Case 2:21-cv-03120-JVS-KES Document 103 Filed 12/16/24 Page 1 of 5 Page ID #:2145 1 2 3 4 5 6 7 8 UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA 9 10 JEFFREY N. SCHNEIDER, Case No. 2:21-cv-03120-JVS-KES 11 Individually and On Behalf of All Others Similarly Situated, CLASS DISTRIBUTION ORDER 12 [98] 13 Plaintiff, Date: December 16, 2024 14 v. Time: 1:30 p.m. 15 Crtm: 10C CHAMPIGNON BRANDS INC., Judge: James V. Selna 16 GARETH BIRDSALL, and 17 MATTHEW FISH, 18 Defendants. 19 20 21 22 23 24 25 26 27 28 CLASS DISTRIBUTION ORDER Case 2:21-cv-03120-JVS-KES Document 103 Filed 12/16/24 Page 2 of 5 Page ID #:2146 1 Having considered all materials and arguments submitted in support of Lead 2 Plaintiff’s Unopposed Motion for Class Distribution Order (the “Motion”), including 3 the Memorandum of Law in Support of the Motion, the Declaration of Margery Craig 4 Concerning the Results of the Claims Administration Process (“Craig Decl.”), and the 5 Declaration of Sharon M. McGowan of the Public Justice Foundation, 6 NOW, THEREFORE, IT IS HEREBY ORDERED THAT: 7 1. This Class Distribution Order incorporates by reference the definitions 8 in the Stipulation and Agreement of Settlement (ECF No. 65-1) (the “Stipulation”). 9 All terms not otherwise defined shall have the same meaning as set forth in the 10 Stipulation or the Craig Declaration. 11 2. This Court has jurisdiction over the subject matter of the Action and over 12 all parties to the Action, including all Settlement Class Members. 13 3. As set forth in the Craig Declaration, the administrative determinations 14 of the Claims Administrator in accepting and rejecting Claims are approved. 15 Specifically, the administrative determinations of the Claims Administrator accepting 16 those Claims set forth in Exhibits C-1 and C-2 of the Craig Declaration are approved. 17 Likewise, the administrative determinations of the Claims Administrator rejecting 18 those Claims set forth in Exhibits D and E of the Craig Declaration are approved. For 19 the avoidance of doubt, claim number 782 is denied because the Claimant had a 20 market gain with respect to his, her, or its overall transactions in Braxia shares during 21 the Settlement Class Period. See, e.g., In re Cendant Corp. Sec. Litig., 454 F.3d 235, 22 246-47 (3d Cir. 2006) (upholding application of a “netting provision” providing that 23 “all profits shall be subtracted from all losses on all transactions of CUC and Cendant 24 publicly-traded securities during the class period to determine the net claim of each 25 class member. If a class member made a net profit, the value of his, her or its claim 26 shall be zero.”); In re Citigroup Inc. Sec. Litig., 2014 WL 7399039, at *2-4 (S.D.N.Y. 27 Dec. 29, 2014) (overruling objection based on objector’s “aggregate gain” from class 28 period transactions where plan of allocation provided: “[t]o the extent an Authorized CLASS DISTRIBUTION ORDER 1 Case 2:21-cv-03120-JVS-KES Document 103 Filed 12/16/24 Page 3 of 5 Page ID #:2147 1 Claimant had an aggregate gain from his, her or its transactions in Citigroup common 2 stock during the Class Period, the value of his, her or its total Recognized Loss will 3 be zero.”). 4 4. As set forth in the Craig Declaration, no new Claims may be accepted 5 after August 30, 2024, and no further adjustments to submitted Claim may be made 6 for any reason after September 24, 2024. 7 5. The Court authorizes payment of $5,250 from the Settlement Fund to the 8 Claims Administrator for the fees and expenses to be incurred in connection with the 9 Initial Distribution and 2024 tax work, as described in the Craig Declaration. 