WASHINGTON, Aug. 01, 2025 (GLOBE NEWSWIRE) --
| ROBERT G. MEYER and THOMAS W. MIARS, | IN THE CIRCUIT COURT FOR BALTIMORE CITY, MARYLAND | |
| Plaintiffs, | Case No.: 24-C-23-003628 | |
| v. | ||
| MICHAEL WEIL, LISA KABNICK, LESLIE MICHELSON, STANLEY PERLA, EDWARD RENDELL, and AR GLOBAL INVESTMENTS, LLC, | ||
| Defendants. |
SUMMARY NOTICE OF PENDENCY OF STOCKHOLDER CLASS ACTION AND
PROPOSED SETTLEMENT, SETTLEMENT HEARING, AND RIGHT TO APPEAR
TO: All record and beneficial owners of The Necessity Retail Reit, Inc. (“RTL” or the “Company”) common stock, as of September 12, 2023 together with their respective successors and assigns.1
PLEASE READ THIS SUMMARY NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Circuit Court of Baltimore City, Maryland (the “Court”), that the above-captioned stockholder class action (the “Action”) is pending in the Court.
YOU ARE ALSO NOTIFIED that Plaintiffs Robert G. Meyer and Thomas W. Miars (“Plaintiffs”), on behalf of themselves and the putative Class have reached a proposed settlement with defendants Michael Weil, Lisa Kabnick, Leslie Michelson, Stanley Perla, Edward Rendell (the “Individual Defendants”), and AR Global Investments, LLC (“AR Global”) (collectively, “Defendants” and together with Plaintiffs the “Parties”), for $3,250,000.00 USD in cash (the “Settlement”). The terms of the Settlement are stated in the Stipulation and Agreement of Compromise and Settlement between Plaintiffs and Defendants, dated April 25, 2025 (the “Stipulation”), a copy of which is available at www.NecessityRetailSettlement.com. The proposed Settlement, if approved, will resolve all claims in the Action as against the Defendants.
A hearing (the “Settlement Hearing”) will be held on September 16, 2025 at 9:30 a.m., before the Honorable Audrey J.S. Carrión, in person at the Circuit Court of Baltimore City, 111 N Calvert St, Baltimore, MD 21202, to, among other things:
a. determine whether the Action may be finally maintained as a non-opt-out class action and whether the Class should be finally certified, for purposes of the Settlement, pursuant to Maryland Rule 2-231;
b. determine whether Plaintiffs may be finally appointed as the representatives for the Class and Plaintiffs’ Counsel finally appointed as counsel for the Class, and whether Plaintiffs, and Plaintiffs’ Counsel, have adequately represented the interests of the Class in the Action;
c. determine 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;
d. determine whether a Judgment, substantially in the form attached as Exhibit D to the Stipulation, should be entered dismissing the Action;
e. determine whether the proposed Plan of Allocation of the Net Settlement Fund is fair and reasonable, and should therefore be approved;
f. determine whether the application by Plaintiffs’ Counsel for a Fee and Expense Award should be approved;
g. hear and rule on any objections to the Settlement, the proposed Plan of Allocation, and/or to the application by Plaintiffs’ Counsel for an award of attorneys’ fees and expenses; and
h. consider any other matters that may properly be brought before the Court in connection with the Settlement.
Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the Settlement website, www.NecessityRetailSettlement.com.
If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Net Settlement Fund. You may obtain a copy of the Notice by contacting the Settlement Administrator toll free at 1-888-851-7128. A copy of the Notice can also be downloaded from the Settlement website, www.NecessityRetailSettlement.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 “Eligible Class Members” in accordance with the proposed Plan of Allocation stated in the Notice or such other plan of allocation as is approved by the Court. As explained in further detail in the Notice, payments from the Net Settlement Fund to Eligible Class Members will be made in the same manner in which Eligible Class Members received the Merger Consideration. Eligible Class Members do not have to submit a claim form to receive a payment from the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Plaintiffs’ Counsel’s application for an award of attorneys’ fees and expenses in connection with the Settlement must be filed with the Court and delivered to Plaintiffs’ Counsel and Defendants’ Counsel such that they are received no later than September 2, 2025, in accordance with the instructions set forth in the Notice.
Please do not contact the Court regarding this Summary Notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to the Settlement Administrator or Plaintiffs’ Counsel.
Requests for the Notice should be made to the Settlement Administrator:
Toll Free: 1-888-851-7128
Email: info@NecessityRetailSettlement.com
Website: www.NecessityRetailSettlement.com
Inquiries, other than requests for the Notice, should be made to Plaintiffs’ Counsel:
OF COUNSEL:
LEVI & KORSINSKY, LLP
Donald J. Enright
Elizabeth K. Tripodi
Jordan A. Cafritz
1101 Vermont Ave., N.W., Suite 800
Washington, DC 20005
(202) 524-4290
Attorneys for Plaintiffs
BY ORDER OF THE CIRCUIT COURT FOR BALTIMORE CITY, MARYLAND
1 Any capitalized terms used in this Summary Notice that are not otherwise defined in this Summary Notice shall have the meanings given to them in the Notice.
URL: www.NecessityRetailSettlement.com
SOURCE: Levi & Korsinsky, LLP
