Rigrodsky & Long, P.A. and The Rosen Law Firm P.A. Announce Proposed Class Action Settlement on Behalf of Holders of Shares of RMG Networks Holding Corporation -- RMGN
WILMINGTON, Del., April 24, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. and The Rosen Law Firm P.A. announce that in the Court of Chancery of the State of Delaware has approved the following announcement of a proposed class action settlement that would benefit holders of Shares of RMG Networks Holding Corporation. (NASDAQ:RMGN):
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT OF CLASS ACTION, AND SETTLEMENT HEARING
| TO: | ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF ANY SHARES OF COMMON STOCK OF RMG NETWORKS HOLDING CORPORATION (“RMG” OR THE “COMPANY”) WHO HELD OR OWNED ANY SUCH STOCK 1) BEFORE THE MARKET OPENED ON MARCH 25, 2015 AND CONTINUED TO HOLD STOCK UNTIL AFTER THE MARKET CLOSED ON MAY 13, 2015 (“2015 TRANSACTION SUBCLASS”) AND/OR 2) AT THE TIME THAT RMG CONVERTED TO A PRIVATELY HELD ENTITY ON OCTOBER 4, 2018 (“2018 TRANSACTION SUBCLASS”), INCLUDING ANY AND ALL OF THEIR RESPECTIVE SUCCESSORS-IN-INTEREST, SUCCESSORS, PREDECESSORS-IN-INTEREST, PREDECESSORS, EXECUTORS, REPRESENTATIVES, TRUSTEES, ADMINISTRATORS, ESTATES, HEIRS, ASSIGNS OR TRANSFEREES, IMMEDIATE AND REMOTE, AND ANY PERSON OR ENTITY ACTING FOR OR ON BEHALF OF, OR CLAIMING UNDER, ANY OF THEM, AND EACH OF THEM, TOGETHER WITH THEIR PREDECESSORS-IN-INTEREST, PREDECESSORS, SUCCESSORS-IN-INTEREST, SUCCESSORS, AND ASSIGNS. |
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Court of Chancery of the State of Delaware, that a hearing will be held on July 10, 2020, at 11:00 a.m. in the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, DE 19801 to: (1) consider the proposed Settlement of $1,500,000; (2) determine whether the Settlement Class should be conditionally certified for settlement purposes only with Plaintiff as Settlement Class representative; (3) determine whether Plaintiff and Class Counsel have adequately represented the interests of the Class in the Action; (4) determine whether the Stipulation and Agreement of Compromise and Settlement (“Stipulation”), and the terms and conditions of the Settlement proposed in the Stipulation, are fair, reasonable, and adequate to the Settlement Class Members and should be approved by the Court; (5) determine that the requirements of the Delaware Court of Chancery Rules and due process have been satisfied in connection with the notice; (6) determine whether the Order and Final Judgment should be entered dismissing the Action and Released Claims with prejudice as against Plaintiff and the Settlement Class, without costs except as in the Stipulation provided, releasing and discharging with respect to Plaintiff and all Settlement Class Members, the Released Claims against the Released Parties, and permanently barring and enjoining prosecution of any and all Released Claims in any forum; (7) hear and rule on any objections to the Settlement; (8) consider and rule on the Fee Application, and any objections thereto; and (9) rule on other such matters as the Court may deem appropriate.
If you are the beneficial owner of RMG common stock before the market opened on March 25, 2015 and continued to hold those shares until after the market closed on May 13, 2015 (“2015 Transaction Subclass)” and/or at the time that RMG converted to a privately held entity on October 4, 2018 (“2018 Transaction Subclass”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in RMG shares. If you have not received a detailed Notice of Pendency of Class Action, Proposed Settlement of Class Action, and Settlement Hearing (“Notice”) and a copy of the Proof of Claim, you may obtain copies by writing to or calling the Claims Administrator at: RMG Networks 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; info@strategicclaims.net. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Amount, you must submit a Proof of Claim to the Claims Administrator postmarked no later than June 30, 2020, 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.
Settlement Class Members who were beneficial holders of RMG common stock on October 4, 2018, and who received consideration for shares of RMG common stock in the 2018 Transaction who do not timely request exclusion shall be considered Settlement Class Members and shall be deemed to have released all Released Parties and shall receive their pro-rata share without filing a Proof of Claim.
If you 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 June 10, 2020, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation.
Any objection to the Stipulation, Settlement, the certification of the Settlement Class, the Order and Final Judgment to be entered, and/or the Fee Application must be in the manner and form explained in the detailed Notice and received no later than June 10, 2020, by each of the following:
| Register in Chancery Court of Chancery Court of Chancery Courthouse New Castle County 500 North King Street Wilmington, DE 19801 |
Rigrodsky & Long, P.A. Brian D. Long 300 Delaware Avenue Suite 1220 Wilmington, DE 19801 |
Morris, Nichols, Arsht & Tunnell, LLP Kenneth J. Nachbar 1201 N. Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 |
| Morris James LLP Carl N. Kunz, III 500 Delaware Avenue Suite 1500 Wilmington, DE 19801-1484 |
If you have any questions about the Settlement, you may call or write to Plaintiffs’ Counsel:
| The Rosen Law Firm, P.A. Jacob A. Goldberg Leah Heifetz-Li 101 Greenwood Avenue, Suite 440 Jenkintown, PA 19046 (215) 600-2817 |
Rigrodsky & Long, P.A. Brian D. Long 300 Delaware Avenue, Suite 1220 Wilmington, DE 19803 (302) 295-5310 |
PLEASE DO NOT CONTACT THE COURT OR THE REGISTER’S OFFICE REGARDING THIS NOTICE.
Dated: April 7, 2020
BY ORDER OF THE COURT
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