Petition To Opt Out of AMC's Proposed Class Settlement
Petition To Opt Out of AMC's Proposed Class Settlement
The Issue
Petition to Opt Out of Proposed Class Action Settlement and Request to Deny- Motion to Lift Status Quo Order
In Re Case No. 2023-0215 (Allegheny County v AMC Entertainment Holdings Inc.)
Dear Honorable Morgan T. Zurn,
We, the undersigned shareholders, respectfully request that we be allowed to opt out of the settlement agreement in the above-captioned class action case. We further Notice the Court of the following:
We are AMC Entertainment Holdings Inc common stock holders who are part of the class in the above captioned case. Recently, it has come to our attention that a proposed settlement has been reached between the Plaintiffs and AMC. After careful review of the proposed settlement, we do not believe that the terms of the settlement are in the best interests of shareholders as a class.
Rather, the settlement appears to be a cash grab for the plaintiffs' attorneys, who stand to gain significant fees rather than a fair and just resolution for shareholders. This kind of action is typical in Delaware Chancery Court and counsel for the plaintiffs are repeat offenders. As such, we respectfully request that the undersigned be allowed to opt out of the settlement agreement.
We further request the Court deny any Motion to lift the Status Quo Order in effect at this time; until, at minimum, there is a resolution on the Plaintiff's request for Declaratory relief. We believe, the facts alleged on our behalf demonstrate a clear breach of DGCL 242, and equally as important- the fidicuary duty owed to shareholders.
It is our opinion that the settlement agreement does not provide adequate compensation for the harm caused to the class as a result of the defendant's actions. Accordingly, lifting the Status Quo Order prior to adjudication of our collective grievances will cause the class irreparable harm.
Therefore, we respectfully request that the court allow us to opt out of the settlement agreement to pursue our own legal actions and do so with the previously adopted Status Quo Order in effect.
Thank you for your attention to this matter.
Sincerely,
7,071
The Issue
Petition to Opt Out of Proposed Class Action Settlement and Request to Deny- Motion to Lift Status Quo Order
In Re Case No. 2023-0215 (Allegheny County v AMC Entertainment Holdings Inc.)
Dear Honorable Morgan T. Zurn,
We, the undersigned shareholders, respectfully request that we be allowed to opt out of the settlement agreement in the above-captioned class action case. We further Notice the Court of the following:
We are AMC Entertainment Holdings Inc common stock holders who are part of the class in the above captioned case. Recently, it has come to our attention that a proposed settlement has been reached between the Plaintiffs and AMC. After careful review of the proposed settlement, we do not believe that the terms of the settlement are in the best interests of shareholders as a class.
Rather, the settlement appears to be a cash grab for the plaintiffs' attorneys, who stand to gain significant fees rather than a fair and just resolution for shareholders. This kind of action is typical in Delaware Chancery Court and counsel for the plaintiffs are repeat offenders. As such, we respectfully request that the undersigned be allowed to opt out of the settlement agreement.
We further request the Court deny any Motion to lift the Status Quo Order in effect at this time; until, at minimum, there is a resolution on the Plaintiff's request for Declaratory relief. We believe, the facts alleged on our behalf demonstrate a clear breach of DGCL 242, and equally as important- the fidicuary duty owed to shareholders.
It is our opinion that the settlement agreement does not provide adequate compensation for the harm caused to the class as a result of the defendant's actions. Accordingly, lifting the Status Quo Order prior to adjudication of our collective grievances will cause the class irreparable harm.
Therefore, we respectfully request that the court allow us to opt out of the settlement agreement to pursue our own legal actions and do so with the previously adopted Status Quo Order in effect.
Thank you for your attention to this matter.
Sincerely,
7,071
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Petition created on April 5, 2023