10 6. The distribution plan for the Net Settlement Fund as set forth in the Craig 11 Declaration and accompanying exhibits is approved. The balance of the Net 12 Settlement Fund, after deducting the fees and expenses discussed in paragraph 5, shall 13 be distributed to Authorized Claimants. To encourage Authorized Claimants to 14 promptly deposit their payments, all distribution checks will bear a notation: “CASH 15 PROMPTLY, VOID AND SUBJECT TO RE-DISTRIBUTION 180 DAYS AFTER 16 ISSUE DATE.” Authorized Claimants who fail to cash, deposit, or negotiate a 17 distribution check within the time allotted or consistent with the terms outlined in 18 Paragraph 21.a.vi. of the Craig Declaration will irrevocably forfeit all recovery from 19 the Settlement. 20 7. After the Initial Distribution of the Net Settlement Fund, the Claims 21 Administrator shall make reasonable and diligent efforts to have Authorized 22 Claimants cash, deposit, or negotiate their distribution checks. To the extent any 23 monies remain in the fund six (6) months after the Initial Distribution, if Lead 24 Counsel, in consultation with the Claims Administrator, determines that it is cost- 25 effective to do so, the Claims Administrator shall conduct a redistribution of the funds 26 remaining after payment of, or reserve for, any unpaid fees and expenses incurred in 27 administering the Settlement, including for such redistribution, payment of any Taxes, 28 costs of preparing tax returns and escrow fees, to Authorized Claimants who have CLASS DISTRIBUTION ORDER 2 Case 2:21-cv-03120-JVS-KES Document 103 Filed 12/16/24 Page 4 of 5 Page ID #:2148 1 cashed their Initial Distributions and who would receive at least $10.00 from such 2 redistribution. Additional redistributions to Authorized Claimants who have cashed, 3 deposited, or negotiated their prior checks and who would receive at least $10.00 on 4 such additional redistributions may occur thereafter if Lead Counsel, in consultation 5 with the Claims Administrator, determines that additional redistributions, after the 6 deduction of any additional fees and expenses incurred in administering the 7 Settlement, including for such redistributions, would be cost-effective. 8 8. At such time as Lead Counsel, in consultation with the Claims 9 Administrator, determine that no additional distributions are cost-effective, then the 10 remaining funds will be donated to the Public Justice Foundation, a non-sectarian, 11 not-for-profit 501(c)(3) organization dedicated to, among other things, investor 12 education and advocacy. 13 9. All persons involved in the review, verification, calculation, tabulation, 14 or any other aspect of the processing of the claims submitted herein, or otherwise 15 involved in the administration or taxation of the Settlement Fund or the Net Settlement 16 Fund, are released and discharged from any and all claims arising out of such 17 involvement, and all Settlement Class Members and other Claimants, whether or not 18 they are to receive payment from the Net Settlement Fund, are barred from making 19 any further claim against the Net Settlement Fund, Lead Plaintiff, Lead Counsel, 20 Plaintiff’s Counsel, the Claims Administrator, the Escrow Agent, or any other agent 21 retained by Lead Plaintiff or Lead Counsel in connection with the administration or 22 taxation of the Settlement Fund or the Net Settlement Fund, or any other person 23 released under the Settlement beyond the amounts allocated to them pursuant to the 24 terms of the Class Distribution Order, provided that such released persons acted in 25 accordance with the Stipulation, the Judgment, and this Order. 26 10. The Claims Administrator is authorized to destroy: (a) paper or hard 27 copies of the Claim Forms and supporting documents one year after any re- 28 distribution, if that occurs, or, if there is no re-distribution, two years after the Initial CLASS DISTRIBUTION ORDER 3 Case 2:21-cv-03120-JVS-KES Document 103 Filed 12/16/24 Page 5 of 5 Page ID #:2149 1 Distribution; and (b) electronic copies of the same one year after the final distribution 2 of the Net Settlement Fund to Authorized Claimants. 3 4 SO ORDERED this 16th day of December 2024. 5 6 7 8 The Honorable James V. Selna 9 United States District Judge 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 CLASS DISTRIBUTION ORDER 4