In re Opendoor Technologies Incorporated Securities Litigation

OCR transcription for search; preserved printed pages are authoritative

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Case 2:22-cv-01717-MTL Document156- Filed 10/21/25 Pagel1of15

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IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF ARIZONA
Sam Alich, No. CV-22-01717-PHX-MTL
Plaintiff, ORDER
Vv.

Opendoor Technologies Incorporated, et al.,

Defendants.

This matter comes before the Court on Plaintiffs’ Unopposed Motion for
Preliminary Approval of Proposed Class Action Settlement (Doc. 154).

WHEREAS, Plaintiffs in the above-captioned class action (the “Action’”’) have made
an application, pursuant to Federal Rule of Civil Procedure 23.1, for an order: (1)
preliminarily approving the proposed settlement agreement (the “Settlement”) in
accordance with the stipulation (the “Stipulation”) dated June 13, 2025, attached as
Exhibit 1 to Plaintiffs’ motion for preliminary approval (Doc. 154), which, together with
the exhibits annexed thereto, sets forth the terms and conditions for proposed settlement
and dismissals of the Action with prejudice; (ii) preliminarily certifying the Settlement
Class for purposes of settlement; (ii1) approving the form, content, and manner of notice to
Settlement Class Members; (iv) setting a hearing date to consider final approval of the
Settlement (the “Settlement Hearing”); and (v) appointing Verita as the Claims
Administrator.

