Veon Ltd. $19.97 Million Securities Class Action Settlement

Investors who purchased Veon Ltd. (formerly known as VimpelCom Ltd.) American Depositary Shares between June 30, 2011, and Nov. 3, 2015, and held those ADSs through at least March 12, 2014, may be eligible to claim a cash payment from a class action settlement.

Veon Ltd. agreed to pay $19,970,000 to settle a class action lawsuit alleging it violated federal securities laws by making misrepresentations and omissions regarding its internal controls and the true nature of its telecommunications operations in Uzbekistan. The lawsuit claimed the company concealed from investors that it paid bribes to conduct business in Uzbekistan, which allegedly resulted in artificially inflated prices for its ADSs.

Who can file a claim?

The settlement class includes all persons and entities who purchased Veon Ltd. (formerly VimpelCom Ltd.) ADSs between June 30, 2011, and Nov. 3, 2015, inclusive, and held those ADSs through at least March 12, 2014.

Additional details

• Both individuals and entities can be class members.
• Class members must provide proof of their transactions.
• Executors, administrators, trustees and other representatives may submit claims on behalf of settlement class members but must provide evidence of their authority.

How much can class members get?

The total settlement fund is $19,970,000. The amount each class member receives depends on several factors:

• The number of valid claims submitted
• The dates and prices at which the class member purchased and sold Veon ADSs
• The total recognized losses of all class members

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

• The estimated average recovery is $0.069 per allegedly damaged ADS before deductions and approximately $0.045 per ADS after deductions based on approximately 291.1 million allegedly damaged shares.
• Actual payments may be higher or lower depending on individual claims and the total number of valid claims.
• The settlement administrator will calculate each class member's payment based on the recognized loss amount assigned to each transaction.
• Recognized loss amounts depend on purchase and sale timing. The settlement administrator will calculate them using the court-approved plan of allocation, which uses an inflation table (Page 6 of the settlement notice) that assigns different values to different purchase periods.
• For ADSs purchased between June 30, 2011, and March 23, 2014, the inflation is $1.00 per ADS.
• For ADSs purchased between March 24, 2014, and Dec. 3, 2014, the inflation is $0.71 per ADS.
• For ADSs purchased between Dec. 4, 2014, and Dec. 7, 2014, the inflation is $0.48 per ADS.
• For ADSs purchased between Dec. 8, 2014, and Oct. 29, 2015, the inflation is $0.31 per ADS.
• For ADSs purchased between Oct. 30, 2015, and Nov. 2, 2015, the inflation is $0.23 per ADS.
• For ADSs purchased on Nov. 3, 2015, the inflation is $0 per ADS.

• For ADSs purchased and sold during the class period, the recognized loss per ADS is the lesser of the inflation per ADS at purchase minus the inflation per ADS at sale or the purchase price minus the sale price.
• For ADSs purchased during the class period and held through the close of trading on Nov. 2, 2015, the recognized loss is the lesser of the inflation per ADS at purchase or the purchase price minus $3.30 (the mean trading price during the 90-day period after Nov. 3, 2015).
• For ADSs purchased on Nov. 3, 2015, the recognized loss is $0.
• The settlement administrator will determine each claimant's pro rata share of the net settlement fund based on their recognized losses as a proportion of the total recognized losses of all claimants.
• If total recognized losses exceed the net settlement fund, the settlement administrator will reduce payments on a pro rata basis.

How to claim a Veon securities class action settlement payment

Class members may file a claim online or download, print and complete the PDF claim form and mail it to the settlement administrator. The claim deadline is April 28, 2026.

Settlement administrator's mailing address: Veon Ltd. 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 their full Social Security number or taxpayer identification number. They must also provide purchase, acquisition and sale information, including:

• Number of Veon ADSs held at the opening of trading on June 30, 2011
• Each purchase or acquisition of Veon ADSs between June 30, 2011, and Nov. 3, 2015, including trade dates, number of ADSs purchased and total cost
• Each sale of Veon ADSs between June 30, 2011, and Nov. 3, 2015, including trade dates, number of ADSs sold and total amount received
• Number of Veon ADSs held at the close of trading on Nov. 3, 2015

Class members must also provide documentation to support their transactions in Veon ADSs. Acceptable proof includes:

• Stockbroker confirmation slips
• Stockbroker statements
• Other documents showing each purchase, acquisition and sale of Veon ADSs during the class period

$19.97 million settlement fund

The $19,970,000 settlement fund includes:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $6,656,666.67
• Attorneys' expenses: Up to $130,000
• Service awards to class representatives: Up to $10,000 total
• Payments to eligible class members: Remainder of the fund

Important dates

• Deadline to file a claim: April 28, 2026
• Opt-out deadline: April 28, 2026
• Fairness hearing: May 19, 2026

When is the Veon Ltd. securities class action settlement payout date?

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

Why did this class action settlement happen?

The class action lawsuit alleged Veon Ltd. violated federal securities laws by making materially false and misleading statements regarding its internal controls and the true nature of its operations in Uzbekistan. The plaintiffs claimed these misrepresentations artificially inflated the price of Veon ADSs and caused investor losses when the true facts were revealed.

Veon denied all allegations of wrongdoing and liability but agreed to settle to avoid the costs, risks and delays of continued litigation.

Sources

1. Class notice
2. Claim form