Covisint Settles Securities Litigation for $9,000,000

If you held Covisint Corporation common stock between June 5, 2017, and July 26, 2017, you may be eligible to claim a portion of a $9,000,000 settlement from a class action lawsuit.

Covisint Corporation has agreed to settle a class action lawsuit for alleged breaches of fiduciary duties in connection with a merger agreement and the issuance of a misleading proxy statement.

Who can submit a claim?

Eligible class members include:

• Shareholders who held shares of Covisint common stock June 5, 2017, and July 26, 2017
• Shareholders who received or were entitled to receive the merger consideration

How much can class members get?

The actual recovery per share will depend on the total number of eligible shares.

For example, if the net settlement fund (after deducting taxes, fees, and expenses) is $8,000,000 and there are 35,000,000 eligible shares, the per-share recovery would be calculated as follows:

• Net Settlement Fund: $8,000,000
• Total Eligible Shares: 35,000,000
• Per-Share Recovery: $8,000,000 / 35,000,000 = $0.23 per share

How to claim an award

Eligible class members do not need to take any action to claim their award. Payments will be made automatically to the same account where the merger consideration was received.

How do I get paid?

Payments will be made in the same manner as the merger consideration. If your shares were held in a brokerage account, the payment will be deposited into that same account.

$9,000,000 Settlement Fund

The settlement fund of $9,000,000 will cover:

• Taxes and tax expenses
• Notice and administration costs
• Attorneys' fees and expenses
• Incentive awards for the lead plaintiffs
• Pro rata payments to eligible class members

Important dates

• Fairness Hearing: October 16, 2024
• Deadline to File a Claim: Not applicable

When is the Covisint Corporation Merger Litigation payout date?

The awards will be paid after the court grants final approval of the settlement and any appeals are resolved.

What happens next?

The court will hold a fairness hearing on October 16, 2024, to decide whether to approve the settlement. If approved, the settlement administrator will distribute the funds to eligible class members.