WHEREAS, all capitalized terms contained herein will have the same meanings as

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set forth in the Settlement (unless otherwise defined herein); and
WHEREAS, the Court has read and considered Plaintiffs’ motion for preliminary
approval of the Settlement (Doc. 154), along with the exhibits annexed thereto, and
arguments by counsel in favor of preliminary approval of the Settlement,
IT IS THEREFORE ORDERED:
1. 	Plaintiffs’ Unopposed Motion for Preliminary Approval of Proposed Class
Action Settlement (Doc. 154) is GRANTED.
2. 	The Court does hereby preliminarily approve the Stipulation and Settlement
set forth therein, including the terms and conditions for settlement and dismissals with
prejudice of the Action. The Court will likely be able to approve the proposed Settlement
as fair, reasonable, and adequate and certify the Settlement Class, subject to further
consideration at the Settlement Hearing.
3. 	Pursuant to Rules 23(a) an (b)(3) of the Federal Rules of Civil Procedure, the
court preliminarily certifies, for purposes of the Settlement only, the Settlement Class of:
(i) all persons and entities who or which purchased or otherwise acquired Opendoor
common stock pursuant and/or traceable to the de-SPAC Merger Documents issued in
connection with the de-SPAC Merger on or about December 21, 2020, and/or the February
2021 Offering Documents issued in connection with Opendoor’s February 2021 Offering
on or about February 4, 2021; and (ii) all persons and entities who or which, during the
period from December 21, 2020 through November 3, 2022, inclusive (the “Class Period”),
purchased the publicly traded common stock of Opendoor on the NASDAQ or any
U.S.-based trading platform and were damaged thereby. Excluded from the Settlement
Class are: (i) Defendants and the Immediate Family Members of any Individual Defendant;
(ii) any person who was an officer, director, and/or control person of Opendoor, Social
Capital Hedosophia Holdings Corp. II, or SCH Sponsor II LLC any time during the period
of January 31, 2020 through November 3, 2022; (iii) any firm, trust, corporation, or other
entity in which any Defendant (or Immediate Family Member of any Defendant) has or
had a controlling interest; (iv) Opendoor’s employee retirement and benefit plan(s) and
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their participants or beneficiaries, to the extent they made purchases through such plan(s);
and (v) the legal representatives, affiliates, heirs, successors-in-interest, or assigns of any
such excluded person, in their capacity as such; provided, however, that, notwithstanding
anything set forth above, any “Investment Vehicle” shall not be excluded from the
Settlement Class. 	“Investment Vehicle” means any investment company or pooled
investment fund, including but not limited to, mutual fund families, exchange traded funds,
fund of funds, and hedge funds, in which Defendants, or any of them, have, has or may
have a direct or indirect interest, or as to which any of their affiliates may act as an
investment advisor, but in which any Defendant alone or together with its, his, or her
respective affiliates is not a majority owner or does not hold a majority beneficial interest.
Also excluded from the Settlement Class are those members of the Settlement Class who
or 	which 	exclude 	themselves 	from 	the 	Settlement 	Class 	in 	accordance 	with 	the
requirements set forth below and in the Notice.
4. 	The Court finds and preliminarily concludes that the prerequisites of class
action certification under Rules 23(a) and 23(b)(3) of the Federal Rules of Civil Procedures
have been satisfied for the Settlement Class defined herein and for the purposes of the
Settlement only, in that:
a. 	the members of the Settlement Class are so numerous that joinder of
all Settlement Class Members is impracticable;
b. 	there are questions of law and fact common to the Settlement class
members;
c. 	the claims of Plaintiffs are typical of the Settlement Class’s claims;
d. 	Plaintiffs and Lead counsel have fairly and adequately represented
and protected the interests of the Settlement Class;
e. 	the questions of law and fact common to Settlement Class members
predominate over any individual questions; and
f. 	a class action is superior to other available methods for the fair and
efficient adjudication of the controversy, considering that the claims of Settlement Class
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Members in the Action are substantially similar and would, if tried, involve substantially
identical proofs and may therefore be efficiently litigated and resolved on an aggregate
basis as a class action; the amounts of the claims of many of the Settlement Class Members
are too small to justify the expense of individual actions; and it does not appear that there
