The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Hywin Holdings Ltd. American Depositary Shares - HYW

/EIN News/ -- NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the Supreme Court of the State of New York, County of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of Hywin Holdings Ltd. American Depositary Shares (NASDAQ: HYW):

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK

DANIEL PERRIER, Individually and on Behalf of All Others Similarly Situated,                  Plaintiff,                 vs. HYWIN HOLDINGS LTD., NETWORK 1 FINANCIAL SECURITIES INC., ALEXANDER CAPITAL L.P., VALUABLE CAPITAL LIMITED, HAN HONGWEI, WANG DIAN, ZHU SHUMING, JOEL A. GALLO, CHEN JIE, COGENCY GLOBAL INC., and COLLEEN A. DE VRIES,                 Defendants.

Index No. 152554/2024      CLASS ACTION SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION DEMAND FOR JURY TRIAL Honorable Andrew Borrok Part 53

 

TO: All persons and entities that purchased the American Depositary Shares (“ADSs”) of Hywin Holdings, Ltd. n/k/a Santech Holdings Ltd. (“Hywin” or the “Company”; former NASDAQ ticker: “HYW”; current NASDAQ ticker: “STEC”) pursuant and/or traceable to the Offering Documents issued in connection with Hywin’s March 2021 IPO between March 25, 2021 and March 19, 2024, inclusive (the “Settlement Class Period”) (the “Settlement Class”):¹

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

YOU ARE HEREBY NOTIFIED, pursuant to Article 9 of the New York Civil Practice Law and Rules and an Order of the Supreme Court of the State of New York, New York County, Commercial Division (the “Court”), that the above-captioned litigation (the “Action”) is pending in the Court.

YOU ARE ALSO NOTIFIED that Plaintiff and proposed class representative in this Action, Daniel Perrier, reached a proposed settlement of the Action with Defendant for $1,000,000 in cash on behalf of the Settlement Class, that, if approved, will resolve all claims in the Action.

A Fairness Hearing will be held on August 5, 2025, at 10:00 a.m. Eastern Time, before the Honorable Andrew Borrok, either in person at the New York County Courthouse, Part 53, Courtroom 238, 60 Centre Street, New York, NY 10007, or by telephone or videoconference (at the discretion of the Court). At the hearing, the Court will determine whether: (i) the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation, and in the Notice of Pendency and Proposed Settlement of Class Action (“Long Notice”) should be granted; (iii) for purposes of the proposed Settlement only, the Action should be finally certified as a class action on behalf of the Settlement Class, Plaintiff should be certified as Class Representative for the Settlement Class, and The Rosen Law Firm, P.A. should be finally appointed as Plaintiff’s Counsel for the Settlement Class; (iv) the proposed Plan of Allocation will provide compensation to eligible Settlement Class Members in the Action and should be approved as fair and reasonable; and (v) Plaintiff’s Counsel’s application for an award of attorneys’ fees and litigation expenses should be approved, and Plaintiff should be granted an award for his service to the Settlement Class.

If you are a member of the Settlement Class (a “Settlement Class Member”), your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Long Notice and Proof of Claim and Release form (“Proof of Claim”), you may obtain copies of these documents by contacting the Claims Administrator, Strategic Claims Services at Hywin Holdings Securities Litigation c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063, info@strategicclaims.net, 866-274-4004. Copies of the Long Notice and Proof of Claim can also be downloaded from the website maintained by the Claims Administrator www.strategicclaims.net/Hywin.

If you are a Settlement Class Member, to be eligible to receive a payment under the proposed Settlement, you must submit a Proof of Claim postmarked (if mailed), or online, no later than July 31, 2025, in accordance with the instructions set forth in the Proof of Claim. If you are a Settlement Class Member and do not submit a proper Proof of Claim, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any releases, judgments, or orders entered by the Court in the Action.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is postmarked no later than July 15, 2025, in accordance with the instructions set forth in the Long Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Plaintiff’s Counsel’s Fee and Expense Application must be filed with the Clerk of the Court and delivered to Plaintiff’s Counsel and Defendants’ Counsel such that they are received no later than July 15, 2025, in accordance with the instructions set forth in the Long Notice.

Please do not contact the Court, the Clerk’s office, or Defendants’ counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Plaintiff’s Counsel or the Claims Administrator.

Inquiries, other than requests for the Long Notice and Proof of Claim, should be made to the Plaintiff’s Counsel below:

THE ROSEN LAW FIRM, P.A.
Phillip Kim
275 Madison Ave., 40th Floor
New York, NY 10016
Tel: (212) 808-1060
philkim@rosenlegal.com

Requests for the Long Notice and Proof of Claim should be made to:

Hywin Holdings Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 205
Media, PA 19063
info@strategicclaims.net
866-274-4004

By Order of the Court           

_______________________
¹All capitalized terms used in this Summary Notice that are not otherwise defined herein have the meanings ascribed to them in the Stipulation of Settlement dated March 20, 2025 (the “Stipulation”), which is available at www.strategicclaims.net/Hywin.