MSGN MSG Networks Inc

WILMINGTON, Del., June 19, 2023 /PRNewswire/ --

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER CLASS ACTION, SETTLEMENT HEARING, AND RIGHT TO APPEAR

TO: All record holders and beneficial owners of MSG Networks, Inc. ("MSGN") Class A common stock (former NYSE ticker: "MSGN") as of July 9, 2021, (the date of the merger of MSGN and Madison Square Garden Entertainment Corp.), together with their successors and assigns.

PLEASE READ THIS SUMMARY NOTICE CAREFULLY.  YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, that the consolidated stockholder class action captioned In re MSG Networks Inc. Stockholder Class Action Litigation, C.A. No. 2021-0575-LWW (the "Action") has been certified as a non-opt-out class action on behalf of a Class of former stockholders of MSGN, pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1) and 23(b)(2) and an Order of the Delaware Court of Chancery (the "Court").  The full definition of the Class, and the definition of all capitalized terms herein, are set forth in the Stipulation and Agreement of Settlement, Compromise and Release dated May 17, 2023 (the "Stipulation") and the long form Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (the "Notice"). 

YOU ARE ALSO HEREBY NOTIFIED that Plaintiffs in the Action, on behalf of themselves and the other members of the Class, have reached a proposed settlement of the Action for $48,500,000 in cash (the "Settlement") on the terms and conditions set forth in the Stipulation.  If the Settlement is approved by the Court, it will resolve all claims in the Action.

A settlement hearing will be held on August 14, 2023 at 1:30 p.m. at the Court of Chancery in the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, DE 19801, to determine, among other things, (i) whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable and adequate to the Class, and should be approved by the Court; (ii) whether the Action should be dismissed with prejudice and the releases specified and described in the Stipulation and in the Notice should be approved; and (iii) whether Plaintiffs' counsel's application for an award of attorneys' fees and reimbursement of litigation expenses and for plaintiff service awards should be approved.

IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT.  If you have not yet received the Notice, you may obtain copies of the Notice by contacting the Claims Administrator at: info@MSGNStockholderLitigation.com.  Copies of the Notice and other documents can also be downloaded from the website maintained by the Settlement Administrator at: www.MSGNStockholderLitigation.com.

If the Settlement is approved by the Court and the Effective Date occurs, the Net Settlement Fund will be distributed on a pro rata basis to Class Members, as described more fully in the Stipulation and Notice.  Payments from the Net Settlement Fund will be made in the same manner in which Class Members received the Merger Consideration.  Eligible Class Members do not have to submit a claim form or take any other action in order to receive payment from the Settlement.

Any objections to the proposed Settlement and/or Plaintiffs' counsel's application must be filed with the Register in Chancery and delivered to Representative Co-Lead Counsel and Representative Defendants' Counsel such that they are received no later than August 4, 2023, in accordance with the instructions set forth in the Notice.

All questions about this Notice and the proposed Settlement should be directed to the Settlement Administrator or Co-Lead Counsel for the Class.

Requests for the Notice should be made to:

In re MSG Networks, Inc. Stockholder Class Action Litigation
c/o A.B. Data, Ltd.
P.O. Box 173048
Milwaukee, WI 53217
1-877-390-3520
info@MSGNStockholderLitigation.com
www.MSGNStockholderLitigation.com

Inquiries, other than requests for the Notice, should be made to any of the following Co-Lead Counsel for the Class:

DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE REGISTER IN CHANCERY REGARDING THIS NOTICE

Dated: June 19, 2023                        BY ORDER OF THE COURT OF
                                                          CHANCERY OF THE STATE OF
                                                          DELAWARE

View original content:https://www.prnewswire.com/news-releases/chimicles-schwartz-kriner--donaldson-smith-llp-barrack-rodos--bacine-grant--eisenhofer-pa-and-wolf-popper-llp-announce-notice-of-pendency-and-proposed-settlement-for-all-record-holders-and-beneficial-owners-of-msg-networks-301852472.html

SOURCE Chimicles Schwartz Kriner & Donaldson-Smith LLP, Barrack Rodos & Bacine, Grant & Eisenhofer P.A., and Wolf Popper LLP