A federal court authorized a notice. It is not a solicitation from a lawyer.
It is not a notice that you have been sued.
- The proposed Settlement, if approved by the Court, is $2,500,000.00 (Two Million Five Hundred Thousand Dollars and Zero Cents) in cash to pay claims of investors who purchased TerraVia Holdings, Inc. common stock between May 4, 2016, and November 6, 2016, both dates inclusive (the “Settlement Class Period”).
- The Settlement resolves a lawsuit concerning whether TerraVia Holdings, Inc. (“TerraVia”) and certain of its officers made false and/or misleading statements concerning TerraVia’s algae-based products in violation of Section 10(b) of the Securities Exchange Act of 1934. TerraVia filed for bankruptcy protection in 2017 and is no longer a party to this action. Defendants Jonathan S. Wolfson, Apurva S. Mody, and Tyler W. Painter (the “Settling Defendants”) deny all allegations of misconduct and liability. The two sides disagree on whether the investors would have won at trial, and if so, how much money they could have won.
- Plaintiffs estimate there were approximately 17 million allegedly damaged TerraVia shares purchased during the Settlement Class Period. The Settlement of $2.5 million, therefore, represents an average recovery of approximately $0.15 per share if Settlement Class Members file claims for all of the damaged shares. This is not an estimate of the actual recovery per share you should expect. Your actual recovery will depend on the total amount of losses of all Settlement Class Members that file claims on the Settlement, the date you purchased and sold your shares, your purchase price and sale price (if any), and the total number and amount of claims filed.
- The Court-appointed attorneys for the Settlement Class intend to ask the Court to award them their Expenses of no more than $150,000.00, as well as an Award to the two Plaintiffs who were proposed as Class Representatives not to exceed $2,500.00 each, and an Award to the remaining four Lead Plaintiff members not to exceed $1,000.00 each, for a total Plaintiffs’ Award of $9,000.00. Collectively, the maximum amount of Expenses and Plaintiffs’ Award are estimated to average approximately $0.009 per share of TerraVia common stock. If approved by the Court, these amounts will be paid from the Settlement Fund.
- The Plaintiffs have budgeted the cost of sending Notice to Settlement Class Members and Administration of the Settlement at $150,000.00. This cost will also be paid from the Settlement Fund and is estimated to average approximately $0.009 per share.
- The total cost of the attorneys’ Expenses, Plaintiffs’ Award, and Notice and Administration noted above is $309,000.00, or approximately $0.018 per share. After deducting these costs from the Settlement Fund, the recovery for the Settlement Class is approximately $0.13 per share.
- Your legal rights will be affected whether you act or do not act. If you do not act, you may permanently forfeit your right to recover on this claim. Therefore, you should read the notice carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
SUBMIT A CLAIM FORM
Fill out the attached Proof of Claim Form and submit it online at www.terraviasettlement.com by 11:59 p.m. EST on May 23, 2024 or postmarked no later than May 23, 2024. This is the only way to get a payment.
EXCLUDE YOURSELFFROM THE SETTLEMENT CLASS
Submit a request for exclusion postmarked no later than May 23, 2024. This is the only way you can ever be part of any other lawsuit against Defendants regarding the legal claims in this case. If you exclude yourself, you will not receive any payment and cannot object or speak at the hearing.
Write to the Court no later than May 23, 2024 about why you do not like the Settlement. You can still submit a claim form. If the Court approves the Settlement, you will be bound by it.
GO TO THE HEARING
Ask to speak in Court about the fairness of the Settlement no later than May 23, 2024 at the hearing on June 13, 2024. You can still submit a claim form. If the Court approves the Settlement, you will be bound by it.
Get no payment AND give up your rights to bring your own individual action.