Settlement Fund: $14.4 million
Claim Deadline: July 29, 2025
Final Approval Hearing: July 10, 2025
Potential Payout: Varies based on holdings and valid claims
What’s This Settlement About?
Apex Technology Sponsor, LLC and several of its directors and officers have agreed to a $14.4 million settlement to resolve a class action lawsuit. The suit alleges that Apex failed to provide shareholders with accurate and complete information regarding their right to redeem Apex Technology Acquisition Corp. Class A shares in connection with its merger with AvePoint Inc.
The plaintiffs claim that false and misleading statements made prior to the merger prevented shareholders from making informed decisions, resulting in financial losses.
Apex denies all wrongdoing but agreed to settle to avoid further litigation.
Who Qualifies?
You may be eligible to file a claim if:
- You held shares of Apex Technology Acquisition Corp. Class A common stock as of June 28, 2021, at 4:30 p.m. ET, either:
- Directly (of record) or
- Indirectly (beneficially)
- You did not redeem all your shares in connection with the merger with AvePoint
- You are a successor, heir, assignee, or transferee of someone who meets the above criteria
How Much Can You Receive?
Pro Rata Cash Payment
Each eligible claimant will receive a share of the net settlement fund, calculated based on:
- The number of valid claims submitted
- The number of qualifying shares held
- Transactions in Apex and/or AvePoint stock from June 28, 2021, through February 2, 2024
How to File a Claim
Deadline: July 29, 2025
You can file:
- Online via the official settlement website
- By Mail using the printed claim form
Mailing Address:
Apex Stockholder Settlement
Settlement Administrator
c/o Verita Global
P.O. Box 301171
Los Angeles, CA 90030-1171
Required Documentation
To support your claim, include the following:
- Proof of Apex Class A stock ownership as of June 28, 2021
- Records of purchases/sales of Apex or AvePoint stock from June 28, 2021 – Feb. 2, 2024
- Proof of AvePoint holdings as of Feb. 2, 2024 (if applicable)
- If filing on behalf of a deceased shareholder, provide a death certificate and legal proof of authority (e.g., letters testamentary)
Payout Method
Eligible class members will receive a paper check by mail at the address provided on the claim form.
Settlement Fund Allocation
The $14.4 million settlement will be distributed as follows:
- Up to $500,000 for settlement administration
- Up to $2,880,000 in attorneys’ fees and litigation costs
- Up to $5,000 service awards for class representatives (paid from attorneys’ fees)
- Remaining funds distributed to approved claimants
When Will Payments Be Sent?
Payments will be issued after the court grants final approval, any appeals are resolved, and all claims have been processed.
Why Is There a Settlement?
The lawsuit accused Apex directors and officers of breaching fiduciary duties by providing misleading information during the company’s merger with AvePoint. Plaintiffs allege that stockholders were denied accurate details necessary to make informed redemption decisions.
The defendants deny all claims but chose to settle to avoid the uncertainty and cost of continued litigation.
Next Steps:
If you believe you’re eligible, submit your claim by July 29, 2025 to secure your potential compensation.
Please be aware that your claim form will be rejected if it contains fraudulent information. By submitting your information and your sworn statement of its accuracy, you are agreeing to do so under penalty of perjury. Submitting false information not only jeopardizes your claim but also affects others who are genuinely eligible for the settlement. If you are uncertain about your eligibility for this class action settlement, please visit the class action administrator’s website for more information. Note that NoProofClassActions.org participates in the Amazon affiliate advertising program, and this post may include affiliate links, which could result in us earning a commission if you make a purchase through those links.
