Business
Summary Notice of Pendency and Proposed Settlement of Shareholder Derivative Actions
Summary Notice of Pendency and Proposed Settlement of Shareholder Derivative Actions.
About this update from Createai Holdings Inc.
[{"type":"text","content":"\n\n\n\nSummary Notice of Pendency and Proposed Settlement of Shareholder Derivative Actions\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSummary Notice of Pendency and Proposed Settlement of Shareholder Derivative Actions\nPR Newswire\nSAN DIEGO, April 21, 2025\n\n\n\nSAN DIEGO, April 21, 2025 /PRNewswire/ -- CreateAI Holdings Inc., formerly known as TuSimple Holdings Inc. (OTCMKTS: TSPH) (\"CreateAI\" or the \"Company\"), today released the following notice:\n\nA Federal Court authorized this Notice. This is not a solicitation from a lawyer.\nTO: ALL PERSONS OR ENTITIES WHO OR WHICH HELD SHARES OF TUSIMPLE HOLDINGS, INC. (\"TUSIMPLE\" OR THE \"COMPANY\") COMMON STOCK.\nPLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS WILL BE AFFECTED BY THE ACTION.\nYOU ARE HEREBY NOTIFIED, pursuant to Rule 23.1 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of California (the \"California Court\"), of the pendency of the stockholder derivative action captioned Wilhoite, et al. v. Hou, et al., Case No. 3:23-cv-02333-BEN-MSB, pending in the California Court, and the stockholder derivative action captioned In re TuSimple Holdings, Inc. Stockholder Litigation, C.A. No. 2022-1095-PAF (the \"Delaware Action\" and, together with the California Action, the \"Actions\"), pending in the Court of Chancery of the State of Delaware.\nYOU ARE ALSO NOTIFIED that the Settling Parties have reached a proposed settlement of the Actions (the \"Settlement\"), subject to the approval of the California Court, as provided in a Stipulation of Settlement dated December 18, 2024 (the \"Stipulation\"). Under the terms of the proposed Settlement, Settling Defendants will cause to be paid $42,500,000 in cash into an escrow account, which together with any interest earned on the cash payment and less any deductions for attorneys' fees and expenses for Plaintiffs' Counsel (including any incentive awards to Plaintiffs) and any applicable taxes and tax expenses, will be paid to the Company. Additionally, pursuant to the Settl...