Frequently Asked Questions
Why did I receive the Postcard Notice of Pendency of Class Action?
You received the Postcard Notice because the Court has certified a Class in this lawsuit and you were identified as a potential Class Member whose rights may be affected. The Postcard Notice explains that the Court has allowed, or “certified,” a class action lawsuit that may affect you.
The Court decided that this lawsuit can proceed as a class action because it meets the requirements of Federal Rule of Civil Procedure 23, which governs class actions in federal district courts.
Judge Alvin K. Hellerstein of the United States District Court for the Southern District of New York is overseeing this class action. The lawsuit is titled In re GreenSky Securities Litigation, Case No. 1:18-cv-11071 (AKH).
Additional information can be found in the Longform Notice of Pendency. To view copy of the Longform Notice of Pendency, click here.Back To Top
Why is this a class action?
A class action is a type of lawsuit in which one or several individuals or entities prosecute claims on behalf of all members of a group of similarly situated persons and entities (i.e., the class) to obtain monetary or other relief for the entire group. Class actions avoid the necessity of each member of a class having to file his, her, or its own separate lawsuit to obtain relief.Back To Top
What is this case about?
This is a securities class action against Defendants for alleged violations of the federal securities laws during the Class Period. Class Representatives allege that Defendants made materially false and misleading statements in the Offering Documents by failing to disclose that GreenSky's decision to reduce business with solar panel merchants affected the Company's performance.
Defendants deny the allegations of wrongdoing asserted in the Action and deny any liability whatsoever to any members of the Class.Back To Top
How do I know if I am part of the Class? Are there exceptions to being included in the Class?
The Court certified the Class as being all persons and entities who purchased GreenSky Class A common stock pursuant and/or traceable to the Registration Statement and Prospectus (the “Offering Documents”) issued in connection with Defendant GreenSky, Inc.’s May 25, 2018 initial public offering and were damaged thereby.
There are some individuals and entities that are excluded from the Class by definition. Excluded from the Class are:
- Defendants and their immediate family members;
- The officers and directors of the Company and their immediate family members; and
- Their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest, provided, however, that any “Investment Vehicle” shall not be excluded from the Class. Investment Vehicle means any investment company or pooled investment fund, including but not limited to, mutual fund families, exchange traded funds, fund of funds, and hedge funds, in which any of the Underwriter Defendants have, has, or may have a direct or indirect interest, or as to which its affiliates may act as an investment advisor, but in which any of the Underwriter Defendants alone or together with its respective affiliates is not a majority owner or does not hold a majority beneficial interest.
Additionally, any person or entity that timely and validly requests exclusion, as explained in FAQ 9, will be excluded from the Class.
The Class definition is subject to change by Court order, pursuant to Rule 23 of the Federal Rules of Civil Procedure.
If you are still not sure whether you are included, you can call 1-855-917-3539 (Toll-Free) for more information.Back To Top
Has the Court decided who is right?
The Court has not made a ruling on the merits of Class Representatives’ allegations or on Defendants’ denials and defenses. By establishing the Class and issuing the Postcard Notice, the Court is not suggesting that the Class Representatives will win or lose this case.Back To Top
Is there any money available now?
The Court’s Order certifying the Class does not guarantee Class Members will receive money or benefits; that will be decided later in the lawsuit. There is no guarantee that money or any other benefit ever will be obtained. If there is a recovery, you will be notified about how to ask for your share.Back To Top
What happens if I am a Class Member and do nothing?
If you are a Class Member and you do nothing, you will stay in the Class. This means you will be legally bound by all of the orders the Court issues and judgments the Court makes in this Action, whether favorable or unfavorable. If you stay in the Class and money is paid to the Class, either through a settlement with Defendants or a judgment of the Court after trial, you may be eligible to receive a share of that recovery. Keep in mind that if you do nothing now, regardless of whether Class Representatives win or lose the case, you will not be able to sue Defendants in any other lawsuit about the same claims that are the subject of this Action.
If you choose to remain a member of the Class, you do not have to do anything at this time other than retain your documentation reflecting your transactions in GreenSky Class A common stock.
