Robbins Geller and Abraham, Fruchter Propose Settlement in Sea Offerings Case

Proposed Settlement in Sea Offerings Litigation

In a significant legal development, the law firms Robbins Geller Rudman & Dowd LLP and Abraham, Fruchter & Twersky, LLP have officially announced a proposed settlement concerning the ongoing Sea Offerings litigation. Filed under the supervision of the Supreme Court of the State of New York, this case addresses the claims of individuals and entities that purchased or acquired American Depositary Shares (ADSs) or 0.25% convertible senior notes linked to Sea Limited, following its offerings in September 2021.

Background of the Case

The litigation stems from allegations concerning breaches of securities laws during Sea Limited's offerings. The court's proceedings have drawn substantial attention from investors and the legal community due to the potential implications for financial accountability in the public offerings of large corporations. The action has also highlighted the responsibilities of companies to provide accurate and complete information to potential investors.

Details of the Proposed Settlement

On May 12, 2025, the firms announced that a proposed settlement amounting to $40 million in cash has been reached. This settlement is intended to resolve claims against the defendants in the case. The plaintiffs, including the City of Taylor Police and Fire Retirement System and the General Retirement System of the City of Detroit, believe that this financial resolution is in the best interest of the affected class members. The hearing for settlement approval is scheduled for August 7, 2025, where the court will evaluate its fairness, reasonableness, and adequacy.

Your Rights as a Class Member

All individuals who are part of the Settlement Class are encouraged to review the terms of the proposed settlement thoroughly. A hearing will be held to discuss whether the settlement should proceed and which laws will govern the case moving forward. Class members must submit a Claim Form by August 4, 2025, in order to share in the distribution of the settlement fund.

Additionally, if class members wish to opt out of the settlement, they must submit their requests by July 7, 2025, ensuring that they are not bound by any decisions or outcomes from the litigation. Objections can also be made regarding the settlement terms, the allocation plan, or any fees proposed for plaintiffs' legal counsel, with the same July 7 deadline applicable.

Next Steps

Affected individuals are advised to monitor the court's docket and the Claims Administrator's dedicated website at Sea Offerings Settlement for updates and to facilitate their participation. It is noted that inquiries regarding the settlement should not be directed to the court or defendants directly but rather to designated class counsel and the Claims Administrator, Verita Global.

In summary, this proposed settlement marks an important step in addressing grievances surrounding Sea Limited's securities offerings. As investors and stakeholders anticipate the court's decision, this case underscores the critical role of legal firms in navigating complex financial litigation and upholding the principles of investor protection and corporate accountability.