HGT Law Obtains Preliminary Approval of Settlement in FEI/TRIBE Tokens Securities Class Action

On June 28, 2023, the Superior Court of California, County of San Francisco, issued an order granting preliminary approval of a $17.85 million settlement of the FEI/TRIBE tokens securities class action (“Settlement”) commenced by HGT Law alleging that Defendants Fei Labs, Inc., Joseph Santoro, Brianna Montgomery and Sebastian Delgado failed to comply with the registration requirements of the Securities Act of 1933 in conducting the sale of FEI and TRIBE tokens through the Fei Protocol during the Genesis Event. HGT Law previously obtained an order overruling Defendants’ demurrer (i.e., upholding the claims) in the class action. See Sept. 19, 2022 Announcement.

In granting preliminary approval of the Settlement, the Court conditionally certified a class comprising of: all persons who, directly or through an intermediary, purchased the digital assets “FEI” and “TRIBE” in exchange for ETH as part of the Genesis Group between March 31, 2021 and April 3, 2021, including those who “pre-swapped” their Genesis Group FEI token allocation for TRIBE tokens. The Court also preliminarily appointed HGT Law and two other law firms as Settlement class counsel.

The Settlement creates a $17.85 million fund that will pay the claims of class members who timely submit a valid Proof of Claim, after deduction of fees, costs, taxes, and other items as ordered by the Court.

Detailed information about the FEI/TRIBE Settlement, including important deadlines and how to submit a Proof of Claim, is available at: https://www.feitribesecuritiessettlement.com.

For more information on the FEI/TRIBE class action and Settlement, please contact us at (646) 453-7288 or via email at info@hgtlaw.com.