is significant interest among Settlement Class Members in individually controlling the
litigation of their claims.
6. 	Pursuant to Rule 23 of the Federal Rules of Civil Procedure, and for purposes
of the Settlement only, Plaintiffs are preliminarily certified as Class Representatives for the
Settlement 	Class. 	The 	law 	firm 	of 	Labaton 	Keller 	Sucharow 	LLP 	(“Labaton”) 	is
preliminarily appointed Class Counsel for the Settlement Class and the law firm of Clark
Hill PLC is preliminarily appointed Liaison Counsel for the Settlement Class.
7. 	The Settlement Hearing will be held before the Court on Tuesday, January
6, 2026, at 9:00 a.m. before United States District Judge Michael T. Liburdi in Courtroom
504, Sandra Day O’Connor U.S. Courthouse, 401 W. Washington Street, Phoenix, Arizona
85003, for the following purposes:
a. 	to determine whether the terms and conditions of the Settlement set
forth in the Stipulation are fair, reasonable, and adequate, and should be finally approved
by the Court;
b. 	to determine whether the Judgment finally approving the Settlement,
substantially in the form of Exhibit B attached to the Stipulation, should be entered,
dismissing the Action with prejudice, and whether the release by the Settlement Class of
the Released Plaintiffs’ Claims, as set forth in the Stipulation, should be provided to the
Released Defendant Parties;
c. 	to determine, for purposes of the Settlement only, whether the
Settlement Class should be finally certified, whether Plaintiffs should be finally certified
as Class Representatives for the Settlement class, and whether the law firm of Labaton
should be finally appointed as class Counsel for the Settlement Class;
d. 	to determine whether the proposed Plan of Allocation for the proceeds
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of the Settlement is fair and reasonable and should be approved by the Court;
e. 	to consider Lead Counsel’s application, on behalf of Plaintiffs’
Counsel, for an award of attorneys’ fees and expenses; and
f. 	to hear or consider
d. 	to hear, consider, or rule upon such other matters as the Court may
deem necessary and appropriate.
8. 	The Court approves, as to form and content, the proposed Notice of Pendency
of Class Action, Proposed Settlement, and Motion for Attorneys’ Fees and Expenses
(“Notice”) attached as Exhibit A-1 to the Stipulation, the Proof of Claim and Release form
(“Claim Form”) attached as Exhibit A-2 to the Stipulation, the Summary Notice attached
as Exhibit A-3 to the Stipulation, and the Postcard Notice attached as Exhibit A-4 to the
Stipulation. The court finds that the following manners are appropriate to provide notice:
(i) individual mailing of the Postcard to all Settlement Class Members who can reasonably
be identified and located; (ii) emailing of the Postcard; (iii) publication of the Summary
Notice in The Wall Street Journal and dissemination of the Summary Notice on the internet
using PR Newswire; and (iv) posting documents on the Claims Administrator’s website.
The form and content of the notice program and the methods set forth herein of notifying
the Settlement Class of the Settlement (a) constitute the best notice to Settlement Class
Members; (b) are reasonably calculated to describe the terms and effect of the Settlement
and to apprise Class Members of their right to object or to exclude themselves from the
Settlement Class; (c) are reasonable and constitute due, adequate, and sufficient notice to
all persons entitled to receive such notice; and (d) satisfy all applicable requirements of the
Federal Rules of Civil Procedure, the Due Process Clause of the United States Constitution,
Section 21D(a)(7) of the Securities Exchange Act of 1934, 15 U.S.C. § 78u-4(a)(7), and
Section 27 of the Securities Act of 1933, 15 U.S.C. §77z-1(a)(7), as amended by the
PSLRA.
9. 	The Court approves the retention of Verita Global, LLC (“Verita”) as the
Claims 	Administrator. 	The 	Claims 	Administrator 	shall 	cause 	the 	Postcard 	Notice,
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substantially in the form annexed as Exhibit A-4 to the Stipulation, to be mailed, by first-
class mail, postage prepaid, on or before fourteen (14) calendar days after entry of this
Preliminary Approval Order (“Notice Date”), to all Settlement Class Members who can be
identified with reasonable effort. The Claims Administrator may also email the Postcard
Notice (or Notice) or a link to the Postcard Notice (or Notice) to Settlement Class Members,
to the extent it is provided with email addresses. Opendoor, to the extent it has not already
done so, shall make a reasonable, good faith effort to provide, and/or to facilitate provision
by its transfer agent, to Lead Counsel or the Claims Administrator, at no cost to Lead
Counsel, the Settlement Class, or the Claims Administrator, on or before seven (7) calendar
