NEW YORK, June 06, 2022 (GLOBE NEWSWIRE) — The Rosen Law Firm, P.A. announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of Aterian, Inc. common stock (NASDAQ: ATER):
SUMMARY NOTICE OF PENDENCY AND PROPOSED SECURITIES CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED ATERIAN, INC. (“ATERIAN”) SECURITIES BETWEEN AUGUST 24, 2020 AND MAY 3, 2021, BOTH DATES INCLUSIVE
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on September 9, 2022, at 2:00 p.m. before the Honorable Victor Marrero, United States District Judge of the Southern District of New York, 500 Pearl Street, Courtroom 15B, New York, New York 10007 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $1,300,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed Plan of Allocation to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for attorneys’ fees of up to one-third of the Settlement Amount ($433,333.33) plus a proportionate share of interest accrued on the Settlement Amount, Lead Counsel’s reimbursement of litigation expenses incurred of not more than $40,000, and Award to Plaintiffs of not more than $13,000, should be approved; and (4) whether the Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement, dated April 22, 2022 (the “Stipulation”). The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means.
If you purchased or otherwise acquired Aterian securities between August 24, 2020, and May 3, 2021, both dates inclusive (“Settlement Class Period”) and suffered compensable damages thereby, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Aterian securities. You may obtain copies of the detailed Notice of Pendency and Proposed Settlement of Securities Class Action (“Notice”) and the Proof of Claim and Release Form by writing to or calling the Claims Administrator: Aterian, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; [email protected]. You can also download copies of the Notice and submit your Proof of Claim and Release Form online at www.strategicclaims.net/Aterian/. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form electronically or postmarked no later than August 10, 2022 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.
If you are a Settlement Class Member and desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than August 19, 2022, in the manner and form explained in the detailed Notice. All members of the Settlement Class who do not timely request exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation.
Any objection by a Settlement Class Member to the Settlement, Plan of Allocation, Lead Counsel’s requests for an award to Lead Counsel of attorneys’ fees and reimbursement of expenses and Award to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than August 19, 2022, by each of the following:
|Clerk of the Court
United States Southern District Court
District of New York
500 Pearl Street
New York, NY 10007
THE ROSEN LAW FIRM, P.A.
|COUNSEL FOR ATERIAN, INC., YANIV SARIG AND
ARTURO RODRIGUEZCLARICK GUERON REISBAUM LLP
Aaron H. Crowell
220 Fifth Avenue, 14th Floor
New York, NY 10001
COUNSEL FOR FABRICE HAMAIDE
STEIN ADLER DABAH
If you have any questions about the Settlement, you may call or write to Lead Counsel:
THE ROSEN LAW FIRM, P.A.
Jacob A. Goldberg
101 Greenwood Avenue, Suite 440
Jenkintown, PA 19046
Tel: (215) 600-2817
PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.
Dated: May 5, 2022
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK