Settlement of Yi Xiang v. Inovalon Holdings, Inc., Keith R. Dunleavy, Thomas R. Kloster, Denise K. Fletcher, André S. Hoffmann, Lee D. Roberts, William J. Teuber Jr., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith, Incorporated and UBS Securities LLC, Case No. 1:16-cv-04923-VM-KNF
The parties have reached a settlement of this action, pending in the United States District Court for the Southern District of New York. The settlement provides for the payment of $17,000,000 for the benefit of eligible Class Members. Lead Plaintiff Roofers Local No. 149 Pension Fund alleged that Defendants violated §§11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing materially false and misleading statements and omitting material information in the Registration Statement filed in connection with Inovalon Holdings, Inc.’s (“Inovalon”) initial public offering of common stock on or about February 12, 2015.
The Class consists of all Persons who purchased or otherwise acquired, on or before August 5, 2015, Inovalon common stock. Excluded from the Class are: Defendants, the officers and directors of Inovalon during the Class Period, members of the immediate family of any Individual Defendant and the legal representatives, heirs, successors or assigns of any of the foregoing, as well as any entity in which Defendants have or had a controlling interest, provided, however, that any “Investment Vehicle” shall not be excluded from the Class. Also excluded from the Class is any Class Member that validly and timely requests exclusion in accordance with the requirements set by the Court.
The settlement was approved by the Court on July 15, 2019.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.