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If you were a public stockholder of Eos Energy Enterprises, Inc. (formerly known as B. Riley Principal Merger Corp. II) between November 10, 2020, and November 16, 2020, you may be eligible to claim a portion of an $8,500,000 class action settlement.
B. Riley Principal Sponsor Co. II has agreed to pay $8,500,000 to settle a class action lawsuit for alleged breaches of fiduciary duties and other violations of law related to the merger with Eos Energy Enterprises, Inc.
Who are the class members?
Class members include all record and beneficial holders of BRII Common Stock who held such shares between 10 a.m. ET on November 10, 2020, through November 16, 2020.
The class members must have held shares that were not submitted for redemption in connection with the merger. The class includes successors in interest but excludes certain individuals and entities as detailed in the exclusions section.
- Eligible Class Members:
- Record and beneficial holders of BRII Common Stock
- Shares held between 10 a.m. ET on November 10, 2020, through November 16, 2020
- Shares not submitted for redemption in connection with the merger
- Successors in interest
How much can class members get?
The settlement provides a net settlement fund from which eligible class members can claim a pro rata share.
The amount each class member receives will depend on the number of eligible shares they held and whether they sold those shares for less than the redemption price of $10.10.
If a class member sold shares for less than $10.10, the difference between the sale price and $10.10 will be used to calculate their claim.
If shares were held until the filing of the complaint, the difference between $10.10 and the closing price on the complaint date ($1.86) will be used.
Calculation Example
For example, if you held 100 shares and sold them for $9.00, your total loss would be $1.10 per share, resulting in a claim of $110.
- Tier 1: Shares sold for less than $10.10
- Calculation: (Redemption Price - Sale Price) x Number of Shares
- Example: (10.10 - 9.00) x 100 = $110
- Tier 2: Shares held until the filing of the complaint
- Calculation: (Redemption Price - Closing Price on Complaint Date) x Number of Shares
- Example: (10.10 - 1.86) x 100 = $824
Is proof required to submit a claim?
Yes, claimants need to provide proof of their holdings and transactions.
Claimants must submit documentation such as:
- stockbroker confirmation slips
- monthly statements
- or equivalent documents to verify claims
How to claim an award
To claim an award, class members must submit a completed claim form by mail or online. You can file a claim online.
Mail submissions should be sent to:
BRII Stockholders Settlement
c/o A.B. Data, Ltd.
PO Box 170500
Milwaukee, WI 53217
Claim forms must be postmarked or submitted online no later than November 4, 2024.
Payment methods
Payments will be made via check to the address provided in the claim form.
$8,500,000 Settlement Fund Breakdown
The settlement fund of $8,500,000 will cover:
- Payments to eligible class members based on their pro rata share.
- Attorneys' fees and expenses, not to exceed 20% of the settlement fund.
- Administrative costs associated with processing claims.
Important dates
- Deadline to File a Claim: November 4, 2024
- Fairness Hearing: October 17, 2024
When is the BRII Stockholders Settlement payout date?
Payments will be made after the court approves the settlement and all claims are processed, which may take several months.
Why was there a class action settlement?
The lawsuit alleged that the defendants breached their fiduciary duties by impairing stockholder redemption rights and providing misleading information in the merger proxy. The settlement was reached to avoid the costs and risks of further litigation.
What happens next?
After the fairness hearing on October 17, 2024, the court will decide whether to approve the settlement. If approved, claims will be processed, and payments will be distributed to eligible class members.
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