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Pomerantz LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of the Common Stock of Paysign, Inc. - PAYS

LAS VEGAS, Jan. 20, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that the United States District Court for the District of Nevada has approved the following announcement of a proposed class action settlement that would benefit purchasers of Paysign, Inc. Common Stock (NASDAQ: PAYS):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO:    ALL PERSONS WHO PURCHASED OR ACQUIRED PAYSIGN, INC. COMMON STOCK BETWEEN MARCH 12, 2019, AND MARCH 31, 2020, BOTH DATES INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Nevada, that a hearing will be held on April 17, 2024, at 10:00 a.m. before the Honorable Gloria M. Navarro, United States District Judge of the District of Nevada, 333 Las Vegas Boulevard South, Courtroom 7D, Las Vegas, Nevada 89101 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $3,750,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to 33 1/3% plus interest of the Settlement Amount, reimbursement of expenses of not more than $110,000 and an incentive payment of no more than $10,000 to each Plaintiff, or $20,000 in total, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated December 15, 2023 (the “ Stipulation”).

If you purchased Paysign, Inc. (“Paysign”) common stock during the period between March 12, 2019, and March 31, 2020, both dates inclusive (the “Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Paysign common stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Long Notice”) and a copy of the Proof of Claim and Release Form (“Proof of Claim”), you may obtain copies by writing to or calling the Claims Administrator at Paysign, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net. You can also download copies of the Long Notice and submit your Proof of Claim online at www.strategicclaims.net/Paysign/. If you are a member of the Settlement Class, to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim electronically or postmarked no later than March 4, 2024 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than March 20, 2024, in the manner and form explained in the Long Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and Award to Plaintiffs must be in the manner and form explained in the detailed Long Notice and received no later than March 20, 2024, by each of the following:

Clerk of the Court
United States District Court
District of Nevada
333 Las Vegas Boulevard South
Las Vegas, NV 89101

LEAD COUNSEL:
Joshua B. Silverman
Omar Jafri
POMERANTZ LLP
10 South LaSalle Street
Suite 3505
Chicago, IL 60603
COUNSEL FOR DEFENDANTS
Daniel J. Tyukody
GREENBERG TRAURIG, LLP
1840 Century Park East
Suite 1900
Los Angeles, CA 90067

If you have any questions about the Settlement, you may call or write to Lead Counsel:

Joshua B. Silverman
Omar Jafri
POMERANTZ LLP
10 South LaSalle Street
Suite 3505
Chicago, IL 60603
Tel: (312) 377-1181

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

Dated: January 4, 2024                                    

_______________________________
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE
DISTRICT OF NEVADA