Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the EverQuote Securities Litigation

NEW YORK--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the EverQuote Securities Litigation:

SUPREME COURT OF THE STATE OF NEW YORK

COUNTY OF NEW YORK: COMMERCIAL DIVISION

 

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Index No. 651177/2019

 

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CLASS ACTION

In re EVERQUOTE, INC. SECURITIES LITIGATION

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This Document Relates To:

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ALL ACTIONS.

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SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO:

ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED EVERQUOTE, INC. (“EVERQUOTE” OR THE “COMPANY”) COMMON STOCK PURSUANT OR TRACEABLE TO THE COMPANY’S REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH EVERQUOTE’S JUNE 2018 INITIAL PUBLIC OFFERING (“IPO” OR “JUNE 2018 IPO”)1

 

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on June 11, 2020, at 2:30 p.m., before the Honorable Andrew Borrok, J.S.C., Supreme Court of New York, County of New York: Commercial Division, 60 Centre Street, New York, NY 10007, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned Action as set forth in the Stipulation of Settlement (“Stipulation”)2 for $4,750,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation should be entered; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action (“Notice”), which is discussed below), and, if so, in what amount; (4) to award Plaintiffs for representing the Settlement Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.

This Action is a consolidated securities class action brought on behalf of those persons who purchased or acquired EverQuote common stock pursuant or traceable to the Registration Statement and Prospectus for EverQuote’s IPO, against EverQuote and certain of its officers and directors and the IPO’s underwriters (collectively, “Defendants”) for, among other things, allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the IPO. Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company’s stock, resulting in damage to Settlement Class Members when the truth was revealed. Defendants deny all of Plaintiffs’ allegations.

IF YOU PURCHASED OR ACQUIRED EVERQUOTE COMMON STOCK BETWEEN JUNE 28, 2018 THROUGH AND INCLUDING FEBRUARY 15, 2019, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than June 25, 2020) or electronically (no later than June 25, 2020). Your failure to submit your Proof of Claim by June 25, 2020, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Settlement Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.EverQuoteSecuritiesLitigation.com, or by writing to:

EverQuote Securities Litigation Settlement
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 43353
Providence, RI 02940-3353

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: 1-800-449-4900

IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY MAY 28, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND/OR THE AWARDS TO PLAINTIFFS FOR REPRESENTING THE SETTLEMENT CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL BY MAY 28, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: March 6, 2020

         

BY ORDER OF THE SUPREME COURT OF NEW

YORK, COUNTY OF NEW YORK:

COMMERCIAL DIVISION

THE HONORABLE ANDREW BORROK, J.S.C.

1For purposes of this Settlement only, the Settlement Class includes all persons or entities who purchased or otherwise acquired EverQuote common stock between June 28, 2018 and February 15, 2019, inclusive.
2The Stipulation can be viewed and/or obtained at www.EverQuoteSecuritiesLitigation.com.

Contacts

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1- 619-231-1058

Contacts

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1- 619-231-1058