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Qihoo 360 Technology Co. Ltd.
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Order | Filed: March 12, 2024 | Entered: March 12, 2024 Altimeo Asset Management v. Qihoo 360 Technology Co. Ltd. et al
Securities/Commodities | New York Southern
Order on Motion for Settlement
ORDER GRANTING PRELIMINARY APPROVAL OF CLASS ACTION SETTLEMENT, APPROVING FORM AND MANNER OF NOTICE, AND SETTING DATE FOR HEARING ON FINAL APPROVAL OF SETTLEMENT granting 222 Motion for Settlement. IT IS HEREBY ORDERED, this 12th day of March, 2024 that: Pursuant to Rules 23(a) and (b)(3) of the Federal Rules of Civil Procedure, the Court preliminarily certifies, for purposes of the Settlement only, the Settlement Class of: all owners and fmmer owners of Qihoo Securities (i) who sold their Qihoo Securities during the period from December 18, 2015 through July 15, 2016, inclusive, and/or (ii) whose Qihoo Securities were tendered, cancelled, or exchanged in the Merger. Excluded from the Settlement Class are: (i) Defendants; (ii) any person who was an officer or director of Qihoo; (iii) members of the Immediate Families of the Individual Defendants and the directors and officers of Qihoo; (iv) any entity in which any Defendant has or had a controlling interest; and (v) the legal representatives, affiliates, heirs, beneficiaries, successors-in-interest, and assigns of any such excluded person or entity in (i)-(iv), in their respective capacity as such; and (vi) any persons or entities who or which exclude themselves by submitting a timely and valid request for exclusion that is accepted by the Court. Solely for the purposes of the proposed Settlement of this Action, the Court finds and preliminarily concludes that the prerequisites of class action certification under Rules 23(a) and 23(b)(3) of the Federal Rules of Civil Procedures have been satisfied for the Settlement Class defined herein and for the purposes of the Settlement only, in that: (a) the members of the Settlement Class are so numerous that joinder of all Settlement Class Members is impracticable; (b) there are questions of law and fact common to the Settlement Class Members and as further set forth in this Order; Pursuant to Rule 23 of the Federal Rules of Civil Procedure, and for purposes of the Settlement only, Altimeo and ODS are preliminarily certified as Class Representatives for the Settlement Class. The law film of Pomerantz LLP is preliminarily appointed Class Counsel for the Settlement Class. 5. A hearing (the "Settlement Hearing") pursuant to Rule 23(e) of the Federal Rules of Civil Procedure is hereby scheduled to be held before the Court, either in person or remotely at the Court's discretion, at the Thurgood Marshall United States Courthouse, 40 Foley Square, New York,NY 10007,in Courtroom 1305, on August 1, 2024, at 2:30 p.m. for the following purposes: (a) to determine whether the proposed Settlement is fair, reasonable and adequate, and should be approved by the Court; (b) to determine whether the proposed Final Order and Judgment ("Judgment") as provided under the Stipulation should be entered, and to determine whether the release by the Settlement Class of the Released Plaintiffs' Claims, as set forth in the Stipulation, should be provided to the Released Defendant Parties and as further set forth in this Order; The Court approves the retention of Angeion Group as the Claims Administrator. The Claims Administrator shall cause the Notice and the Claim Form, substantially in the forms annexed hereto, to be mailed, by first-class mail, postage prepaid, on or before ten (10) business days after entry of this Preliminary Approval Order ("Notice Date"), to all Settlement Class Members who can be identified with reasonable effort. Qihoo, to the extent it has not already done so, shall use its best efforts to obtain and provide to Plaintiffs' Counsel, or the Claims Administrator, at no cost to Plaintiffs' Counsel, the Settlement Class, or the Claims Administrator, within seven (7) business days of entry of this Preliminary Approval Order, its ADS Depositary ( or other appropriate entity) lists, in electronic searchable form, such as Excel, of: (i) Qihoo Securities holders and sellers of record during the Class Period and (ii) those whose Qihoo Securities were tendered, cancelled or exchanged in connection with the Merger, to the extent reasonably available. Until otherwise ordered by the Court, the Court stays all proceedings in the Action, other than proceedings necessary to carry out or enforce the terms and conditions of the Settlement. Pending final determination of whether the Settlement should be approved, Lead Plaintiffs, all Settlement Class Members, and each of them, and anyone who acts or purports to act on their behalf, shall not institute, commence or prosecute any action which asserts Released Plaintiffs' Claims against the Released Defendant Parties. The Court retains exclusive jurisdiction over the Action to consider all further matters arising out of or connected with the Settlement. (Signed by Judge Paul A. Engelmayer on 3/12/24) (yv)
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Utility | Filed: March 12, 2024 | Entered: March 12, 2024 Altimeo Asset Management v. Qihoo 360 Technology Co. Ltd. et al
Securities/Commodities | New York Southern
Set/Reset Hearings
Set/Reset Hearings: Settlement Conference set for 8/1/2024 at 02:30 PM in Courtroom 1305, 40 Centre Street, New York, NY 10007 before Judge Paul A. Engelmayer. (yv)
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Utility | Filed: March 12, 2024 | Entered: March 12, 2024 Altimeo Asset Management v. Qihoo 360 Technology Co. Ltd. et al
Securities/Commodities | New York Southern
Case Stayed
Case Stayed (yv)
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