days of entry of this Preliminary Approval Order, any reasonably and readily available
shareholder lists of the names and addresses (and emails to the extent available) of
members of the Settlement Class, in electronic format (such as excel).
10. 	The Claims Administrator shall use reasonable efforts to give notice to
nominee purchasers, such as brokerage firms and other persons or entities who purchased
or otherwise acquired Opendoor common stock pursuant and/or traceable to the Offering
Documents or who purchased Opendoor common stock on the NASDAQ, or any U.S.
based trading platform, during the Class Period as record owners but not as beneficial
owners. Such nominees shall either: (a) within fourteen (14) calendar days of receipt of the
Postcard Notice or Notice, provide a list of the names, addresses, and emails (to the extent
available) of all such beneficial owners to the Claims Administrator and the Claims
Administrator is ordered to mail the Postcard Notice promptly to such identified beneficial
owners; or (b) within fourteen (14) calendar days of receipt of the Postcard Notice or
Notice, either (i) request from the Claims Administrator sufficient copies of the Postcard
Notice to mail to all such beneficial owners and within fourteen (14) calendar days of
receipt of those Postcard Notices from the Claims Administrator mail them to all such
beneficial owners, or (ii) email the Postcard Notice or a link to the Postcard Notice to all
such beneficial owners within fourteen (14) calendar days. Nominees who elect to mail or
email the Postcard Notice to their beneficial owners must also send a statement to the
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Claims Administrator confirming that the Postcard was sent and shall retain their records
for use in connection with any further notices that may be provided in the Action. 	Upon
full and timely compliance with these directions, nominees may seek reimbursement of
their reasonable expenses actually incurred in complying with this Order of up to $0.03 per
Postcard Notice, plus postage at the current pre-sort rate used by the Claims Administrator,
for notices mailed by nominees; $0.03 per Postcard Notice emailed by nominees; or $0.03
per mailing record provided to the Claims Administrator, by providing the Claims
Administrator 	with 	proper 	documentation 	supporting 	the 	expenses 	for 	which
reimbursement is sought. Such properly documented expenses incurred by nominees in
compliance with this order shall be paid from the Settlement Fund, and any unresolved
disputes regarding reimbursement of such expenses shall be subject to review by the Court.
11. 	Contemporaneously with the mailing of the Postcard Notice, the Claims
Administrator shall cause copies of the Notice and the Claim Form, substantially in the
forms attached as Exhibits A-1 and A-2 to the Stipulation, respectively, to be posted on a
website to be developed for the Settlement, from which copies of the Notice and Claim
Form can be downloaded. The Claims Administrator shall also mail copies of the Notice
and Claim Form upon request. Lead Counsel must, no later than ten (10) calendar days
prior to the Settlement Hearing, file with the Court proof of dissemination of the Postcard
Notice, Notice, and Claim Form.
12. 	The Court approves the form of the Summary Notice of Pendency of Class
Action, Proposed Settlement, and Motion for Attorneys’ Fees and Expenses (“Summary
Notice”) substantially in the form annexed as Exhibit A-3 of the Stipulation, and directs
Lead Counsel to cause the Summary Notice to be published once in The Wall Street Journal
and to be transmitted over PR Newswire within fourteen (14) calendar days of the Notice
Date. Lead Counsel must, no later than (10) calendar days prior to the Settlement Hearing,
file with the Court proof of publication of the Summary Notice.
13. 	In order to be eligible to receive a distribution from the Net Settlement Fund,
in the event the Settlement is effectuated in accordance with the terms and conditions set
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forth in the Stipulation, each Claimant shall take the following actions and be subject to
the following conditions:
a. 	A properly executed Claim Form, substantially in the form annexed
as Exhibit A-2 to the Stipulation, must be submitted to the Claims Administrator, at the
address indicated, no later than ten (10) calendar days before the Settlement Hearing. Each
Claim Form shall be deemed to have been submitted when postmarked (if properly
addressed and mailed by first-class or overnight mail, postage prepaid). Any Claim Form
submitted in any other manner shall be deemed to have been submitted when it was actually
received by the Claims Administrator. Any Settlement Class Member who does not submit