If there is a recovery in the future, members of the Class will be required to support their requests for payment by demonstrating their membership in the Class and documenting their purchases and sales of GreenSky Class A common stock and their resulting damages. Neither Class Representatives, the Company, nor the Administrator have information about your transactions in GreenSky Class A common stock. Your broker may not keep your records for as long as you need. For these reasons, please be sure to keep all records of your transactions in GreenSky Class A common stock and any other documents relating to GreenSky.Back To Top
If I am a Class Member, why would I ask to be excluded?
If you want to pursue your own lawsuit or claims against Defendants about the conduct in this case, do not want to be bound by what the Court does in this case, or if you simply do not want to be part of the Class pursuing claims against Defendants, you must ask to be excluded from the Class.
If you exclude yourself from the Class—which means to remove yourself from the Class and is sometimes called “opting-out” of the Class—you will not be legally bound by any past, present, or future Court orders or judgments in this Action, and will keep any right you may have to individually sue Defendants in the future. However, if you exclude yourself, you also will not get any money or any other benefits from this lawsuit, if there are any.
If you start your own lawsuit against Defendants after you exclude yourself, you will have to hire and pay your own lawyer for that lawsuit, and you will have to prove your claims.
Please note that if you decide to exclude yourself from the Class, you should consult with an attorney and discuss whether your individual claim would be time-barred by the applicable statutes of limitations or repose.Back To Top
How do I “opt out” (exclude myself) from the Class?
If you wish to be excluded from the Class (“opt-out”), you must submit a letter stating that you “Request Exclusion from the Class in In re GreenSky Securities Litigation, Case No. 1:18-cv-11071 (AKH).”
Your request for exclusion must also:
- State the name, address, and telephone number of the person or entity requesting exclusion;
- If you are signing on behalf of a Class Member (such as an estate, corporation or partnership), please indicate your full name and the basis of your authority to act on behalf of the Class Member;
- State the amount of GreenSky Class A common stock purchased and/or sold, as well as the dates and prices of each such purchase and/or sale; and
- Be signed by the person or entity requesting exclusion or an authorized representative.
You must mail your exclusion request by first-class mail, so that it is received by no later than September 29, 2020 to:
In re GreenSky Securities Litigation
P.O. Box 3560
Portland, OR 97208-3560
You cannot exclude yourself from the Class by telephone, facsimile, email, or on this website. Requests for exclusion that do not comply with the above requirements will be invalid, unless otherwise accepted by the Court, subject to any objections of the parties to be resolved by the Court.
Only request exclusion if you do not wish to participate in the Action and do not wish to share in any potential recovery that the Class may obtain.Back To Top
Do I have a lawyer in this case?
As a member of the Class, you will be represented by Class Counsel who are:
COHEN MILSTEIN SELLERS & TOLL PLLC
Steven J. Toll
S. Douglas Bunch
1100 New York Avenue, N.W. | Fifth Floor
Washington, D.C. 20005
SCOTT+SCOTT ATTORNEYS AT LAW LLP
230 Park Avenue, 17th Floor
New York, NY 10169
Unless you hire your own personal lawyer, as a Class Member you will not have any direct obligations to pay the costs of this lawsuit. In the event there is a recovery by the Class, all costs and expenses, including Class Counsel’s attorneys’ fees, will be paid from that recovery in an amount that is approved by the Court.Back To Top
What is the ticker symbol/CUSIP?
The CUSIP is 39572G100. The ticker symbol is GSKY.Back To Top
How do I get additional information?
This website and the Notice give only a summary of the lawsuit and the claims asserted by Class Representatives. For more detailed information regarding the Action, you may review the court documents on the Important Documents page, contact Class Counsel, whose information is found in FAQ 10, or call the Administrator at 1-855-917-3539 (Toll-Free).
Complete copies of the pleadings, orders, and other documents filed in this Action are also available at https://pacer.uscourts.gov/, or at the office of the Clerk of Court at the United States District Court for the Southern District of New York, 500 Pearl Street, New York, New York 10007, under Case No. 1:18-cv-11071 (AKH).
Please do not call or write the Court or Clerk of Court regarding this Litigation.Back To Top