Closed

NN, Inc. $9,500,000 Settlement: Essential Information for Claimants

Eligible for the NN, Inc. settlement? Learn about the $9,500,000 fund, who qualifies, and the claim process from the official settlement website.

NN, Inc. $9,500,000 Settlement: Essential Information for Claimants
Updated on
Published on

Settlement Terms

  • Status:
    Closed
  • Award:
    Varies
  • Is Proof Required?
    Yes
  • Claim Deadline:
    December 15, 2022
    Not Set
  • Days Left to File Claim:
    0
  • Settlement Amount:
    $9,500,000
  • Final Approval:
Settlement summaries by Claim Depot are written for people who might be eligible to claim class action settlement awards. Our goal is to provide the reader all relevant information about the settlement so they can claim their lawsuit funds. Claim Depot uses artificial intelligence (AI) to extract data from the vast amounts of text on the Official Settlement Website and in the court documents. Then, our writers, who are licensed attorneys, write the summary in plain English so the greater public can better understand their rights.

If you acquired shares of NN, Inc. during the Secondary Public Offering on September 14, 2018, and suffered losses, you might be eligible for compensation from a class action settlement. This settlement aims to resolve allegations of federal securities law violations related to material misstatements in the company's offering documents.


Who Benefits?: This settlement benefits individuals and entities who purchased or otherwise acquired NN, Inc. common stock in the Secondary Public Offering on the specified date and incurred damages.


How much can I get?: Eligible claimants may receive a portion of the $9,500,000 Settlement Fund, minus court-approved deductions such as legal fees and administrative costs.


Important Dates


  • Fairness Hearing: The Settlement Fairness Hearing occurred on December 1, 2022, where the settlement was approved.
  • Deadline to File a Claim: The deadline for submitting claims was December 15, 2022. Unfortunately, this deadline has passed, and new claims are no longer accepted.


Eligibility Criteria for Settlement Class Members


The Settlement Class includes those who purchased or otherwise acquired NN, Inc. common stock in the Secondary Public Offering on September 14, 2018. The lawsuit alleges that the Offering Documents for the SPO contained materially false or misleading statements, which is the basis for the damages suffered by the class members.


  • Individuals and entities that made such purchases and were damaged as a result.
  • Legal representatives, heirs, executors, administrators, successors, or assigns of such purchasers or acquirers.


Exclusions from the Settlement Class are Defendants, their immediate families, any entity in which Defendants have a controlling interest, and legal representatives or assigns of such parties. Those who requested exclusion by the November 15, 2022 deadline are also not considered Class Members.


Understanding the Settlement Awards


The Settlement Fund, after deductions, will be allocated to Class Members based on a Plan of Allocation. This plan takes into account the number of shares purchased, whether they were sold, and the timing and amount of such sales.


  • Recognized Losses: The amount each Class Member will receive depends on the recognized losses calculated by the Claims Administrator.


The Securities at the Center of the Settlement


The settlement concerns NN, Inc. common stock purchased during the Secondary Public Offering on September 14, 2018. The allegations suggest that the Offering Documents at the time contained false statements or omissions regarding the company's financial and operational status.


Is Proof Required to Claim the Reward?


Yes, to be eligible for a payment, Class Members needed to submit a Proof of Claim Form with the necessary information by the deadline of December 15, 2022.


How to Claim Your Award


Although the deadline for claim submission has passed, those who have filed a claim can expect the Claims Administrator to prepare for distribution. For updates and further instructions, visit the official settlement website.


Dissecting the Settlement Amount


The $9,500,000 Settlement Fund was negotiated to compensate the Settlement Class without the uncertainties of a trial. The amount reflects the strength of the Class Members' case balanced against the potential risks and costs of continued litigation.


The Rationale Behind the Settlement


The settlement represents a compromise to provide immediate compensation to Class Members, avoiding the risks and delays of further litigation. It was reached with the assistance of a mediator and is deemed fair and reasonable by Plaintiff's Counsel.


As the Settlement has been approved, the focus is now on the distribution of the Net Settlement Fund to eligible Class Members who have submitted valid claims.

Case Facts

  • Case Number:
    656462/2019
  • Filing Date:
  • Jurisdiction:
  • State:
  • Court:
  • Plaintiff:
  • Defendant:
    NN, Inc.
  • Plaintiff Firm:
    Scott+Scott Attorneys at Law LLP
  • Claims Admin:
    Kroll Settlement Administration P.O. Box 225391 New York, NY 10150-5391 1-833-512-2398 info@NNIncSecuritiesLitigation.com
  • Defendant Firm:
Contributors
Will Gendron
Will Gendron
Editor in Chief
Weekly newsletter

Stay up to date with new class action settlements you may join.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Apply Now

Settlement Agreement

This browser does not support inline PDFs. Please download the PDF to view it: Download PDF

Settlement Agreement

This browser does not support inline PDFs. Please download the PDF to view it: Download PDF

Related class action Settlements

Read more to get notified about updates to each settlement.

Visa Mastercard $5.54 Billion Interchange Fee Settlement
Open for Claims

Visa Mastercard $5.54 Billion Interchange Fee Settlement

Award:
Up to 1% of total Visa/MasterCard revenue
Theranos Inc. Settlement
Open for Claims

Theranos Inc. Settlement

Award:
$10 - $1,000
Boohoo Group  Settlement: Award: $10 Gift Card
Open for Claims

Boohoo Group Settlement: Award: $10 Gift Card

Award:
$10 Gift Card with Free Shipping