Ring Energy, Inc. Derivative Litigation – Important Settlement InformationJune 07, 2022
On May 26, 2022, the parties in the action Solak v. Rochford, et al. (Ring Derivative Litigation), No. 3:19-cv-00410-MMD-CSD, filed a Stipulation of Compromise and Settlement (the “Settlement”) [CLICK HERE TO VIEW SETTLEMENT AGREEMENT], which sets forth the terms and conditions for the proposed settlement and dismissal with prejudice of the action, subject to review and approval by the Court pursuant to Federal Rule of Civil Procedure 23.1 and upon notice of the current stockholders of Ring Energy, Inc. (“Ring” or the “Company”) [CLICK HERE TO VIEW NOTICE].
On June 2, 2022, Chief Judge Miranda M. Du of the United States District Court for the District of Nevada entered a scheduling order which set a date to consider approval of the Settlement (the “Settlement Hearing”), which shall be held on August 9, 2022, at 9:00 a.m. PST in the Bruce R. Thompson Federal Courthouse, 400 S. Virginia St., Reno, Nevada, 89501, or via Zoom videoconference. At the Settlement Hearing, the Court will: (a) determine whether the proposed Settlement, on the terms and conditions provided for in the Settlement Agreement, is fair, reasonable, and adequate and in the best interests of Ring and its current stockholders; (b) determine whether the Court should finally approve the Settlement and enter the Order and Final Judgment as provided in the Settlement, dismissing the Action with prejudice and extinguishing and releasing the Released Claims; (c) hear and determine any objections to the proposed Settlement; (d) determine whether the Court should approve Plaintiff’s Fee and Expense Application; and (e) rule on such other matters as the Court may deem appropriate. [CLICK HERE TO VIEW SCHEDULING ORDER].
Ring shareholders with questions about the Settlement should contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or by email at email@example.com.