Faruqi & Faruqi, LLP and Monteverde & Associates PC Announce Proposed Settlement of Syntroleum Corp. Shareholder Litigation

NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Faruqi & Faruqi, LLP and Monteverde & Associates PC regarding the Syntroleum Corp. Shareholder Litigation:

IN THE DISTRICT COURT IN AND FOR TULSA COUNTY
STATE OF OKLAHOMA
IN RE SYNTROLEUM CORP. SHAREHOLDER LITIGATION	Case No. CJ-2013-5807 (Consolidated)
This Document Relates To: ALL ACTIONS	NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT OF CLASS ACTION, SETTLEMENT HEARING AND RIGHT TO APPEAR

TO:	ALL PERSONS OR ENTITIES WHO HELD SHARES OF SYNTROLEUM CORPORATION STOCK, EITHER OF RECORD OR BENEFICIALLY AT ANY TIME BETWEEN DECEMBER 17, 2013 AND THE DATE OF THE FILING OF SYNTROLEUM’S CERTIFICATE OF DISSOLUTION WITH THE SECRETARY OF STATE OF DELAWARE, JUNE 11, 2014 (THE “CLASS”).

NOTICE OF SETTLEMENT: The Lead Plaintiff (Thomas Victor) in the class action lawsuit, In re Syntroleum Corp. Shareholder Litigation, CJ-2013-5807 (the “Consolidated Action”), has reached a proposed settlement on behalf of himself and the proposed Class for a total of $2,800,000.00 in cash (the “Settlement Fund”) that, if approved, will resolve all claims in the Consolidated Action against all of the defendants, including Syntroleum’s former board of directors and Principal Financial Officer, Renewable Energy Group, Inc., and REG Synthetic Fuels, LLC (“Defendants”).

CONSOLIDATED ACTION AND SETTLEMENT: Plaintiff alleges that the members of Syntroleum’s board of directors breached their fiduciary duties when they sold most of the assets of Syntroleum Corporation to Renewable Energy Group, Inc. (the “Transaction”). Earlier in the case, the plaintiffs alleged that Syntroleum Corporation, Renewable Energy Group, Inc., and REG Synthetic Fuels, LLC aided and abetted those breaches of fiduciary duties (the aiding and abetting claims were later dismissed), and that Syntroleum’s board failed to disclose material information to Syntroleum shareholders before the shareholder vote to approve the Transaction. The parties disagree on both liability and damages. The Defendants deny that they are liable to the Class and deny that the Class suffered any damages, and have agreed to settle in order to eliminate the burden and expense of litigation.

STATEMENT OF CLASS RECOVERY: The maximum Settlement Fund for the Class is $2,800,000.00. After subtracting out any Court-approved attorneys’ fees (up to one third (1/3) of the Settlement Fund) and litigation expenses plus a $5,000.00 incentive award for the Lead Plaintiff and any recoveries attributable to Class members who opt out of this Settlement, each Class member’s actual recovery will be distributed, pro rata, to the holders of record of at least one (1) share of Syntroleum stock as of June 11, 2014 who have not opted out of this Settlement. Shareholders who did not own at least one (1) share of Syntroleum stock as of June 11, 2014 are not eligible to receive distributions from the Settlement Fund. The Settlement and the Final Judgment and Order of Dismissal with Prejudice dismissing this Consolidated Action will bind all Class members who do not opt out, even if they do not qualify for a payment. If you remain in the Class, if you are eligible for a payment, and if Court approves the Settlement, you will receive a payment. You do not need to do anything further. Distributions will be made to Class members after the Court has finally approved the Settlement.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT: Do Nothing—Get a settlement payment if you held one (1) or more shares of Syntroleum stock on June 11, 2014 and you have not opted out. Opt Out—Get no payment under this settlement. This is the only option that allows you to ever be part of any lawsuit against the Defendants or any other Released Persons about the legal claims in this case. Exclusion requests must be received on or before September 23, 2016. Object—Write to the Court about why you do not like the Settlement, the Plan of Allocation, or the request for attorneys’ fees, costs, and expenses. You will still be a member of the Class. Objections must be received by the Court and counsel on or before September 23, 2016. If you object to the Settlement, you may ask the Court for permission to speak at the Settlement Hearing. Go to the Settlement Hearing—Ask to speak in Court about the fairness of the Settlement. Requests to speak at the Settlement Hearing must be received by the Court and counsel on or before September 23, 2016.

Unless you opt out, you give up any rights to sue the Defendants and the other Released Persons for any and all Released Claims (as defined in the Stipulation and Agreement of Compromise, Settlement and Release). If you have a pending lawsuit against any of the Released Persons, speak to your lawyer in that case immediately. You must opt out of this Consolidated Action to continue your own lawsuit. If you opt out of the Settlement, you will not receive any money from the Settlement Fund, but you may sue or be part of a different lawsuit against the Defendants and the other Released Persons.

THE LAWYERS REPRESENTING YOU: The Court ordered that the law firms of FARUQI & FARUQI, LLP and MONTEVERDE & ASSOCIATES PC represent the Class members, including you. These lawyers are called Class Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

THE COURT’S SETTLEMENT HEARING: The Court will hold a Settlement Hearing at 1:30 p.m., on October 3, 2016, at the Tulsa County Courthouse, 500 South Denver Avenue, Tulsa, Oklahoma 74103. At the hearing the Court will consider whether to approve the Settlement. If there are objections, the Court will consider them. The Court may listen to people who have asked to speak at the hearing. The Court may also decide how much to pay to Class Counsel and the Lead Plaintiff.

FURTHER INFORMATION: For further information regarding the Consolidated Action or this Notice, including the Stipulation and Agreement of Compromise, Settlement and Release, please visit www.SyntroleumLitigation.com or contact the Settlement Administrator toll-free at 855-730-8615 or [e-mail]. You may also contact representatives of counsel for the Class: FARUQI & FARUQI, LLP, NADEEM FARUQI, [e-mail], 685 Third Avenue, 26th Floor, New York, New York 10017, Telephone: [phone], Facsimile: [phone]; MONTEVERDE & ASSOCIATES PC, JUAN E. MONTEVERDE, [e-mail], The Empire State Building, 350 Fifth Avenue, 59th Floor, New York, New York 10118, Telephone: [phone], Facsimile: [phone].

DATED: June 29, 2016

BY ORDER OF THE COURT

Tulsa County District Court