2023-07-07 18:02:45
COSTA MESA, Calif., May 2 /PRNewswire/ — A court has approved this announcement. This is not a request from an attorney.
Simpluris Inc. announces that in a class action lawsuit regarding the sale of “FEI” or “TRIBE” tokens via the Fei protocol in an initial sale that occurred between March 31, 2021 and April 3, 2021 and identified as ” Genesis Event”, a settlement has been proposed. The Settlement provides for $17,850,000.00 to settle claims from individuals and entities that acquired FEI or TRIBE tokens as part of the Genesis Event. If you If you meet the eligibility requirements, you may submit a Proof of Claim form to receive your portion of the Settlement, opt out of the Settlement to retain your right to sue, or object to the Settlement.The amount of your claim could be substantial.
The Superior Court of California for San Francisco County has approved this notice. Before the money is paid out, there will be a hearing before the court to decide whether to approve the settlement.
WHO IS INCLUDED IN THE SETTLEMENT?
You are a Class member and could receive payment if you purchased the FEI or TRIBE digital assets in exchange for ETH in the Genesis Event between March 31, 2021 and April 3, 2021, even if you have a “ Pre-Swap” your FEI token allocation against TRIBE.
If you are unsure whether you belong, more information, including a full disclosure and group definition, is available at www.FEITRIBESecuritiesSettlement.com or by calling toll-free 888-427-9229.
WHAT IS THIS LAWSUIT ABOUT?
The lawsuit alleges that the sale of FEI and TRIBE tokens at the Genesis event was a sale of unregistered securities. The plaintiff alleges that this entitles individuals who acquired FEI and TRIBE tokens directly through the Fei protocol in the Genesis event to compensation. The defendants deny any wrongdoing and the court has not found any wrongdoing by any of the defendants.
WHAT DOES THE COMPARISON PROVIDE?
The Settlement will create a fund of $17,850,000.00 (“Settlement Fund”) to be used to pay Class Plaintiffs’ claims, Settlement administration costs, taxes, attorneys’ fees and expenses, and a possible Plaintiff’s service fee The Net Settlement Fund, which is the amount recovered after court approval of filing, claims and administrative costs, taxes and tax costs, attorneys’ fees and expenses, any possible settlement for the plaintiff who filed the lawsuit, and other court approved remaining deductions will be prorated among all members of the Settlement Class who file a valid Proof of Claim form in a timely manner and do not self-exclude themselves from the Settlement. The Net Settlement Fund is estimated to be at least $13 million if the Court approves payment of the Notice, Claims and Administrative Expenses, attorneys’ fees and costs, and a plaintiff’s service fee for the full amounts claimed.
Your share of the Net Settlement Fund depends on the total number of valid claims submitted, the number of FEI and TRIBE tokens you have purchased, and the amount you have recovered or could recover through the sale or return of the tokens. The entire fund of $17,850,000.00 is paid out. In general, if you bought more FEI and TRIBE tokens and suffered more losses, you will get a higher payout. If you bought fewer FEI and TRIBE tokens and suffered fewer losses, you will receive a smaller payment.
HOW CAN YOU REQUEST A PAYMENT?
To be eligible for a payment, you must submit a valid Proof of Claim form and supporting documentation. You can download a paper version of the Proof of Claim form or submit it online from the comparison website www.FEITRIBESecuritiesSettlement.com submit. Proof of Claim forms are due by October 1, 2023.
WHAT OTHER OPTIONS DO YOU HAVE?
If you do not wish to be legally bound by the Settlement, you must opt-out by September 6, 2023 or you may not sue or further sue the defendants for the legal claims in this case. If you exclude yourself, you will not be able to receive any money from the Settlement. If you remain in the class, you have until October 1, 2023 to object to the Settlement. For more information about your rights to object or to opt out of the Settlement, please visit www.FEITRIBESecuritiesSettlement.com and in particular the full long version of the notice available at www.FEITRIBESecuritiesSettlement.com/long-form-notice.pdf can retrieve.
The court will hold a hearing at 10:00 a.m. on October 27, 2023 to consider whether the settlement and motion of attorneys representing the class members for approximately $4,500,000.00 in attorneys’ fees and – costs of establishing the facts, litigating and negotiating the Settlement, and an indemnity of up to $10,000.00 to the plaintiff for litigating the Class claims. The requested fees, expenses and service fee, if approved, would account for approximately 25% of the settlement fund. You can request to be present at the hearing, but you don’t have to.
For more information, call toll-free at 888-427-9229 on the website www.FEITRIBESecuritiesSettlement.comby email to [email protected] or in writing to FEI TRIBE Securities Settlement, PO Box 25243, Santa Ana, CA 92799.
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