The proposed $17,000,000 settlement resolves a Delaware derivative and class action over the Atlas Reorganization, brought for holders of Atlas common stock who were allegedly harmed by it. The cash Settlement Amount is paid by Atlas's insurers and Atlas under their insurance and indemnity rights, and class members do not need to submit a claim form to receive a distribution - the plan of allocation sets each payment. Objections and notices of intention to appear are due November 25, 2026 and the settlement hearing is December 18, 2026; the court has not yet given final approval.
Automatic
New
Benefit Summary
Eligible class members: available benefits include Pro rata payment.
Payments come from the $17,000,000 settlement fund and may change after approved deductions.
Available Awards
Pro rata payment
Who Is Included
The Settlement Class includes record and beneficial holders of Atlas Class A common stock as of October 2, 2023 whose shares were exchanged, or were entitled to be exchanged, for New Atlas Class A shares in the Reorganization, subject to the notice’s exclusions. The allocation also treats certain shares purchased by October 2, 2023 but not yet settled at closing as eligible.
- Proof required: No claim form or documentation of monetary losses is required for payment; eligibility and payment are based on Eligible Shares and the account through which New Atlas Class A shares were received.
Claim and Payment Information
- Instructions: Eligible Settlement Class members do not need to submit a claim form. Distribution is handled through the accounts used to receive New Atlas Class A shares in the Reorganization.
Questions & Answers
Who can receive a settlement payment?
- You must have held or beneficially owned Atlas Class A shares at the October 2, 2023 Closing, and the shares must have been exchanged, or entitled to be exchanged, for New Atlas Class A shares in the Reorganization.
- The notice excludes defendants, Atlas officers and directors, certain related people and entities, and entities they controlled on October 2, 2023.
- Someone who is a current Atlas stockholder but did not hold the relevant Class A shares at the Reorganization does not receive this settlement payment.
How will the payment amount be calculated?
- The payment is not a fixed amount. Each eligible member’s share is based on the number of Eligible Shares they held.
- The per-share amount will be calculated by dividing the Net Settlement Fund by the total number of Eligible Shares.
- The Net Settlement Fund is the settlement amount plus interest, less approved fees and expenses, applicable taxes, and other stated deductions.
Do I need to submit a claim or payment documents?
- No claim form is required for an eligible Settlement Class member to receive a distribution.
- The notice describes distribution through the accounts that received New Atlas Class A shares in the Reorganization. If shares were held through a broker or other nominee, that intermediary is responsible for placing the payment in the brokerage account.
What happens if my share purchase had not settled by October 2, 2023?
- A buyer who purchased Class A shares on or before October 2, 2023 but whose purchase had not settled by the Closing is treated as a Settlement Class member for those shares.
- A person who sold those same non-settled shares on or before October 2, 2023 is not treated as a class member for those shares.
When could payments be sent?
- Distribution cannot occur unless the Court approves the Settlement and a plan for allocating the money.
- The period for petitions for rehearing, appeal, or other review must also expire.
- The notice does not give a specific payment date.
Can I opt out, or leave this settlement?
- No. This is a non-opt-out class, so Settlement Class members cannot remove themselves from the Settlement Class.
- If the Settlement becomes effective, class members and Atlas will be barred from bringing released claims connected to the Reorganization, the Master Reorganization Agreement, or Atlas’s Up-C structure in connection with its IPO.
How do I object, and what proof must I include?
- Settlement Class members and Current Stockholders may object to the Settlement, the proposed allocation plan, attorneys’ fees and expenses, or the proposed incentive award.
- A written objection must be filed with the Register in Chancery, served on the listed lawyers, and, unless service uses File&ServeXpress, emailed to the addresses in the notice. It must be received by November 25, 2026.
- The objection must include specified contact details, reasons and supporting material, and documents proving that the objector is a Current Stockholder or Settlement Class member. The required proof is monthly brokerage statements or an authorized broker statement with the relevant transaction and holding information.
Do I need to attend the Settlement Hearing, and can I speak there?
- The hearing is scheduled for December 18, 2026, at 1:30 p.m. Eastern Time.
- It may take place at the Delaware Court of Chancery in Wilmington or remotely by Zoom, at the Court’s discretion.
- You do not have to attend to receive a settlement payment. A person who wants to speak about an objection generally must first submit and serve a written objection and file and serve a notice of appearance by November 25, 2026.
Could attorneys’ fees reduce the money available for class payments?
- Plaintiff’s lawyers plan to ask for fees and litigation expenses up to 25% of the Net Settlement Fund after reimbursement of out-of-pocket litigation expenses.
- Plaintiff may request an incentive award up to $2,500, paid only from any attorney-fee award.
- The Court decides these amounts, and Settlement Class members are not personally responsible for the fees or expenses.
Other Important Dates
- Objection deadline: 2026-11-25
- Final approval hearing: December 18, 2026, at 1:30 p.m. ET
- Hearing location: Court of Chancery of the State of Delaware, New Castle County, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801, or remotely by Zoom in the Court’s discretion
Case Details
- Total settlement fund: $17,000,000
- Case name: Ayers v. Brigham et al.
- Case number: C.A. No. 2024-0694-JTL
- Court: Court of Chancery of the State of Delaware
- Administrator: Kroll Settlement Administration LLC
- Official Settlement Website: https://www.AtlasStockholderClassActionLitigation.com
Sources
Official Settlement Website
Claim form, FAQ, deadlines, administrator information
Visit Site →Claim form, FAQ, deadlines, administrator information
Official Settlement Notice (PDF)
Court-approved notice describing eligibility and benefits
Open PDF →Court-approved notice describing eligibility and benefits