Supreme Court of the State of New York, County of New York: Commercial Division Index No. 656462/2019
Update: On February 7, 2024, the Net Settlement Fund was distributed on a pro rata basis to all Authorized Claimants. The distribution was calculated in accordance with the Court-approved Plan of Allocation described in the Notice. If you have any questions, please contact us.
If you purchased or acquired the common stock of NN, Inc. in the Secondary Public Offering of September 14, 2018, you may be eligible to receive a payment from this settlement.
claims that Defendants violated §§11, 12(a)(2), and 15 of the Securities Act of
1933 (the “Securities Act”) by reason of material untrue statements in the
Registration Statement and Prospectus
(“Offering Documents”) for NN’s Secondary Public Offering ("SPO").
Specifically, Plaintiff alleges that the Offering Documents falsely
claimed that NN had transformed itself from a ball and roller operation focused
predominantly on the cyclical automotive end market into a “global diversified
company” that possessed “a comprehensive geographic footprint in attractive
high-growth market segments,” including Asia, that “provide[d] resistance to
localized market and geographic fluctuations and help[ed] stabilize overall
In this regard,
Plaintiff alleged that at the time of the SPO, several NN business
segments were experiencing undisclosed
slow-downs in growth and revenue. By the time of
the SPO, which closed just 12 days before the end of the third quarter of 2018,
Plaintiff alleges these events were adversely impacting NN’s financial
results. Plaintiff further alleges that
investors knew none of this, however, because Defendants failed to disclose
these material adverse events, and their impact on NN’s performance, in the
The Court has not ruled as to whether Defendants are liable to Plaintiff or the Settlement Class. The content on this website is not intended to be an expression of any opinion by the Court with respect to the truth of the allegations in the litigation or the merits of the claims or defenses asserted. It is intended solely to advise you of the proposed Settlement of the litigation and your rights in connection with that Settlement.
The Settlement, if approved, will result in the creation
of a cash settlement fund of $9,500,000 (the “Settlement Fund”). The Settlement Fund, plus accrued interest
and minus the costs of this Notice and all costs associated with the
administration of the Settlement Fund, as well as attorneys’ fees and expenses,
and the award to Plaintiff for representing the Settlement Class, as approved
by the Court (the “Net Settlement Fund”), will be distributed to eligible
Settlement Class Members pursuant to the Plan of Allocation that is available in the Documents section of this website.
Note: Any capitalized terms not defined herein shall have the meanings ascribed to them in the Stipulation.
YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT
File a Claim
The filing deadline has passed. To qualify for payment, you must have submitted a Proof of Claim and Release Form to the Claims Administrator so that it was mailed or submitted electronically by December 15, 2022.
The exclusion deadline has now passed. You must have completed and mailed your written “Request for Exclusion” so that it was postmarked no later than November 15, 2022.
The objection deadline has now passed. Your objection must have been received on or before November 15, 2022.
Go to a Hearing
The Settlement Fairness Hearing took place on December 1, 2022. The Settlement was approved. For details, see the Final Approval Order.
If you are a Class Member and you do nothing, you will not get any money from the Settlement. You will remain in the Settlement Class and be bound by the decisions of the Court in this matter.
This website is authorized by the Court, supervised by counsel and controlled by Kroll Settlement Administration, the Settlement Administrator approved by the Court. This is the only authorized website for this case.