a Claim Form within the time provided for is barred from sharing in the distribution of the
Net Settlement Fund but will remain bound by all determinations and judgments in this
Action concerning the Settlement, as provided herein.
b. 	The Claim Form submitted by each Claimant must satisfy the
following conditions, unless otherwise allowed pursuant to the Stipulation: (i) it must be
properly completed, signed and submitted in a timely manner in accordance with the
provisions of the preceding subparagraph; (ii) it must be accompanied by adequate
supporting documentation for the transactions reported therein, in the form of broker
confirmation slips, broker account statements, an authorized statement from the broker
containing the transactional information found in a broker confirmation slip, or such other
documentation as is deemed adequate by the Claims Administrator and/or Lead Counsel;
(iii) if the person executing the Claim Form is acting in a representative capacity, a
certification of his or her current authority to act on behalf of the Claimant must be included
in the Claim Form; and (iv) the Claim Form must be complete and contain no material
deletions or modifications of any of the printed matter contained therein and must be signed
under penalty of perjury.
c. 	As part of the Claim Form, each Claimant shall submit to the
jurisdiction of the Court with respect to the claim submitted.
14. 	Any Settlement Class Member may enter an appearance in this Action. 	If
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any Settlement Class Member does not enter an appearance, he, she or it will be represented
by Lead Counsel.
15. 	Settlement Class Members shall be bound by all orders, determinations and
judgments in this Action, whether favorable or unfavorable, unless such persons request
exclusion from the Settlement Class in a timely and proper manner, as hereinafter provided.
A putative Settlement Class Member wishing to make such an exclusion request shall mail
the request in written form by first-class mail to the Claims Administrator at the address
designated in the Notice for such exclusions, such that it is received no later than twenty-
one (21) calendar days prior to the Settlement Hearing. 	Such request for exclusion must
state the name, address, telephone number, and email address (if any) of the person seeking
exclusion, must state that the sender requests to be “excluded from the Settlement Class in
In re Opendoor Technologies Inc. Securities Litigation, No. 22-CV-01717 (D. Ariz.),” and
must be signed by such Person, as well as their representative, if any. Persons requesting
exclusion are also directed to state the information requested in the Notice, including, but
not limited to: (i) the date(s), price(s), and number(s) of shares of all purchases,
acquisitions, and sales of Opendoor common stock pursuant and/or traceable to the
Offering Documents through, and including, May 27, 2025; and (ii) the date(s), price(s),
and number(s) of shares of all purchases, acquisitions, and sales of Opendoor common
stock on the NASDAQ or any U.S.-based trading platform during the Class Period through,
and including, February 1, 2023. The request for exclusion shall not be effective unless it
provides the required information and is made within the time stated above, or the
exclusion is otherwise accepted by the Court.
16. 	Settlement Class Members requesting exclusion from the Settlement Class
shall not be eligible to receive any payment out of the Net Settlement Fund.
17. 	Any Settlement Class Members may object and/or appear and show cause, if
he, she, or it has any concern why the Settlement should not be finally approved as fair,
reasonable, and adequate, why the Judgment should not be entered thereon, or why the fee
and expense amount, should not be finally approved, provided, however, unless otherwise
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ordered by the Court, that no Settlement Class Member shall be heard or entitled to contest
the approval of the terms and conditions of the Stipulation, or, if approved, the Judgment
to be entered thereon approving the same, or the attorneys’ fees and expenses amount,
unless that Settlement Class member has, at least twenty-one (21) days prior to the
Settlement Hearing: (1) filed with the Clerk of the Court a written objection to the
Settlement setting forth: (a) the nature of the objection; (b) proof of the objector’s
membership in the Settlement Class, such as showing the number of Opendoor shares of
common stock purchased or acquired pursuant and/or traceable to the Offering Documents,
and the dates and prices of each such purchase, acquisition, and sale, as well as the number
of Opendoor shares of common stock purchased or acquired on the NASDAQ or any U.S.-
based trading platform during the Class Period, as well as the dates and prices of each such
