Pomerantz LLP Announces Proposed Settlement of Securities Class Action

NEW YORK, Oct. 03, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP announces that the Supreme Court of the State of New York County of New York: Commercial Division has approved the following announcement of a proposed settlement of a securities class action lawsuit that would benefit buyers of Jiayin Group , Inc. American Depository Shares JFIN:

SUMMARY NOTICE OF THE PROPOSED SETTLEMENT THE CLASS ACTION

TO: ALL PERSONS WHO OWN AMERICAN DEPOSITORY SHARES (“ADS”) OF JIAYIN GROUP, INC. (“JIAYIN” OR THE “COMPANY”) PURCHASED OR OTHERWISE ACQUIRED BETWEEN MAY 10, 2019 AND SEPTEMBER 2, 2020, INCLUDING, PURSUANT TO AND/OR TRACEABLE TO JIAYIN’S INITIAL PUBLIC OFFERING (“IPO”) RELATED TO THE COMPANY’S IPO WAS GRANTED ON MAY 10, 2019

YOU ARE HEREBY NOTIFIED that pursuant to an Order of the Supreme Court of the State of New York, County of New York, on December 2, 2022 at 11:30 a.m. a hearing will be held before the Honorable Andrew Borrok, JSC, 60 Center Street, Room 238, New York, New York 10007 for the purpose of determining: (1) whether the proposed settlement1 the claims in the aforesaid lawsuit for consideration, including the sum of $2,000,000, should be determined by the court to be fair, equitable and equitable; (2) whether the proposed settlement proceeds distribution plan is fair, reasonable and reasonable; (3) whether Class Counsel’s motion for award of attorneys’ fees of up to thirty-three percent of the Settlement Amount ($660,000) plus interest, costs of reimbursement of not more than $150,000 and a compensatory award to Plaintiff of not more than $5,000 should be granted; and (4) whether this claim should be dismissed with prejudice as set forth in the provision.

If you purchased or acquired American Depository Shares (“ADSs”) from Jiayin Group, Inc. (“Jiayin” or the “Company”) between May 10, 2019 and September 2, 2020 inclusive, pursuant to and/or traceable to Jiayin have an initial public offering (“IPO”) to be completed in connection with the Company’s IPO on March 10, 2008.


Read full story here https://www.benzinga.com/pressreleases/22/10/g29117487/pomerantz-llp-announces-proposed-securities-class-action-settlement-on-behalf-of-purchasers-of-jia