Owen v. Reconnaissance Energy Africa Ltd. et al

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK
IN RE RECONNAISSANCE ENERGY
AFRICA LTD. SECURITIES
LITIGATION
Case No. 1:21-cv-06176-NRM-RML
Honorable Nina R. Morrison
U.S. CLASS DISTRIBUTION ORDER
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Having considered all materials and arguments submitted in support of Lead Plaintiff’s
Motion for Class Distribution Order (the “Motion”), including the Memorandum of Law in
Support of the Motion, the Declaration of Morgan Kimball in Support of Lead Plaintiff’s Motion
for Class Distribution Order (the “Kimball Declaration”), and the Declaration of Lauren Barnes of
the Public Justice Foundation,
NOW, THEREFORE, IT IS HEREBY ORDERED THAT:
1. 	This U.S. Class Distribution Order incorporates by reference the definitions in the
Global Stipulation and Agreement of Settlement dated February 24, 2024 (the “Stipulation”; ECF
No. 55-1). 	All terms not otherwise defined shall have the same meaning as set forth in the
Stipulation or the Kimball Declaration.
2. 	This Court has jurisdiction over the subject matter of the Action and over all parties
to the Action, including all U.S. Settlement Class Members.
3. 	As set forth in the Kimball Declaration, the administrative determinations of the
U.S. Claims Administrator in accepting and rejecting Claims are approved. 	Specifically, the
administrative determinations of the U.S. Claims Administrator accepting those Claims set forth
in 	Exhibit 	D-1 	of 	the Kimball 	Declaration 	are approved. 	Likewise, 	the administrative
determinations of the U.S. Claims Administrator rejecting those U.S. Claims set forth in Exhibit
D-2 of the Kimball Declaration are approved. For the avoidance of doubt, the Disputed Claims
(U.S. Claims 404, 800000903, 800000904, and 800000905) are rejected.
4. 	The Court authorizes payment of $9,000 USD from the U.S. Settlement Fund to the
U.S. Claims Administrator for the balance of the fees and expenses incurred, and to be incurred,
in connection with the Initial U.S. Distribution process, as described in the Kimball Declaration.
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5. 	The U.S. Distribution Plan for the U.S. Net Settlement Fund as set forth in the
Kimball Declaration and accompanying exhibits is approved. 	Kimball Declaration ¶44. 	The
balance of the U.S. Net Settlement Fund shall be distributed to Authorized U.S. Claimants. To
encourage Authorized U.S. Claimants to promptly deposit their payments, all distribution checks
will bear a notation: “DEPOSIT PROMPTLY, VOID AND SUBJECT TO RE-DISTRIBUTION
IF NOT NEGOTIATED WITHIN 90 DAYS OF ISSUE DATE.” Authorized U.S. Claimants who
fail to negotiate a distribution check within the time allotted or consistent with the terms outlined
in the Kimball Declaration will irrevocably forfeit all recovery from the U.S. Settlement.
6. 	After the Initial U.S. Distribution of the U.S. Net Settlement Fund, the U.S. Claims
Administrator shall make reasonable and diligent efforts to have Authorized U.S. Claimants cash
their distribution checks. 	To the extent any monies remain in the fund six (6) months after the
Initial U.S. Distribution, if cost-effective to do so and in consultation with U.S. Lead Counsel,
Epiq will conduct a second distribution of the U.S. Net Settlement Fund (the “Second U.S.
Distribution”).
7. 	During the Second U.S. Distribution, any amounts remaining in the U.S. Net
Settlement Fund after the Initial U.S. Distribution, after payment of Notice and Administration
Expenses (including the estimated costs of such Second U.S. Distribution), Taxes, and any escrow
fees, will be distributed: (i) first, if U.S. Lead Counsel, in consultation with Epiq, determines
sufficient funds remain to warrant the processing of U.S. Claim Forms received after April 25,
2025, such claims will be processed, and any such late claims that are otherwise valid, together
with any late adjustments to U.S. Claim Forms received after August 29, 2025, will be paid
distribution amounts or additional distribution amounts to bring them into parity (in terms of the
ratio of their Recognized Claims to their Distribution Amounts) with other Authorized U.S.
