Subject to Court approval, Lead Plaintiffs have agreed to settle all claims and grant the Released Defendants a full and complete release of all Released Claims in exchange for a cash payment of $2,000,000 (the “Settlement Amount”), which, if approved, will resolve all claims in the Litigation (the “Settlement”).
If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement. The Settlement Class consists of:
All Persons who purchased or acquired ELA Tokens in domestic transactions in the Elastos ICO, the Lock-In Program, or the secondary market between January 1, 2018 and July 27, 2023, and were damaged thereby (the “Settlement Class”).
Your legal rights are affected whether you act or don’t act. Read the
Your Legal Rights and Options in This Action
Submit a Claim Form
A Proof of Claim (or “Claim Form”) may be downloaded
here. Read the instructions carefully, fill out the Proof of Claim, include all the documents the form asks for, sign it, and mail or submit it to the Claims Administrator so that it is . The Claim Form may be submitted postmarked or electronically submitted no later than December 6, 2023 here. Unless the Court orders otherwise, if you do not timely submit a valid Proof of Claim, you will be barred from receiving any payments from the Net Settlement Fund but will in all other respects be bound by the provisions of the Stipulation and the Judgment.
If you believe the Settlement is objectionable in any respect, you may write to the Court about why you oppose the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees, costs and expenses. You will still be a Class Member. Such objections, papers, and briefs must be
received or filed, not simply postmarked, on or before December 1, 2023.
You will not be bound by the results of the Litigation, and you will not receive any payment. This is the only option that allows you to ever bring or be part of any other lawsuit against the Released Defendants about the legal claims related to the issues raised in the Litigation.
If you request to be excluded because you want to bring your own lawsuit based on the matters alleged in the Litigation, you should consult an attorney and discuss whether it is too late to pursue your individual claim because it may be time-barred by the applicable statutes of limitations or repose.
Your exclusion request must be postmarked no later than December 1, 2023.
Attend the Settlement Hearing
The hearing on whether to approve the Settlement is scheduled for
December 22, 2023, at 3:00 p.m. ET (the “Settlement Hearing”), and is open to the public. You do not need to attend the hearing unless you wish to speak either in support of the Settlement or in support of any objection you may have submitted and have submitted to Settlement Class Counsel a Notice of Intention to Appear so that it is received no later than December 1, 2023. The Court may postpone the Settlement Hearing without prior notice on the date scheduled for the hearing.
You may do nothing at all. If you choose this option, you will not share in the proceeds of the Settlement, but you will be bound by any judgment entered by the Court, and you shall be deemed to have, and by operation of the Judgment shall have, fully released all of the Released Claims against the Released Defendants.
Frequently Asked Questions page of this website has more information on your rights as a Class Member in this Action.