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EF Settlement Update
Dear Community Members,
We have an important update regarding a class action settlement related to a securities lawsuit involving Elastos Foundation, Rong Chen, and Feng Han. This lawsuit alleges that these parties violated federal securities laws by selling unregistered securities in the form of ELA tokens during Elastos’ Initial Coin Offering (ICO) in 2018, as well as through their Lock-In Program and on secondary markets between January 1, 2018 and July 27, 2023.
The good news is that the parties involved have reached a proposed settlement of $2 million to resolve these claims. This means that you, as members of the community who purchased or acquired ELA tokens during the specified timeframe, may be entitled to a share of this settlement.
To claim your share of the settlement, here’s what you need to do:
- Submit a Claim Form: You must complete and submit a claim form, which is available at www.ElastosSecuritiesLitigation.com, before the deadline on December 6, 2023. This form is essential to ensure that you are included in the distribution of settlement funds.
- Opt Out or Object: If you have concerns or wish to opt out of the settlement, you have until December 1, 2023, to take action. This is your opportunity to voice any objections or decide not to participate.
- Stay Informed: Mark your calendars for the settlement hearing scheduled for December 22, 2023. This is where the final decisions regarding the settlement will be made.
The proposed allocation plan for distributing the net settlement funds to authorized claimants is also outlined in the notice, providing transparency about how the funds will be divided among eligible community members.
It’s important to note that class counsel intends to seek attorney’s fees and costs, which will not exceed 30% of the total settlement amount. This fee will be deducted from the settlement funds before distribution.
In essence, this is your opportunity to secure your rightful share of the settlement if you purchased or acquired ELA tokens during the specified period. You are welcome to take the necessary steps and visit www.ElastosSecuritiesLitigation.com to access the claim form and stay updated on the proceedings.