purchase, acquisition, and sale; (c) any and all documentation or evidence in support of
such objection; and (d) the identities of any cases, by name, court, and docket number, in
which the stockholder or his, her, or its attorney has objected to a settlement in the last
three years; and (2) if a Settlement Class Member intends to appear and requests to be
heard 	at 	the 	Settlement 	Hearing, 	such 	stockholder 	must 	have, 	in 	addition 	to 	the
requirements of (1) above, filed with the Clerk of Court: (a) a written notice of such
stockholder’s intention to appear at the Settlement Hearing; (b) a statement that indicates
the basis for such appearance; (c) the identities of any witnesses the shareholder intends to
call at the Settlement Hearing and a statement as to the subjects of their testimony; and (d)
any and all evidence that would be presented at the Settlement Hearing. If a Settlement
Class Member files a written objection and/or written notice of intent to appear, such
shareholder must also simultaneously serve copies of such notice, proof, statement, and
documentation, together with copies of any other papers or briefs such member files with
the Court (either by hand delivery or by first class mail) upon each of the following:
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Counsel 	for 	Plaintiff 	Plaintiffs 	and
Proposed Settlement Class
LABATON KELLER SUCHAROW
LLP
Michael P. Canty
James T. Christie
Guillaume Buell
Nicholas Manningham
140 Broadway
New York, NY 10005
Telephone: (212) 907-0700
mcanty@labaton.com
jchristie@labaton.com
gbuell@labaton.com
nmanningham@labaton.com
Counsel for Defendants Opendoor
Technologies Inc., Eric Wu, Carrie
Wheeler, Chamath Palihapitiya, Steven
Trieu, Ian Osborne, Adam Bain, David
Spillane, Cipora Herman, Pueo Keffer,
Glenn Solomon, Jason Kilar, and
Jonathan Jaffe
WOMBLE 	BOND 	DICKINSON 	(US)
LLP
John C. Gray
201 East Washington Street, Suite 1200
Phoenix, AZ 85004
Telephone: 602-262-5331
John.gray@wbd-us.com
ALLEN OVERY SHEARMAN
STERLING US LLP
Lyle Robers
George E. Anhang
1101 New York Ave., NW
Washington, DC 20005
Telephone: (202) 508-8000
lyle.roberts@aoshearman.com
george.anhang@aoshearman.com
Adam S. Hakki
599 Lexington Avenue
New York, NY 10022
Telephone: (212) 848-4000
ahakki@aoshearman.com
Billy Marsh
2601 N. Olive St., Suite 1700
Dallas, TX 75201
Telephone: (214) 271-5348
Billy.marsh@aoshearman.com
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Counsel for Underwriter Defendants
BEYERS FARRELL PLLC
Michael J. Farrell
Maureen Beyers
99 East Virginia Avenue, Suite 220
Phoenix, AZ 85004
Telephone: (602) 738-3022
mfarrell@bfazlaw.com
mbeyers@bfazlaw.com
O’MELVENY & MYERS LLP
Jonathon Rosenberg
William J. Sushon
1301 Avenue of the Americas,
Suite 1700
New York, NY 10019
Telephone: (212) 326-2000
jrosenberg@omm.com
wsushon@omm.com
18. 	Persons wishing to be heard orally in opposition to the approval of the
Settlement, the Plan of Allocation, and/or the application for an award of attorneys’ fees
and expenses are required to indicate in their written objection their intention to appear at
the Settlement Hearing. Persons who intend to object to the Settlement, the Plan of
Allocation, and/or the application for an award of attorneys’ fees and expenses and desire
to present evidence at the Settlement Hearing must include in their written objections the
identity of any witnesses they may call to testify and exhibits they intend to introduce into
evidence at the Settlement Hearing.
19. 	Any Settlement Class Member who does not make his, her, or its objection
in the manner provided herein shall be deemed to have waived such objection and shall
forever be foreclosed from making any objection to the fairness, reasonableness, or
adequacy of the Settlement or any fee and expense amount, as set forth in the Stipulation,
unless otherwise ordered by the Court, but shall forever be bound by the Judgment to be
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entered, the dismissal of the Action with prejudice, and any and all of the releases set forth
in the Stipulation.
20. 	Pending final determination of whether the Settlement should be approved,
Plaintiffs, all Settlement Class Members, and each of them, and anyone who acts or
purports to act on their behalf, shall not institute, commence or prosecute any action which
asserts Released Plaintiffs’ Claims against the Released Defendant Parties.
21. 	All papers in support of the Settlement, Plan of Allocation, and Plaintiffs’
Counsel’s request for an award of attorneys’ fees and expenses must be filed with the Court
and served at least twenty-eight (28) days prior to the date set herein for the Settlement
Hearing Settlement Hearing, and any reply papers must be filed with the Court no later
than seven (7) days prior to the Settlement Hearing.
22. 	Plaintiffs’ Counsel may file exhibits delineating their time and expenses
