#United States #New York #Settlement #Securities Act #ViacomCBS

Proposed Settlement Details for ViacomCBS Investors

In recent developments, Bernstein Litowitz Berger & Grossmann LLP and Glancy Prongay & Murray LLP have announced a significant notice regarding a proposed class-action settlement that affects individuals and entities who purchased or acquired ViacomCBS Inc.'s common stock or preferred stock in March 2021. This action has arisen from accusations against major investment firms concerning misstatements related to this stock's public offerings.

Overview of the Case

The core of this case revolves around allegations that major financial institutions, including Morgan Stanley, Goldman Sachs, and Wells Fargo Securities, violated key provisions of the Securities Act of 1933. The plaintiffs assert that these defendants were involved in misleading claims during both initial and secondary public offerings of ViacomCBS stock that took place in March 2021. The claims highlight the defendants' alleged failure to disclose significant risks associated with Archegos Capital Management, which had implications for the value of the shares being sold.

This lawsuit determines the rights of those classified as Class Members — anyone who acquired shares as described in the legal filing between the specified dates associated with ViacomCBS offerings.

Settlement Hearing

Scheduled for August 5, 2025, at 10:00 AM, this hearing will be presided over by Justice Andrew Borrok at the New York County Courthouse. The court's agenda will include assessing whether the proposed settlement amounting to $120 million is fair and reasonable. This fund will address claims from class participants who have been negatively affected by the alleged misstatements.

Important Dates and Actions Required

For anyone eligible to claim part of the settlement, a Proof of Claim and Release Form must be submitted no later than August 22, 2025. It is crucial that Class Members complete this process accurately, as failure to do so may result in disqualification from receiving any compensation from the settlement initiatives.

Those wishing to exclude themselves from the class must submit a request by July 15, 2025. By excluding oneself, individuals will not be bound by the outcomes of this case and will not participate in the potential financial recovery from the settlement fund.

The Legal Team and Inquiries

The case has generated significant attention and questions from affected parties. Individuals requiring further information can visit ViacomArchegosSecuritiesLitigation.com to access comprehensive documents and updates regarding the court proceedings. Questions and requests for documentation should not be directed to the court but can be funneled through the legal teams involved.

For inquiries related to class counsel, representatives from Bernstein Litowitz Berger & Grossmann LLP and Glancy Prongay & Murray LLP are available, offering guidance for those navigating these legal matters. All communications must adhere to the deadlines established by the court.

Conclusion

This proposed settlement represents a pivotal moment for investors who engaged with ViacomCBS during its 2021 stock offerings. With the court's forthcoming decisions, both class members and the defendants will be monitored closely as they navigate the complexities of financial claims and litigation outcomes. Investors are encouraged to remain updated on this high-stakes case to protect their rights and potential recoveries.