Triterras Securities Settlement
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WELCOME TO THE TRITERRAS SECURITIES SETTLEMENT WEBSITE

This website has been established to provide general information related to the proposed settlement of the lawsuit referred to as Erlandson v. Triterras, Inc., et al., No. 7:20-cv-10795-CS (the “Action”), and is pending before the Honorable Cathy Seibel in the United States District Court for the Southern District of New York (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement (the "Stipulation") dated April 27, 2022, which can be found and downloaded by clicking on the Case Documents tab above.

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

This is a securities class action brought against Triterras, Inc. ("Triterras" or "Company") and certain of its officers and directors (collectively, "Defendants") for alleged violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 (“Securities Act”) and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”).  The Action asserts claims on behalf of all Persons who purchased or otherwise acquired the Class A common stock or warrants of Triterras from June 29, 2020 to and including January 14, 2021 (the “Class”).

Plaintiffs’ claims in the Action are set forth in the Amended Complaint, filed on July 1, 2021 (“Complaint”). In general, Plaintiffs allege that Defendants failed to disclose or otherwise misrepresented information about several subjects: (i) relationships between insiders at Defendant Netfin Acquisition Corporation ("Netfin") and Defendant Triterras Fintech Pte. Ltd. ("Fintech") and the employment history of certain executives, some of whom occupied management-level positions at Triterras; (ii) the way in which Netfin’s acquisition of Fintech arose in the series of transactions which resulted in Triterras’s formation; (iii) related-party Rhodium Resources Pte. Ltd.'s ("Rhodium") financial condition and implications for Triterras’s business; (iv) the users of Fintech’s trading platform; and (v) the state of the commodities trade financing industry. The Complaint alleges that investors suffered losses under the Securities Act and the Exchange Act when the trading price of Triterras securities declined after the December 17, 2020 disclosure on Rhodium and the publication of reports on December 17, 2020 and January 14, 2021 about insider relationships, alleged related-party transactions, and other information.

If you purchased or acquired Triterras Class A common stock or warrants from June 29, 2020 through and including January 14, 2021, you are a Class Member.   As set forth in the Stipulation, excluded from the Class are: Defendants and their families, officers, affiliates, entities in which they have or had a controlling interest, and the legal representatives, heirs, successors-in-interest or assigns of any such excluded party. Also excluded is anyone who timely and validly requests exclusion from the Class, as approved by the Court.

WHAT DOES THE SETTLEMENT PROVIDE?

The proposed Settlement will create a cash settlement fund of $9,000,000 (the “Settlement Fund”), plus any interest that may accrue thereon less certain deductions.

The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax-related expenses, as well as attorneys’ fees and expenses, and the amount to Plaintiffs in connection with their representation of the Class, as approved by the Court, will be available for distribution to Class Members. Your recovery from this fund will depend on several factors, including when you bought and sold your Triterras Class A common stock or warrants and how much you paid. 

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation.  We recommend you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM POSTMARKED (OR ONLINE) NO LATER THAN SEPTEMBER 1, 2022

This is the only way to be potentially eligible to receive a payment from the Settlement.

EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN AUGUST 16, 2022

Get no payment. This is the only option that allows you to ever be part of any other lawsuit against Defendants concerning the claims that were, or could have been, asserted in this Action. It is also the only way for Class Members to remove themselves from the Class. If you are considering excluding yourself from the Class, please note that there is a risk that any new claims asserted against Defendants would be time-barred. You should talk to a lawyer before you request exclusion from the Class for the purpose of bringing a separate lawsuit.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN AUGUST 16, 2022

Write to the Court and counsel identified in the Notice and explain why you do not like the Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and expenses or award to Plaintiffs. In order to object, you must remain a Class Member, may not request to exclude yourself from the Class, and will be bound by the Court’s determinations.

GO TO THE HEARING ON SEPTEMBER 6, 2022, AT 2:30 P.M. AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN AUGUST 16, 2022

Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and expenses or requested award to Plaintiffs.

DO NOTHING 

You will not be eligible to receive a payment from the Settlement, you will give up your rights and release claims against Defendants and other Related Parties, and you will still be bound by the Settlement.

 

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim

September 1, 2022

Request Exclusion

August 16, 2022

Submit Written Objection

August 16, 2022

Submit Notice of Intent to Appear 

August 16, 2022

Settlement Hearing 

September 6, 2022, at 2:30 p.m. EST