A court authorized this Notice. This is not a solicitation from a lawyer.
COSTA MESA, Calif., July 8, 2023 /PRNewswire/ — Simpluris Inc. announces that a settlement has been proposed in a class action lawsuit concerning the sale of “FEI” or “TRIBE” tokens through the Fei Protocol in an initial sale conducted between March 31, 2021 and April 3, 2021, called the “Genesis Event.” The settlement will provide $17,850,000.00 to pay claims to persons and entities who purchased FEI or TRIBE tokens in the Genesis Event. If you qualify, you can submit a Proof of Claim form to get your share of the settlement, exclude yourself from the settlement to retain your right to sue, or object to the settlement. The amount of your claim could be substantial.
The Superior Court of California for San Francisco County authorized this notice. Before any money is paid, the Court will have a hearing to decide whether to approve the settlement.
WHO IS INCLUDED IN THE SETTLEMENT?
You are a class member and could get a payment if you purchased the digital assets FEI or TRIBE in exchange for ETH in the Genesis Event conducted between March 31, 2021 and April 3, 2021, including if you “pre-swapped” your FEI token allocation for TRIBE.
If you are not sure if you are included, you can get more information, including a detailed notice and class definition, at www.FEITRIBESecuritiesSettlement.com or by calling toll free 888-427-9229.
WHAT IS THIS LAWSUIT ABOUT?
The lawsuit claims that the sale of FEI and TRIBE tokens in the Genesis Event was a sale of unregistered securities. The plaintiff claims that this entitles persons who purchased FEI and TRIBE tokens directly from the Fei Protocol in the Genesis Event to get compensation. The defendants deny any wrongdoing, and the Court has not found that any defendant has committed wrongdoing.
WHAT DOES THE SETTLEMENT PROVIDE?
The settlement creates a fund of $17,850,000.00 (“Settlement Fund”) that will be used to pay class claims, settlement administration costs, taxes, attorneys’ fees and costs, and a potential service award to the plaintiff. The Net Settlement Fund, which is the amount left over after the Court approves any notice, claims and administration costs, taxes and tax expenses, attorneys’ fees and costs, a potential service award to the Plaintiff who brought the lawsuit, and other Court-approved deductions, will be divided pro rata among all class members who timely file a valid Proof of Claim form and do not exclude themselves from the settlement. The Net Settlement Fund is estimated to be at least $13 million, if the Court approves the payment of notice, claims and administration costs, attorneys’ fees and costs, and a service award for Plaintiff in the full amounts sought.
Your share of the Net Settlement Fund will depend on the total number of valid claims submitted, the amount of FEI and TRIBE tokens you purchased, and the amount you recouped or could recoup from selling or surrendering the tokens. All of the $17,850,000.00 fund will be paid out. Generally, if you bought more FEI and TRIBE tokens, and have more losses, you will receive a greater payment. If you bought fewer FEI and TRIBE tokens, and have fewer losses, you will receive a lesser payment.
HOW DO YOU REQUEST A PAYMENT?
To qualify for a payment, you must submit a valid Proof of Claim form and supporting documentation. You can download a paper version of the Proof of Claim form or submit one online at the Settlement Website www.FEITRIBESecuritiesSettlement.com. Proof of Claim forms are due by October 1, 2023.
WHAT ARE YOUR OTHER OPTIONS?
If you do not want to be legally bound by the settlement, you must exclude yourself by September 6, 2023, or you will not be able to sue or continue to sue the defendants about the legal claims in this case. If you exclude yourself, you cannot get money from the settlement. If you remain in the class, you may object to the settlement by October 1, 2023. For further information about your rights to object or to request exclusion from the settlement, you may visit www.FEITRIBESecuritiesSettlement.com, and in particular, the full Long Form Notice, which can be found at www.FEITRIBESecuritiesSettlement.com/long-form-notice.pdf.
The Court will hold a hearing on October 27, 2023 at 10:00 a.m. to consider whether to approve the settlement, and a request by the lawyers representing class members for approximately $4,500,000.00 in attorneys’ fees and costs for investigating the facts, litigating the case, and negotiating the settlement, as well as a service award of up to $10,000.00 for plaintiff for litigating class members’ claims. These requested fees, costs, and service award would represent approximately 25% of the settlement fund if approved. You may request to appear at the hearing, but you do not have to.
For more information, you may call toll free 888-427-9229, visit the website www.FEITRIBESecuritiesSettlement.com, email info@FEITRIBESecuritiesSettlement.com, or write to FEI TRIBE Securities Settlement, P.O. Box 25243, Santa Ana, CA 92799.
SOURCE Simpluris Inc