The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys’ Fees and Expenses (the “Notice”), which you can access by clicking here
. Since this website is just a summary, you should review the Notice for additional details.
The Parties have reached a proposed settlement for $11,000,00 in cash (the “Settlement”) for the benefit of the Settlement Class, which is subject to approval by the Court.
If you are a member of the Settlement Class, you are subject to the Settlement, and you may be eligible for a payment from the Settlement, unless you timely request to be excluded. The Settlement Class consists of the following:
All persons and entities that purchased or otherwise acquired Benefitfocus publicly traded common stock pursuant and/or traceable to the Offering Documents issued in connection with the March 1, 2019 SPO and/or who subsequently purchased or otherwise acquired Benefitfocus publicly traded common stock during the Class Period, and who were damaged thereby.
Excluded from the Settlement Class are: (i) Defendants; (ii) the Individual Defendants’ immediate family members; (iii) the officers, directors, and affiliates of Benefitfocus; (iv) the Selling Stockholder Defendants and the Underwriter Defendants at all relevant times; (v) any entity in which a Defendant has or had a majority ownership interest; (vi) the legal representatives, heirs, successors or assigns of any excluded person or entity; and (vii) any persons or entities who or which exclude themselves by submitting a timely and valid request for exclusion that is accepted by the Court.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu on the left of this page.
Payments to eligible claimants will be made only if the Court approves the Settlement and a Plan of Allocation, only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
Please read the Notice carefully. If you have questions, you may call the Benefitfocus Securities Settlement Help Line at 1-866-905-8128 or email info@BenefitfocusSecuritiesSettlement.com.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT |
SUBMIT A CLAIM FORM BY DECEMBER 27, 2022 | The only way to be eligible to receive a payment. See Question 8 of the Notice for details. |
EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY NOVEMBER 10, 2022 | If you exclude yourself from the Settlement Class, you will receive no payment pursuant to this Settlement. This is the only option that will, assuming your claim is timely brought, allow you to seek recovery from the Defendants or the other Defendant Releasees through other litigation, at your own expense. See Question 11 of the Notice for details. |
OBJECT BY NOVEMBER 10, 2022 | Write to the Court and explain why you do not agree with the Settlement, the requested Judgment to approve the Settlement, the Plan of Allocation, and/or Lead Counsel’s Fee and Expense Application. If you object, you will still be a member of the Settlement Class. See Question 16 of the Notice for details. |
A HEARING WAS HELD ON DECEMBER 1, 2022 | On December 1, 2022, the Court held a hearing to consider
final approval of the Settlement and related matters. On December 1, 2022, the
Court entered a Final Order and Judgment approving the Settlement. |
DO NOTHING | Receive no payment, remain a Settlement Class Member, give up your rights to seek recovery from the Defendants and the other Defendant Releasees through other litigation, and be bound by the Judgment entered by the Court if it approves the Settlement, including the release of Plaintiffs’ Released Claims. |