Proposed Settlement Alert for CarLotz, Inc. Investors in New York's Class Action Litigation

Proposed Settlement for CarLotz, Inc. Investors

On February 17, 2025, Kahn Swick & Foti, LLC announced significant news regarding securities litigation involving CarLotz, Inc. and Acamar. According to a ruling by the United States District Court for the Southern District of New York, a hearing is scheduled for June 10, 2025, aimed at addressing potential settlements collectively amounting to $13 million. This settlement affects individuals and entities who acquired securities of CarLotz, Inc. or Acamar between October 22, 2020, and May 26, 2021.

Court Hearing Details

The hearing will be held at 1:00 PM in Courtroom 15A of the Daniel Patrick Moynihan U.S. Courthouse located at 500 Pearl Street, New York, NY. During this session, several critical issues will be decided:
1. Whether the proposed cash settlement of $13 million should be approved as a fair resolution.
2. The ruling on whether to dismiss the case with prejudice, based on the stipulations set forth in the settlement agreement dated January 24, 2025.
3. Evaluation of the proposed Plan of Allocation regarding how the settlement funds are distributed to affected investors.
4. Consideration of any applications for attorneys' fees and reimbursement expenses incurred during the litigation.

Important Actions for Investors

Affected investors should pay close attention, as their rights may be influenced by the outcomes of this litigation settlement. To stay updated, investors can visit the dedicated website at www.CarLotzSecuritiesLitigation.com for more information. This site offers access to crucial documents, including the Notice of Pendency and Proposed Settlement of Class Action and the Proof of Claim and Release forms.

Those wishing to claim a share of the settlement must submit these forms electronically by May 2, 2025. Furthermore, there is a deadline of May 20, 2025, for anyone wanting to opt out of the settlement class.

Class Member Guidelines

Settlement Class Members who do not exclude themselves from the settlement will be bound by the judgements that arise from this case. Those who choose to exclude themselves from the class may find it challenging to pursue individual claims due to the expiration of specific statutes of repose.

If you have objections regarding the settlement, they need to be mailed to Lead Counsel Kahn Swick & Foti, LLC by May 20, 2025. The addresses for Lead Counsel and the individual defendants are included in the official notification documents.

Final Thoughts

In conclusion, this proposed settlement presents a significant opportunity for investors in CarLotz, Inc. and Acamar. It is crucial for stakeholders to understand their rights and the steps needed to take action regarding their claims. These developments could pave the way to meaningful compensation for those impacted by the alleged securities violations. For a deeper understanding, continue to monitor updates from Kahn Swick & Foti, LLC and the designated website for any changes leading up to the hearing date.