Hospitality Investors Trust, Inc. (the “Company”) has entered into a Stipulation and Agreement of Settlement, Compromise, and Release (the “Stipulation”) with respect to the proposed settlement of the following litigation involving the Company: Milliken v. American Realty Capital Hospitality Advisors, LLC et al., Case No. 1: 18-cv-01757-VEC (S.D.N.Y.). In accordance with the terms of the Stipulation, the Company has filed the Notice of Settlement of Shareholder Derivative Litigation (the “Notice”) as an exhibit to a Current Report on Form 8-K filed with the SEC on February 20, 2020, has published the Stipulation and the Notice on its website and will also publish a summary of the Notice via Business Wire.
On June 9, 2020, the court will hold a settlement hearing to determine whether the proposed settlement and plaintiff’s counsel’s application for an award of attorneys’ fees, reimbursement of expenses, and payment of a case contribution award should be granted final approval as fair, reasonable and adequate. As stated in the Notice, any current stockholder of the Company may make an objection to the proposed settlement and/or proposed fee award and appear at the settlement hearing, at the stockholder’s own expense, individually or through counsel of the stockholder’s own choice. To do so, such stockholder must follow the procedures set forth in the Notice. Any stockholder who fails to object in the manner prescribed in the Notice will be deemed to have waived the right to object to any aspect of the proposed settlement or the proposed fee award or otherwise request to be heard (including the right to appeal) and will be forever barred from raising any objection or request to be heard with respect to these matters.
The Notice and Stipulation are available