Update on the Distribution of Net Settlement Funds
The Court has approved the distribution of the Net Settlement Fund to Eligible Class Members under the Court-approved Plan of Allocation. The distribution of the Net Settlement Fund occurred on
June 28, 2024

Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.

If you have any questions, please contact the Settlement Administrator at
888-256-6155 or info@FASTAcquisitionStockholdersLitigation.com

The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (the “Notice”). A copy of the Notice can be found on the Important Documents page at the top of this website. Because this website is just a summary, you should review the Notice for additional details.

Summary of the Action and Settlement

This website relates to a stockholder class action (the “Action”) brought in the Court of Chancery of the State of Delaware (the “Court”). The Action asserted claims against Defendants Sandy Beall, William Douglas Jacob, Kevin Reddy, Michael Lastoria, Ramin Arani, Alice Elliot, Sanjay Chadda, and Steve Kassin (collectively, “Defendants”). Plaintiffs Special Opportunities Fund, Inc. (“Lead Plaintiff” or “SPE”), ADAR1 Partners, L.P., Great Point Capital, LLC, Cladrius LTD, and George A. Spritzer (collectively, “Plaintiffs”) allege in the Action that the December 9, 2021 Termination and Settlement Agreement between FAST and Fertitta breached its fiduciary duty with respect to the termination of the Merger Agreement and the Termination Fee. The SPE Complaint alleged that, after the directors of FAST determined that the Company would liquidate and distribute its assets, the assets remaining from the Termination Fee (after payment of taxes and expenses) should have been distributed to Class A common stockholders. Plaintiffs claimed that had the Action not been filed, the remainder of the Termination Fee would have been distributed only to holders of Class B Founder Shares, including FAST’s directors, and FAST’s Class A common stockholders would have received no part of the Termination Fee. The SPE Complaint alleged that this result would have constituted a breach of fiduciary duty by the directors of FAST.

Plaintiff, on behalf of himself and the Settlement Class (defined in the Notice), and Defendants have reached a Settlement of the Action for $12,500,000.00 in cash. The Settlement resolves all claims in the Action.

On January 22, 2024, the Court held a hearing to consider final approval of the Settlement and related matters. Following the hearing, the Court entered an Order and Final Judgment finally approving the Settlement, approving the Plan of Allocation for the proceeds of the Settlement, and awarding attorney’s fees and litigation expenses.

If you are a member of the Settlement Class, you are subject to the Settlement.  The non-opt-out Settlement Class certified by the Court consists of:

All holders of FAST Class A Public Shares at the close of business on August 25, 2022 (the “Settlement Class”). Excluded from the Settlement Class are (i) Defendants; (ii) any person who is, or was at the close of business on August 25, 2022, an officer or director of FAST; (iii) the immediate family members of any of the foregoing excluded persons; (iv) any trusts, estates, entities, or accounts that held FAST Class A Public Shares for the benefit of any of the foregoing excluded persons; (v) any entity in which any of the foregoing excluded persons or entities has, or had at the close of business on August 25, 2022, a controlling interest; and (vi) the legal representatives, heirs, successors-in-interest, successors, transferees, and assigns of the foregoing excluded persons or entities (the “Excluded Stockholders”).

The settlement administration was completed in March 2024. On March 29, 2024, the Motion for Class Distribution Order was filed. On April 2, 2024, the Court approved the Class Distribution Order. The first distribution of the net settlement fund occurred in June 2024. Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available. 

How do I obtain more information?

Detailed information about the Settlement is contained in the Notice, a copy of which can be found on the Important Documents page at the top of this website. Additional information can also be obtained by contacting the Settlement Administrator by calling toll-free 888-256-6155 or emailing Info@FastAcquisitionStockholdersLitigation.com or mailing a letter to:

FAST Acquisition Stockholders Litigation
c/o JND Legal Administration
PO Box 91466
Seattle, WA 98111

Inquiries should NOT be directed to the Court or the Clerk of the Court.