The legal action, filed by plaintiffs Timothy McCants, Laurențiu Ovidiu Cernahoschi, and Thomas Joseph, centers on the rights of stockholders who held Class A common stock as of July 6, 2021. The settlement involves a broad group of defendants, including Spartan Acquisition Sponsor II LLC, Apollo Global Management, and several individual executives. If the court grants final approval, the funds will be distributed on a claims-made basis to eligible class members.
Spartan Acquisition Corp. II Class Action Settlement Reaches $8 Million
A proposed $8 million cash settlement has been reached in a Delaware class action lawsuit involving Spartan Acquisition Corp. II. The agreement, intended to resolve claims against the company’s former leadership and associated entities, now awaits final approval from the Court of Chancery following a scheduled hearing this October.
Vice Chancellor Paul A. Fioravanti, Jr. is set to preside over the settlement hearing on October 7, 2026, at the Leonard L. Williams Justice Center in Wilmington. During these proceedings, the court will evaluate the fairness of the allocation plan and address any potential objections. Because the litigation is classified as a non-opt-out class action under Delaware rules, all eligible members will be bound by the court's final judgment. Stakeholders wishing to file formal objections must ensure their documentation is received by September 23, 2026.
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