Bowl America Securities Settlement: Claims & Payout Info

If you were a holder of Bowl America common stock and received $8.53 per share during the merger with Bowlero on August 18, 2021, you might be eligible to claim a portion of the $2,175,000 from a class action settlement.

Bowl America has agreed to settle a class action lawsuit for alleged breaches of fiduciary duties owed to its stockholders in connection with the merger.

Who are the class members?

The class members include all former holders of Bowl America common stock who were paid $8.53 per share at the time of the merger with Bowlero on August 18, 2021.

How much can class members get?

The settlement fund of $2,175,000 will be distributed on a pro rata basis to eligible stockholders. Based on the estimated number of shares held by settlement class members (2,403,537), the settlement amount represents approximately $0.90 per share before deducting any attorneys’ fees or expenses. After these deductions, the net amount to be distributed is estimated to be approximately $0.55 per share.

• Calculation: The total settlement amount is divided by the number of eligible shares (2,403,537), resulting in $0.90 per share. After attorney fees and other expenses, the net amount is $0.55 per share.
• Example: If you held 1,000 shares, you could expect approximately $550 after deductions.

Eligible stockholders will receive their portion of the settlement fund directly. There is no need to file a claim form or take any other action to receive a distribution from the settlement.

$2.175 million settlement fund

The settlement fund of $2,175,000 will cover the distribution to class members, attorneys’ fees, and other expenses. Class Counsel has requested a fee not to exceed 28% of the settlement amount, which includes reimbursement of litigation expenses and costs.

Important dates

• Settlement Hearing: December 12, 2024
• Deadline to Exclude Yourself from the Class: November 28, 2024

When is the Bowl America Settlement payout date?

The court will hold a settlement hearing on December 12, 2024, to determine whether to approve the settlement. If approved, the settlement fund will be distributed to eligible class members.

Why is there a class action settlement?

The lawsuit alleges that the defendants breached fiduciary duties owed to Bowl America stockholders in connection with the merger with Bowlero. The defendants deny all allegations of wrongdoing but have agreed to the settlement to resolve the claims without admitting any fault or liability.