SAN DIEGO–()–The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Sea Limited Securities Settlement:

SUPREME COURT OF THE STATE OF NEW YORK

COUNTY OF NEW YORK: COMMERCIAL DIVISION

 

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MICHAEL PLUTTE, Individually and on Behalf of All Others Similarly Situated,

Plaintiff,

vs.

SEA LIMITED, FORREST XIAODONG LI, GANG YE, TONY TIANYU HOU, COLLEEN A. DE VRIES, YUXIN REN, NICHOLAS A. NASH, DAVID HENG CHEN SENG, KHOON HUA KUOK, GOLDMAN SACHS (ASIA) L.L.C., MORGAN STANLEY & CO. INTERNATIONAL PLC, CREDIT SUISSE SECURITIES (USA) L.L.C., CLSA LIMITED, CITIGROUP GLOBAL MARKETS INC., COWEN AND COMPANY,

LLC, NOMURA SECURITIES INTERNATIONAL, INC., PIPER JAFFRAY & CO., STIFEL NICOLAUS & COMPANY,

INCORPORATED, PT MADIRI SEKURITAS, TUDOR, PICKERING, HOLT & CO. SECURITIES, INC., BDO CAPITAL & INVESTMENT CORPORATION, CATHAY SECURITIES CORPORATION OFFSHORE SECURITIES UNIT, DBS BANK LTD., VIET CAPITAL SECURITIES JSC and COGENCY GLOBAL INC.,

Defendants.

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Index No. 655436/2018

The Honorable Jennifer G. Schecter, J.S.C.

PART 54

CLASS ACTION

SUMMARY NOTICE OF PROPOSED

SETTLEMENT OF CLASS ACTION

 

X

 

TO:

ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED SEA LIMITED (“SEA LTD.” OR THE “COMPANY”) AMERICAN DEPOSITORY SHARES (“ADS”) PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH SEA LTD.’S OCTOBER 2017 INITIAL PUBLIC OFFERING (“IPO” OR “OCTOBER 2017 IPO”)

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on April 1, 2021, at 11:30 a.m., before the Honorable Jennifer G. Schecter, J.S.C., Supreme Court of New York, County of New York: Commercial Division, 60 Centre Street, New York, NY 10007, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action as set forth in the Stipulation of Settlement (“Stipulation”)1 for $10,750,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation should be entered; (3) to award Plaintiff’s Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below), and, if so, in what amount; (4) to award Plaintiff for representing the Settlement Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.2

This Action is a securities class action brought on behalf of those persons who purchased or acquired Sea Ltd. ADS pursuant or traceable to the Registration Statement and Prospectus for Sea Ltd.’s IPO, against Sea Ltd. and others (collectively, “Defendants”) for, among other things, allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the IPO. Plaintiff alleges that these purportedly false and misleading statements inflated the price of the Company’s stock, resulting in damage to Settlement Class Members when the truth was revealed. Defendants deny all of Plaintiff’s allegations.

IF YOU PURCHASED OR ACQUIRED SEA LTD. ADS PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH SEA LTD.’S OCTOBER 2017 IPO, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than March 29, 2021) or electronically (no later than March 29, 2021). Your failure to submit your Proof of Claim by March 29, 2021, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Settlement Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.SeaLimitedSecuritiesSettlement.com, or by writing to:

Sea Limited Securities Litigation Settlement

Claims Administrator

c/o Gilardi & Co. LLC

P.O. Box 43309

Providence, RI 02940-3309

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP

Ellen Gusikoff Stewart

655 West Broadway, Suite 1900

San Diego, CA 92101

Telephone: 800-449-4900

IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY MARCH 11, 2021, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFF’S COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND/OR THE AWARD TO PLAINTIFF FOR REPRESENTING THE SETTLEMENT CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL BY MARCH 18, 2021, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: December 8, 2020

BY ORDER OF THE SUPREME COURT OF NEW YORK

COUNTY OF NEW YORK: COMMERCIAL DIVISION

THE HONORABLE JENNIFER G. SCHECTER, J.S.C.


1 1 The Stipulation can be viewed and/or obtained at www.SeaLimitedSecuritiesSettlement.com.

2 In light of the outbreak of the Coronavirus (COVID-19), the Court may decide to conduct the Settlement Fairness Hearing by video or telephone conference, or otherwise allow Settlement Class Members to appear at the hearing by phone. No further notice of such decision will be provided to the Settlement Class. In order to determine whether the date and time of the Settlement Fairness Hearing have changed, or whether Settlement Class Members must or may participate by phone or video, it is important that you monitor the Settlement website, www.SeaLimitedSecuritiesSettlement.com, before making any plans to attend the Settlement Fairness Hearing. Any updates and information for accessing a telephonic or video Settlement Fairness Hearing will be posted to the Settlement website, www.SeaLimitedSecuritiesSettlement.com.

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