Proposed Class Action Settlement Announced in Arqit Quantum Securities Litigation

Proposed Settlement in Arqit Quantum Inc. Securities Litigation

A proposed settlement has been announced in the ongoing Arqit Quantum Inc. Securities Litigation, addressing claims related to the merger between Arqit and Centricus. Managed by Kroll Settlement Administration, this settlement could potentially impact numerous shareholders. Here, we break down the essentials for those involved.

Key Details of the Class Action

The class action pertains to all beneficial holders of Centricus Acquisition Corp. units or Class A ordinary shares as of July 26, 2021, specifically those involved during the merger approval meeting held on August 31, 2021. It covers individuals who purchased Arqit ordinary shares or warrants between September 7, 2021, and December 13, 2022. The litigation, recorded as Case No. 122-cv-02604-PKC-SDE, is presently pending in the United States District Court for the Eastern District of New York.

This action arises from a series of challenges following the merger, prompting shareholders to seek restitution for perceived misrepresentations and other grievances regarding the offering materials filed with the SEC.

Settlement Hearing and Important Dates

A crucial hearing to discuss the proposed settlement and allocation plan is scheduled for June 1, 2026. During this session, the court will evaluate the fairness and reasonableness of the proposed settlement. They will also determine the award of attorneys' fees and expenses related to the plaintiffs' representation.

Settlement Fund and Claims Process

The defendants have agreed to allocate a cash settlement amounting to $7 million to release claims by class members relating to this action. Following the appropriate deductions for notice and administration costs, taxes, and attorney fees, the remaining net fund will be distributed to all eligible class members who file a valid proof of claim.

Participants must submit their claim forms electronically or postmarked by June 22, 2026, to be considered for the settlement distribution. It's imperative that those affected adhere to this deadline to ensure their eligibility.

Opt-Out and Objection Rights

For shareholders who wish to opt out of the class, requests must be received by May 11, 2026. Any individual intending to voice objections to the settlement, plan of allocation, or fee requests must submit their written objections to the court and the parties involved by the same date.

Notably, only designated class members may object to the settlement; thus, dual action of opting out and objecting is not permitted.

Further Information and Resources

Class members who have not received comprehensive documentation regarding the settlement or who need to access important forms and notices can do so through the dedicated settlement website: www.ArqitSecuritiesSettlement.com. Alternatively, inquiries can be directed to the claims administrator at Kroll Settlement Administration.

This significant legal action underscores the ongoing complexities involved in corporate mergers and the importance of shareholder claims in ensuring transparency and accountability. As the settlement hearing approaches, all affected shareholders should stay informed and prepared to take necessary action regarding their claims.