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Technology Stocks : Sequans Stock Discussion
SQNS 7.030-4.2%9:30 AM EST
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From: GaryMi9/28/2020 3:19:27 PM
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Lawsuit Conference Call Notes
I listened to the call today which was fairly short. Here are my brief notes.
They have received 1,191 claims but have not validated them. Lawyer later estimated 700 - 1,000 to be valid.
Claims have to go through audit with ABData.
ABData, the claims administrator will be paid no more than $200,000 out of the gross settlement.
About $1.6 million will go to the class.

I was not clear on subsequent events but this what I think they said.
It’ll take 1-2 months before they get a preliminary distribution and have the judge sign off on it.
After that it will take 5-6 months for finalizing and executing the distributions.

I wish we knew how many shares were represented. He did say they sent out 15,000 packets so the response rate was less than 10%, but that could represent considerably more than 10% of the shares.

So I’m optimistic that the actual recovery could be 3+ times the earlier estimates of $0.09 per share.
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