Jeffrey N. Schneider v. Champignon Brands Inc. — Entry #95: ORDER APPROVING PLAN OF ALLOCATION OF NET SETTLEMENT FUND by Judge James V

Case 2:21-cv-03120-JVS-KES       Document 95 Filed 02/28/23    Page 1 of 3 Page ID
                                      #:2031


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  8                         UNITED STATES DISTRICT COURT
                           CENTRAL DISTRICT OF CALIFORNIA
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 10   JEFFREY N. SCHNEIDER,                        Case No. 2:21-cv-03120-JVS-KES
      Individually and On Behalf of All
 11   Others Similarly Situated,                   Honorable James V. Selna
 12                Plaintiff,
 13         v.
 14   CHAMPIGNON BRANDS INC.,
      GARETH BIRDSALL, and
 15   MATTHEW FISH,
 16                Defendants.
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                              ORDER APPROVING
 18              PLAN OF ALLOCATION OF NET SETTLEMENT FUND
 19        This matter came on for hearing on February 27, 2023 (the “Settlement
 20 Hearing”) on Lead Plaintiff’s motion to determine whether the proposed plan of
 21 allocation of the Net Settlement Fund (“Plan of Allocation”) created by the Settlement
 22 obtained in the above-captioned class action (the “Action”) should be approved. The
 23 Court having considered all matters submitted to it at the Settlement Hearing and
 24 otherwise; and it appearing that notice of the Settlement Hearing substantially in the
 25 form approved by the Court was mailed or emailed to all Settlement Class Members
 26 who or which could be identified with reasonable effort, and that a summary notice
 27 of the hearing substantially in the form approved by the Court was transmitted over
 28 the Globe Newswire pursuant to the specifications of the Court; and the Court having
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Case 2:21-cv-03120-JVS-KES      Document 95 Filed 02/28/23        Page 2 of 3 Page ID
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  1 considered and determined the fairness and reasonableness of the proposed Plan of
  2 Allocation,
  3         NOW, THEREFORE, IT IS HEREBY ORDERED THAT:
  4         1.    This Order approving the proposed Plan of Allocation incorporates by
  5 reference the definitions in the Stipulation and Agreement of Settlement dated April
  6 6, 2022 (ECF No. 65-1) (the “Stipulation”) and all capitalized terms not otherwise
  7 defined herein shall have the same meanings as set forth in the Stipulation.
  8         2.    The Court has jurisdiction to enter this Order approving the proposed
  9 Plan of Allocation, and over the subject matter of the Action and all parties to the
 10 Action, including all Class Members.
 11         3.    Notice of Lead Plaintiff’s motion for approval of the proposed Plan of
 12 Allocation was given to all Settlement Class Members who could be identified with
 13 reasonable effort. The form and method of notifying the Settlement Class of the
 14 motion for approval of the proposed Plan of Allocation satisfied the requirements of
 15 Rule 23 of the Federal Rules of Civil Procedure, the Private Securities Litigation
 16 Reform Act of 1995 (15 U.S.C. § 78u-4(a)(7)), due process, and all other applicable
 17 law and rules, constituted the best notice practicable under the circumstances, and
 18 constituted due and sufficient notice to all persons and entities entitled thereto.
 19         4.    Copies of the Postcard Notice, which directs Settlement Class Members
 20 to the Notice on the settlement website, were mailed or a link to the Notice were
 21 emailed to over 37,481 potential Settlement Class Members, which included the Plan
 22 of Allocation, and no objections to the proposed plan were submitted.
 23         5.    The Court hereby finds and concludes that the formula for the calculation
 24 of the claims of Claimants as set forth in the Plan of Allocation provided to Class
 25 Members provides a fair and reasonable basis upon which to allocate the proceeds of
 26 the Net Settlement Fund among Settlement Class Members with due consideration
 27 having been given to administrative convenience and necessity.
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  1        6.     The Court hereby finds and concludes that the Plan of Allocation is, in
  2 all respects, fair and reasonable to the Settlement Class.
  3        7.     There is no just reason for delay in the entry of this Order, and immediate
  4 entry by the Clerk of the Court is expressly directed.
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  6        SO ORDERED this 28th day of February 2023.
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                                               The Honorable James V. Selna
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                                                United States District Judge
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