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Claimants who have cashed their checks (“Post April 25 Authorized U.S. Claimants”); and (ii)
second, on a pro rata basis to all Authorized U.S. Claimants who cashed their Initial U.S.
Distribution check and would receive at least $10.00 USD from such distribution based on their
pro rata share of the remaining funds after accounting for distributions to be made to the Post
April 25 Authorized U.S. Claimants. If U.S. Lead Counsel, in consultation with Epiq, determines
it is not cost effective to process U.S. Claim Forms received after April 25, 2025, or adjustments
to Claim Forms received after August 29, 2025, those claims will be not be processed or adjusted,
and the Second U.S. Distribution will be limited to Authorized U.S. Claimants in the Initial U.S.
Distribution who cashed their Initial U.S. Distribution check and would receive at least $10.00
USD from such distribution based on their pro rata share of the remaining funds. After consulting
with the U.S. Claims Administrator, Lead Counsel may approve further distributions, provided
each Authorized U.S. Claimant has cashed their earlier check and would receive at least $10.00,
if, after subtracting any extra settlement-administration costs, and after the payment of any taxes,
the costs of preparing appropriate tax returns, and any escrow fees, another round of payments
remains cost-effective.
8. 	At such time as U.S. Lead Counsel, in consultation with the U.S. Claims
Administrator, determine that no additional distributions are cost-effective, then the funds will be
donated to “the Public Justice Foundation, a non-sectarian, not-for-profit 501(c)(3) organization
dedicated to, among other things, investor education and advocacy.” In re Stable Road Acquisition
Corp. Sec. Litig., 2025 WL 924928, at *4 (C.D. Cal. Mar. 24, 2025); In re Loop Industries, Inc.
Sec. Litig., 2023 WL 6458976, at *2 (S.D.N.Y. Oct. 4, 2023) (same).
9. 	All persons involved in the review, verification, calculation, tabulation, or any other
aspect of the processing of the claims submitted herein, or otherwise involved in the administration
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or taxation of the U.S. Settlement Fund or the U.S. Net Settlement Fund, are released and
discharged from any and all claims arising out of such involvement, and all U.S. Settlement Class
Members and other U.S. Claimants, whether or not they are to receive payment from the U.S. Net
Settlement Fund, are barred from making any further claims against the U.S. Net Settlement Fund,
U.S. Lead Plaintiff, U.S. Lead Counsel, U.S. Plaintiff’s Counsel, the U.S. Claims Administrator,
the U.S. Escrow Agent, or any other agent retained by U.S. Lead Plaintiff or U.S. Lead Counsel
in connection with the administration or taxation of the U.S. Settlement Fund or the U.S. Net
Settlement Fund, or any other person released under the U.S. Settlement beyond the amounts
allocated to them pursuant to the terms of this U.S. Class Distribution Order, provided that such
released persons acted in accordance with the Stipulation, the U.S. Judgment, and this Order. See
Wilson v. LSB Indus., Inc., 2020 WL 5628039, at *2 (S.D.N.Y. Sept. 21, 2020) (providing for
similar release); In re Qudian Inc. Sec. Litig., 2022 WL 633863, at *2 (S.D.N.Y. Mar. 4, 2022);
Stein v. Eagle Bancorp, Inc., 2022 WL 4245185, at *2 (S.D.N.Y. Sept. 15, 2022).
10. 	The U.S. Claims Administrator is authorized to destroy: (a) paper or hard copies of
the U.S. Claims and all supporting documentation one year after the Initial U.S. Distribution, or
the Second U.S. Distribution, if that occurs; and (b) electronic copies of the U.S. Claims and all
supporting documentation one year after all funds have been distributed.
SO ORDERED this 29th day of January 2026.
/s/ Nina R. Morrison
THE HONORABLE NINA R. MORRISON
UNITED STATES DISTRICT JUDGE
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