under seal, to the extent needed to protect confidential attorney work product or attorney
client communications.
23. 	All funds held in the Settlement Fund shall be deemed and considered to be
in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court until
such time as such funds shall be disbursed pursuant to the Stipulation and/or further order
of the Court.
24. 	Neither Defendants nor their counsel shall have any responsibility for or
liability with respect to the Plan of Allocation or any application for attorney’s fees or
expenses submitted by Lead Counsel or Plaintiffs, and such matters shall be considered
separately from the fairness, reasonableness and adequacy of the Settlement.
25. 	Neither the Settlement, the Stipulation (including any exhibits attached
hereto) nor any act performed or document executed pursuant to or in furtherance of the
Stipulation or Settlement: (a) is or may be deemed to be or may be offered, attempted to
be offered, or used in any way as a presumption, a concession, admission, or evidence of
the validity or infirmity of any Released Claims, or of any fault, wrongdoing or liability of
the Released Defendant Parties or Defendants; (b) is, may be deemed to be, or may be used
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as a presumption, concession, admission or evidence of any liability, fault, or omission of
any of the Released Parties or Defendants in any civil, criminal, or administrative, or other
proceeding in any court, administrative agency, tribunal, or other forum; or (c) is or may
be deemed an admission by any Settling Party as to the merits or lack thereof of any claim,
allegation, or defense.
26. 	Neither the Stipulation nor the Settlement, 	nor any act performed or
document executed pursuant to or in furtherance of the Stipulation or the Settlement, shall
be admissible in any proceeding for any purpose, except to enforce the terms of the
Settlement in court, and except that the Released Parties may file or use the Stipulation,
this Order, and/or the Judgment in any action that may be brought against them in order to
support a defense or counterclaim based on principles of res judicata, collateral estoppel,
full faith and credit, release, standing, judgment bar, or reduction, or any other theory of
claim preclusion or issue preclusion or similar defense or counterclaim.
27. 	The Court reserves the right to adjourn the date of the Settlement Hearing or
modify any other dates set forth herein without further notice to Settlement Class Members
and retains jurisdiction to consider all further applications arising out of or connected with
the Settlement. The Court may decide to hold the Settlement Hearing telephonically or by
videoconference without further notice to Settlement Class Members. Any Settlement
Class Member (or his, her, or its counsel) who wishes to appear at the Settlement Hearing
should consult the Court’s calendar for any change in date, time or format of the Settlement
Hearing. 	The Court may approve the Settlement and any of its terms, 	with such
modifications as may be agreed to by the Settling Parties, if appropriate, without further
notice to Settlement Class Members.
28. 	If the Settlement fails to become effective as defined in the Stipulation or is
terminated, then both the Stipulation and this Preliminary Approval Order shall be null and
void, of no further force or effect, and without prejudice to any Party, and may not be
introduced as evidence or used in any actions or proceedings by any person or entity against
the Parties, and the Parties shall be deemed to have reverted to their respective litigation
Case 2:22-cv-01717-MTL Document 156 Filed 10/21/25 Page 14 of 15

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Case 2:22-cv-01717-MTL Document156- Filed 10/21/25 Page15of15

positions in the Action as of May 1, 2025.
29. The Court sets the following schedule of events:

EVENT DEADLINE

Deadline for Lead Counsel to file No later than ten (10) calendar days
proof of dissemination of the Postcard | before the Settlement Hearing.
Notice, Notice, and Claim Form.

Deadline to file papers in support of No later than twenty-eight (28) calendar
final approval of the Settlement and days prior to the
the fee and expense amount. Settlement Hearing.

Deadline for Settlement Class No later than twenty-one (21) calendar
Members to object to the Settlement. days prior to the
Settlement Hearing.

Any reply brief in further support of No later than seven (7) calendar days
final approval of the Settlement and prior to the Settlement Hearing.
the fee and expense amount.

Settlement Hearing. January 6, 2026, at 9:00 a.m.

Dated this 20th day of October, 2025.

WMicheh T- d; hurdle

Michael T. Liburdi
United States District Judge

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