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Glancy Prongay & Murray LLP Announce Pendency of Class Action and Proposed Settlement to All Persons and Entities that Purchased or Otherwise Acquired the Publicly Traded Common Stock, Units, and/or Warrants of XL Fleet Corp. (“XL Fleet”), or Pivotal Investment Corporation II (“Pivotal”), Purchased or Otherwise Acquired Publicly Traded XL Fleet or Pivotal Call Options, and/or Wrote Publicly Traded XL Fleet or Pivotal Put Options, Between September 18, 2020 and March 31, 2021, Both Dates Inclusive

LOS ANGELES, Feb. 26, 2024 /PRNewswire/ — 

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK 

IN RE Xl FLEET CORP. SECURITIES

LITIGATION

 

 


Case No. 1:21-cv-02002-JLR

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS’ FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:

All persons and entities that purchased or otherwise acquired the publicly traded common stock, units, and/or warrants of XL Fleet Corp. (“XL Fleet”)1 or Pivotal Investment Corporation II (“Pivotal”), purchased or otherwise acquired publicly traded XL Fleet or Pivotal call options, and/or wrote publicly traded XL Fleet or Pivotal put options, between September 18, 2020 and March 31, 2021, both dates inclusive, and were allegedly damaged thereby2 (the “Settlement Class”). 

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that for purposes of settlement and subject to approval by the Court, the above-captioned litigation (the “Action”) has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”).

YOU ARE ALSO NOTIFIED that Lead Plaintiffs in the Action have reached a proposed settlement of the Action for $19,500,000 in cash (the “Settlement”), that, if approved, will resolve all claims in the Action. 

A hearing will be held on April 30, 2024, at 10:00 a.m., before the Honorable Jennifer L. Rochon at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 20B, 500 Pearl Street, New York, NY 10007, to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel’s application for an award of attorneys’ fees and reimbursement of expenses should be approved.

If you are a member of the Settlement Class, your rights may be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  The Notice and Proof of Claim and Release Form (“Claim Form”) can be downloaded from the website maintained by the Claims Administrator, www.XLFleetSecuritiesSettlement.com.  You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at In re XL Fleet Corp. Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 173053, Milwaukee, WI 53217, 1-877-829-2940. 

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than June 14, 2024.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action, including the Releases provided for therein.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than April 9, 2024, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Defendants’ Counsel such that they are received no later than April 9, 2024, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk’s office, Defendants, or Defendants’ counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

GLANCY PRONGAY & MURRAY LLP
Garth A. Spencer, Esq.
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
(310) 201-9150
[email protected] 

Requests for the Notice and Claim Form should be made to:

In re XL Fleet Corp. Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173053
Milwaukee, WI 53217
877-829-2940
www.XLFleetSecuritiesSettlement.com 

By Order of the Court

1 XL Fleet is now known as Spruce Power Holding Corporation.

2 All capitalized terms used in this Summary Notice that are not otherwise defined herein have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated December 6, 2023 (the “Stipulation”), which is available at www.XLFleetSecuritiesSettlement.com.

SOURCE Glancy Prongay & Murray LLP

Originally published at https://www.prnewswire.com/news-releases/glancy-prongay-amp-murray-llp-announce-pendency-of-class-action-and-proposed-settlement-to-all-persons-and-entities-that-purchased-or-otherwise-acquired-the-publicly-traded-common-stock-units-and-or-warrants-of-xl-fleet-corp-xl-fleet-or-piv-824174525.html
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