Morganti & Co, P.C., Announces Settlement Approval for Namaste Technologies Inc. Securities Class Action

TORONTO--()--Law firm Morganti & Co, P.C., announces that the Ontario Superior Court of Justice (the “Court”) has approved the class action settlement regarding Ronald Tarrant v. Namaste Technologies, Inc., Sean Dollinger and Philip Van Den Berg, bearing Court File No. 18-CV-78184 (the “Action”).

This Notice is directed to all persons and entities, excluding certain persons associated with the Defendants, who acquired securities of Namaste Technologies Inc. (“Namaste”), prior to November 29, 2017 that are or were listed for trading on the Toronto Stock Exchange (“TSX”) in Canada or the Frankfurt Stock Exchange (“FSE”) in Germany during the period of November 29, 2017 to February 3, 2019 (the “Class Period”), and held some or all of those securities at the close of trading on any of October 3, 2018, October 15, 2018 or February 3, 2019 (collectively, the “Class” or “Class Members”).

PURPOSE OF THIS NOTICE:
A class action brought on behalf of Class Members has been settled. The Settlement has been approved by the Ontario Superior Court of Justice. This Notice provides Class Members with information about how to submit a Claim Form to the Administrator in order to participate in the distribution of the Net Settlement Amount on a pro rata basis.

THE ACTION:
On October 19, 2018, a proposed class action was commenced on behalf of investors who purchased Namaste securities on the TSX or FSE during the Class Period, against Namaste and its former CEO and CFO in the Ontario Superior Court: Ronald Tarrant v. Namaste Technologies, Inc. et al 18-CV-78184. The Plaintiff in the Action alleged that the Defendants made misrepresentations of material facts relating to Namaste’s business, operations and finances by omitting from core documents, non-core documents and statements, material facts about Namaste’s divestiture its U.S. operations in December of 2017.

The settlement of the Action, without an admission of liability on the part of the Defendants, was approved by The Honourable Justice Smith on March 2, 2020. This notice provides a summary of the settlement.

SUMMARY OF THE SETTLEMENT TERMS:
Namaste and its insurers will pay USD $2.15 million, in full and final settlement of all claims against the defendants in the Action. Class Counsel Fees, including out-of-pocket expenses and taxes, were fixed by the Court as a first charge on the Settlement Amount in the amount of thirty (30) percent of USD $2,150,000.00, plus disbursements, plus taxes. The settlement for the Class, less the Class Counsel Fees and disbursements, administrator’s expenses, and taxes, will be distributed to the Class on a pro rata basis in accordance with the Court-approved Plan of Allocation. The Settlement Agreement and Plan of Allocation may be viewed at http://www.morgantico.com/namaste-technologies/, at www.namastesecuritiesclassaction.com, and in the investor relations section of www.namastetechnologies.com.

HOW TO MAKE A CLAIM FOR COMPENSATION:

CLAIMS FOR COMPENSATION MUST BE RECEIVED ON OR BEFORE JULY 17, 2020

Each Class Member must submit a completed Claim Form on or before July 17, 2020 in order to participate in the settlement.

Class Members are required to complete the Claim Form and upload the supporting documentation in the online claims administration portal at https://namastesecuritiesclassaction.com/portal.

The Claim Form may also be accessed or downloaded at www.namastesecuritiesclassaction.com or obtained by calling the Administrator at 877-400-1211 or by email at claims@trilogyclassactions.ca.

If you do not submit a completed Claim Form and provide supporting documentation by July 17, 2020, you will not receive any part of the Net Settlement Amount.

The Court appointed Trilogy Class Action Services as the Administrator of the settlement to, among other things: (i) receive and process Claim Forms; (ii) decide eligibility for compensation; and (iii) distribute the net Settlement Amount to eligible Class Members. The Claim Form should be submitted to the Administrator by using the secure Online Claims System at www.namastesecuritiesclassaction.com. You may submit a paper Claim Form only if you do not have internet access. The paper Claim Form may be sent by mail or courier to:

Administrator: Trilogy Class Action Services
117 Queen Street, P.O. Box. 1000,
Niagara-on-the-Lake, Ontario, L0S 1J0,
Attention: Namaste Class Action,
Fax: 416-342-1761,
Email: claims@trilogyclassactions.ca
https://www.namastesecuritiesclassaction.ca

INTERPRETATION:
If there is a conflict between the provisions of this Notice and the Settlement Agreement, the terms of the Settlement Agreement will prevail.

This notice has been approved by the Court. Questions about matters in this notice should NOT be directed to the Court.

Contacts

Ian Literovich
Morganti & Co., P.C.
21 St. Clair Ave. East, Suite 1102
Toronto, ON M4T 1L9
Tel: (647) 344-1900 x9
Fax: (416) 352-7638
iliterovich@morgantico.com

Contacts

Ian Literovich
Morganti & Co., P.C.
21 St. Clair Ave. East, Suite 1102
Toronto, ON M4T 1L9
Tel: (647) 344-1900 x9
Fax: (416) 352-7638
iliterovich@morgantico.com