Pomerantz LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Securities of Arrow Financial Corporation - AROW
PRNewswire 23-Sep-2024 8:00 AM
ALBANY, N.Y., Sept. 23, 2024 /PRNewswire/ -- Pomerantz LLP announces that the United States District Court for the Northern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of Arrow Financial Corporation (NASDAQ:AROW):
SUMMARY NOTICE OF PENDENCY AND
PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED ARROW FINANCIAL CORPORATION SECURITIES BETWEEN AUGUST 6, 2022 AND MAY 12, 2023, BOTH DATES INCLUSIVE, AND WHO WERE ALLEGEDLY DAMAGED THEREBY.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of New York, that a hearing will be held on January 10, 2025, at 11:00 a.m., before the Honorable Anne M. Nardacci, at the United States District Court, Northern District of New York, Courtroom 6, 445 Broadway, Albany, New York 12207, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for the sum of $850,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed Plan of Allocation to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys' fees of no more than 33.4% of the Settlement Amount plus interest, reimbursement of litigation expenses of no more than $85,000 plus interest, and awards to Plaintiffs of no more than $4,000, in aggregate, from the Settlement Amount should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated June 7, 2024 ("Stipulation"). Lead Counsel has also applied for up to $125,000 to pay for Administrative Costs.
The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means. The Court appointed Pomerantz LLP as Lead Counsel to represent you and the other Settlement Class Members. However, you have the right to retain your own counsel and the right to appear at the Settlement Hearing through counsel of your choosing.
If you purchased or otherwise acquired Arrow Financial Corporation ("Arrow") securities between August 6, 2022 and May 12, 2023, both dates inclusive, your rights may be affected by this Settlement. As further described in the Notice of Pendency and Proposed Settlement of Class Action ("Notice"), you will be bound by any judgment entered in the Action, whether or not you make a claim, unless you request exclusion from the Settlement Class. If you have not received the Notice and the Proof of Claim and Release Form, you may obtain copies by visiting www.strategicclaims.net/Arrow/ or by contacting the Claims Administrator at info@strategicclaims.net or toll-free at (866) 274-4004. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form to the Claims Administrator in the form and manner detailed in the Notice so that it is postmarked or submitted electronically no later than January 17, 2025.
If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than December 20, 2024, 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 any judgment entered in the Action pursuant to the Stipulation.
Any objection to the Settlement, Plan of Allocation, or Lead Counsel's request for an award of attorneys' fees and reimbursement of expenses and awards to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than December 20, 2024, by each of the following:
CLERK OF THE COURT:
United States District Court
Northern District of New York
445 Broadway
Albany, New York 12207
LEAD COUNSEL:
Brenda Szydlo
POMERANTZ LLP
600 Third Ave., 20th Fl.
New York, NY 10016
DEFENSE COUNSEL:
William J. Sushon
O'MELVENY & MYERS LLP
1301 Ave. of the Americas, 17th Fl.
New York, NY 10019
If you have any questions about the Settlement, you may call or write to Lead Counsel for Plaintiffs:
Brenda Szydlo
POMERANTZ LLP
600 Third Avenue, 20th Floor
New York, NY, 10016
(212) 661-1100
bszydlo@pomlaw.com
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
Dated: August 26, 2024
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
NORTHERN DISTRICT OF NEW YORK
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SOURCE Pomerantz LLP
