The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Settlement of Class Action (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.
If you are a Class Member, your legal rights will be affected by this Settlement whether you act or do not act.
Please read the Notice carefully.
IF YOU PURCHASED OR OTHERWISE ACQUIRED NEPTUNE WELLNESS SOLUTIONS, INC. (“NEPTUNE”) SECURITIES ON THE NASDAQ OR ANOTHER U.S. TRADING VENUE BETWEEN JULY 24, 2019, AND JULY 15, 2021, BOTH DATES INCLUSIVE YOUR RIGHTS MAY BE AFFECTED BY LEGAL PROCEEDINGS IN THIS LITIGATION.
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YOUR LEGAL RIGHTS AND
OPTIONS IN THIS SETTLEMENT
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SUBMIT A CLAIM FORM SO THAT IT IS POSTMARKED OR
SUBMITTED ONLINE MAY 21, 2023
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The only
way to get a payment from this Settlement.
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THE SETTLEMENT HEARING
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On August 31, 2023 the Court granted final approval
of the Settlement and granted Class Counsel’s Motion for Attorneys' Fees and
Reimbursement of Litigation Expenses.
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DO NOTHING
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Get
no payment from this Settlement. You will also be giving up your rights
regarding all claims released by this Settlement.
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What is this case about?
This Action was initiated on March 16, 2021, asserting that Neptune and certain Neptune executives misled investors in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 about: (a) the capability and status of manufacturing facilities Neptune had recently acquired in its purchase of SugarLeaf Labs, LLC; (b) Neptune’s capability to fulfill, performance of, and communications with Costco regarding an agreement to provide hand sanitizer to Costco; and (c) a purchase order to supply personal protective equipment in the wake of COVID-19.
The Settlement Hearing
On August 31, 2023 the Court granted final approval of the Settlement and granted Class Counsel's Motion for Attorneys' Fees and Reimbursement of Litigation Expenses.
The Settlement Benefits
At Neptune’s option, consideration for the Settlement will be either: (a) $4,000,000 cash or (b) $1.5 million cash and $2,750,000 worth of Neptune common stock. Neptune has since chosen the latter option. Plaintiff estimates that approximately 102.5 million shares of Neptune that traded during the Class Period may have been impacted. If all such shares were impacted, and all holders are eligible to and elect to participate in the Settlement, the average recovery per share could be $0.041, before deduction of any fees, expenses, costs, and awards described herein. The actual amount disbursed to members of the Class who participate in the Settlement may be more or less than this figure.
Further Information
This website and the Notice summarize the Settlement. For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Settlement Administrator or Class Counsel for further information regarding the Settlement:
Settlement Administrator:
Gong v. Neptune Wellness Solutions Inc., et al.
c/o A.B. Data, Ltd.
P.O. Box 173073
Milwaukee, WI 53217
(877) 254-8530
info@NeptuneSecuritiesSettlement.com
Class Counsel:
Joshua B. Silverman
POMERANTZ LLP
10 South LaSalle Street
Suite 3505
Chicago, IL 60603
jbsilverman@pomlaw.com