NN, Inc. Securities Litigation Settlement

Update: On February 7, 2024, the Net Settlement Fund was distributed on a pro rata basis to all Authorized Claimants. The distribution was calculated in accordance with the Court-approved Plan of Allocation described in the Notice. If you have any questions, please contact us.

If you purchased or acquired the common stock of NN, Inc. in the Secondary Public Offering of September 14, 2018, you may be eligible to receive a payment from this settlement.

Plaintiff claims that Defendants violated §§11, 12(a)(2), and 15 of the Securities Act of 1933 (the “Securities Act”) by reason of material untrue statements in the Registration Statement and Prospectus (“Offering Documents”) for NN’s Secondary Public Offering ("SPO").  Specifically, Plaintiff alleges that the Offering Documents falsely claimed that NN had transformed itself from a ball and roller operation focused predominantly on the cyclical automotive end market into a “global diversified company” that possessed “a comprehensive geographic footprint in attractive high-growth market segments,” including Asia, that “provide[d] resistance to localized market and geographic fluctuations and help[ed] stabilize overall product demand.”

 In this regard, Plaintiff alleged that at the time of the SPO, several NN business segments were experiencing undisclosed slow-downs in growth and revenue. By the time of the SPO, which closed just 12 days before the end of the third quarter of 2018, Plaintiff alleges these events were adversely impacting NN’s financial results.  Plaintiff further alleges that investors knew none of this, however, because Defendants failed to disclose these material adverse events, and their impact on NN’s performance, in the Offering Documents.

The Court has not ruled as to whether Defendants are liable to Plaintiff or the Settlement Class.  The content on this website is not intended to be an expression of any opinion by the Court with respect to the truth of the allegations in the litigation or the merits of the claims or defenses asserted.  It is intended solely to advise you of the proposed Settlement of the litigation and your rights in connection with that Settlement.  

The Settlement, if approved, will result in the creation of a cash settlement fund of $9,500,000 (the “Settlement Fund”).  The Settlement Fund, plus accrued interest and minus the costs of this Notice and all costs associated with the administration of the Settlement Fund, as well as attorneys’ fees and expenses, and the award to Plaintiff for representing the Settlement Class, as approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Settlement Class Members pursuant to the Plan of Allocation that is available in the Documents section of this website.

Note: Any capitalized terms not defined herein shall have the meanings ascribed to them in the Stipulation.

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT

File a Claim	The filing deadline has passed. To qualify for payment, you must have submitted a Proof of Claim and Release Form to the Claims Administrator so that it was mailed or submitted electronically by December 15, 2022.
Exclude Yourself	The exclusion deadline has now passed.  You must have completed and mailed your written “Request for Exclusion” so that it was postmarked no later than November 15, 2022.
Object	The objection deadline has now passed.  Your objection must have been received on or before November 15, 2022.
Go to a Hearing	The Settlement Fairness Hearing took place on December 1, 2022.  The Settlement was approved.  For details, see the Final Approval Order.
Do Nothing	If you are a Class Member and you do nothing, you will not get any money from the Settlement. You will remain in the Settlement Class and be bound by the decisions of the Court in this matter.