000 to settle a class action lawsuit alleging breaches of fiduciary duty under Delaware law. The lawsuit specifically claims InterPrivate provided false or misleading proxy materials in connection with a merger and impaired stockholders’ redemption and voting rights.
Who can is eligible to file an InterPrivate claim?
Class members must meet all of the following criteria:
- They purchased, acquired or held InterPrivate Class A common stock at any time between Aug. 16, 2019, and March 12, 2021.
- They continued to hold redeemable InterPrivate Class A common stock on March 9, 2021.
This includes individuals and entities, including those who held shares through a nominee or brokerage account.
How much is the securities payout?
Class members may be eligible for two types of compensation:
- Nominal damages: Every eligible class member will receive $0.10 per eligible share held as of March 9, 2021, regardless of whether they submit a claim form.
- Additional damages: Class members must submit a claim form to receive an additional damages payment.
- For each eligible share sold after March 9, 2021, and before March 7, 2024, at a price below $10.07, class members may claim the difference between $10.07 and their sale price.
- For each eligible share held as of March 7, 2024, class members may claim $8.88 per share (calculated as $10.07 minus $1.19, which is the closing price of Aeva on March 7, 2024).
- Class members who sold shares at $10.07 or more or whose calculation results in a negative number cannot claim a share.
How to claim a class action rebate
Class members can file a claim online or download, print and complete a PDF claim form to mail in. Completed claim forms and supporting documentation must be submitted online or received by mail no later than Sept. 11, 2025.
Settlement administrator's mailing address: InterPrivate Stockholder Settlement, c/o A.B. Data, Ltd., P.O. Box 173040, Milwaukee, WI 53217
Required proof and documentation
Class members must provide documentation to support their claim. Acceptable documentation includes:
- Stockbroker confirmation slips
- Stockbroker statements
- Other documents showing their holdings as of March 9, 2021; their purchases, acquisitions and sales through March 7, 2024; or their holdings as of March 7, 2024.
Failure to provide documentation may result in claims being delayed or rejected.
Payout options
- Paper check
$14 million stockholder settlement fund breakdown
The $14,000,000 settlement fund covers:
- Settlement administration costs: Up to $500,000
- Attorneys' fees and expenses: Up to $2,800,000
- Taxes and tax expenses: To be determined
- Payments to class members: Remainder of the fund
No portion of the settlement will revert to the defendants. Any remaining funds after the initial distribution and reasonable efforts to distribute to class members will be donated to the Delaware Combined Campaign for Justice.
Important dates
- Claim deadline: Sept. 11, 2025
- Fairness hearing: Sept. 12, 2025
When is the InterPrivate Acquisition Corp. stockholder litigation payout date?
Payments will be made after the court grants final approval of the settlement, all claims have been processed and any appeals have been resolved.
Why was there a class action settlement?
The class action lawsuit lawsuit alleged InterPrivate Acquisition Corp. and related defendants breached their fiduciary duties to stockholders by impairing redemption and voting rights, including through the use of false and misleading proxy materials.
The parties reached the settlement to avoid the costs, risks and delays of further litigation and to provide compensation to eligible class members. The defendants deny any wrongdoing or liability.
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