#United States #Class Action #Wilmington #Settlement #Power & Digital

Class Action Settlement Announcement

Scott+Scott Attorneys at Law LLP recently announced a significant development regarding a stockholder class action lawsuit involving Power & Digital Infrastructure Acquisition Corp, commonly referred to as XPDI. This lawsuit concerns the holders of the company’s Class A common stock who retained their shares during a specific period—between January 14, 2022, and January 20, 2022.

Overview of the Case

The case, overseen by the Court of Chancery of the State of Delaware, is led by Plaintiff Brad Ihle, who filed the action to represent all similarly situated stockholders. In this class action, the court identified the 'Class' as all individuals who were record and beneficial holders of XPDI’s Class A common stock during this defined timeframe.

A notable aspect of this announcement is the proposed settlement amount, which stands at an impressive $14.75 million in cash. This proposal comes after lengthy discussions and is aimed at addressing all claims lodged against the defendants associated with XPDI’s operations during the relevant period. Notably, the defendants include key figures linked to the firm, such as Theodore J. Brombach and Patrick C. Eilers.

Settlement Hearing Details

An essential component of the settlement process is the upcoming hearing set for March 17, 2026, at 11:00 AM. This hearing will be critical in determining the final approval of the settlement. The venue for this important event will either be at the Court of Chancery in Wilmington, Delaware, or it may also be conducted remotely via telephone or videoconference based on the Court’s discretion.

During this hearing, the court will evaluate several factors, including:
1. Whether the class should be officially certified for settlement purposes.
2. The fairness and reasonableness of the proposed settlement.
3. The potential for the action to be dismissed with prejudice with all releases granted as per the stipulation.
4. The proposed plan for distributing the settlement fund among eligible class members.

As the settlement moves forward, any modifications concerning hearing logistics, including time adjustments, will be communicated via updates on the dedicated settlement website.

Participation in the Settlement

For those who hold a stake in this class action, it’s important to recognize that your rights may be significantly influenced by the ongoing proceedings and the proposed cash settlement. Eligible class members stand to benefit from a share of the net settlement fund, with disbursements made on a pro-rata basis once the settlement becomes effective.

Eligible participants will receive calculated distributions based on the number of shares they held—a process that simplifies their ability to claim a financial payout without the need to submit a claim form. This approach ensures that eligible members seamlessly receive their due compensation.

Key Deadlines and Objection Process

For those wishing to voice concerns regarding the settlement or the assigned plan for distribution, they must file objections by February 24, 2026. These should be directed to the Register in Chancery at the Court of Chancery, following the specified instructions outlined in the notice to the class members. However, it is important for individuals to refrain from contacting the court directly about this summary notice.

Interested members of the public or affected shareholders can reach out to the Settlement Administrator for further inquiries or to request additional documents pertaining to the settlement. Contact information is provided for reaching the administrators and the plaintiff’s legal representatives.

Conclusion

In conclusion, this proposed settlement represents a pivotal moment for XPDI shareholders, allowing them to potentially recover some of their investments. The court’s ruling and the overall approval process will contribute significantly to determining the future of this class action lawsuit. Stakeholders are encouraged to stay informed and actively participate in this critical phase of the litigation process.