Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in settled (U.S./Canada) claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. Twitter Agrees to Pay $809.5 Million Settlement in Shareholder Class Action Lawsuit

Twitter Inc. agreed to pay $809.5 million to settle a shareholder class action lawsuit that accused the social media company of painting an overly rosy picture of its future. The suit, originally filed by Twitter shareholder Doris Shenwick, claimed executives misled investors over the company’s growth prospects in November 2014, promising an increase in monthly active users to 550 million in the “intermediate” term and more than a billion in the “longer term.” The company failed to deliver on either estimate and concealed that it had no basis for those projections, according to the complaint. Click here to read the full article.

2. Luckin Coffee Resolves All Claims in Securities Class Action; Files 2020 Financial Report

On Tuesday evening, Luckin Coffee announced that the company had entered into a binding agreement to settle its US securities class action lawsuit with the lead plaintiffs. The company and all claims that have been or could be filed on behalf of a class of purchasers of the company’s ADS between May 17, 2019 through July 15, 2020 have now been reconciled. The agreement provides that the U.S. class action settlement amount will be calculated based on a global settlement amount of $187.5 million. Click here to read the full article.

3. Proposed $129 Million Granite Construction Settlement Detailed

A special master overseeing the allocation of Granite Construction’s $129 million securities settlement has recommended using a 2.21 ratio to apportion the fund between class members’ Securities Act and Exchange Act claims, according to a U.S. District Court for the Northern District of California filing. “Each set of claims is stronger than the typical claim of its type,” but relatively speaking, the Securities Act of 1933 claims are stronger than the Securities Exchange Act of 1934 claims, Special Master Bruce A. Ericson said in the Thursday report. Click here to read the full article (subscription may be required).

4. Dutch Court Confirms Steinhoff Settlement Plan as Tricky SA Leg of Proceedings Awaits

A court in Amsterdam has confirmed the Dutch leg of Steinhoff’s R25 billion settlement plan with claimants who lost out in its share price plunge. In a market update on Thursday, Steinhoff said the Dutch order will become final following an eight-day period if no appeal is lodged. “While our task is not yet complete, this judgment is a further significant milestone in concluding the global litigation settlement,” said Steinhoff’s CEO Louis du Preez. A South African court still needs to sanction proceedings in the local leg of the settlement for it to become binding. The court processes are interconditional, meaning the whole settlement plan will fail if one of them is not successful. The Western Cape High Court is set to hear Steinhoff’s sanction application on 30 September. Click here to read the full article.

5. Ernst & Young Unit Wants Out of Wirecard Investor Suit

An Ernst & Young unit that provided auditing services for the now-failed German online payments company Wirecard AG asked a Pennsylvania federal judge to release it from a class action that Wirecard investors lodged over allegations that a €1. 9 billion ($2. 2 billion) accounting scandal caused Wirecard’s shares to tank. Ernst & Young GmbH Wirtschaftspruefungsgesellschaft, also known as EY Germany, on Monday filed a motion to dismiss, saying not only was it the “victim” of Wirecard’s scandal but that the case should be litigated in Germany. Click here to read the full article (subscription may be required).

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Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to www.frtservices.com.

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