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Pride Mobility ESOP Settlement

Tufano, et al. v. Pride Mobility Products Corporation, et al.,
Case No. 3:24-cv-00765-KM (M.D. Pa.)

Welcome to the Pride Mobility ESOP Class Action Home Page.

Settlement has been reached in a class action lawsuit with respect to the Pride Mobility Employee Stock Ownership Retirement Plan (the “Plan”). The class action lawsuit involves whether the Plan has been administered by Defendant Pride Mobility Products Corporation (“Pride Mobility”) in accordance with certain provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). ERISA is the federal law that regulates and sets minimum standards for the administration of most retirement plans in the private sector, including the Plan. Defendants deny all claims, and nothing in the Settlement is an admission or concession on Defendants’ part of any fault or liability whatsoever.

The Settlement will provide, among other things, for a $2.1 million Settlement Fund that will be allocated to eligible Settlement Class Members after any Court-approved deductions for Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation. In addition, prospectively, for a period of no less than three years, Pride Mobility Products Corporation or the Plan trustee will retain an independent investment manager to manage Plan assets that are non-Pride Mobility stock, which are held in the Other Investments Account (“OIA”), and their investment.

This website is provided as a service to eligible settlement participants. The information provided is in summary form and is not intended as a complete explanation of your rights. For full and complete information, you are directed to review carefully the Notice of Proposed Class Action Settlement.

Current Status

  • The Court Prelimimarily Approved the Settlement on February 6, 2025.
  • A Final Approval Hearing for the proposed Settlement is scheduled for June 17, 2025.

What Are My Options?

Do Nothing

If you are a “Current Participant” as described on page 1 of the Notice, and you do nothing, you will receive your pro rata share of the Net Settlement Amount deposited into your individual account in the Plan.

If you are not a Current Participant (therefore a Former Participant), you will receive your pro rata share of the Net Settlement Amount via check if you do not submit a rollover form and the Settlement is finally approved.

Submit Rollover Form (Former Participants)

— Deadline: May 27, 2025

If you wish to receive your share of the Net Settlement Amount via a rollover to an individual retirement account or other tax-qualified plan, such as the Pride Mobility Employee Stock Ownership Retirement Plan, then you must submit a Rollover Form postmarked on or before May 27, 2025.

Object

— Deadline: May 27, 2025

If you wish to object to any part of the Settlement, or to the requested Attorneys’ Fees and Costs, Administrative Expenses, or Class Representative Compensation, you must submit your objection and any supporting documents to Class Counsel and Defendants’ counsel (as identified on page 5 of the Notice) at least 21 calendar days before the Fairness Hearing.

Attend Hearing

— Scheduled: June 17, 2025 at 10 am

You may also attend the Fairness Hearing and speak at the Fairness Hearing on June 17, 2025. If you wish to attend the hearing and speak at the hearing, you must provide Class Counsel and Defendants’ counsel (as identified on page 5 of the Notice) with notice of your intent to appear at least 21 calendar days before the Fairness Hearing. Please note that you will not be permitted to make an objection to the Settlement if you do not comply with the requirements for making objections.