The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Vertex Energy, Inc. Common Stock - VTNRQ

By: The Rosen Law Firm PA via GlobeNewswire

May 19, 2025 at 09:00 AM EDT

HOUSTON, May 19, 2025 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court, Southern District of Texas, Houston Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of Vertex Energy, Inc. common stock (OTCMKTS: VTNRQ):

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION

ERIC BENDER and NADER MISRI, Individually and On Behalf of All Others Similarly Situated,
Plaintiffs,

v.

VERTEX ENERGY, INC., BENJAMIN P. COWART, and CHRIS CARLSON,
Defendants.

No.: 4:23-cv-02145

CLASS ACTION

District Judge Lee H. Rosenthal

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, (II) SETTLEMENT HEARING, AND (III) MOTION FOR ATTORNEYS’ FEES AND LITIGATION EXPENSES

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED VERTEX ENERGY, INC. COMMON STOCK FROM MAY 10, 2022, THROUGH AUGUST 8, 2022, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of Texas, that a hearing will be held on July 30, 2025, at 9:00 a.m. CST before the Honorable Lee H. Rosenthal, United States District Judge of the Southern District of Texas, 515 Rusk Street, Court Room 11535, Houston, Texas 77002, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Consolidated Actions for consideration including the sum of $6,300,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to one third of the Settlement Amount, reimbursement of expenses of not more than $115,000, and an incentive payment of no more than $15,000 in aggregate, or $5,000 each, to Plaintiffs, should be approved; and (4) whether the Consolidated Actions should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement dated April 18, 2025 (the “Stipulation”).

If you purchased Vertex Energy, Inc. (“Vertex”) common stock during the period from May 10, 2022, through August 8, 2022, both dates inclusive (the “Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Vertex common stock. If you have not received a Notice of (I) Pendency of Class Action and Proposed Settlement, (II) Settlement Hearing, and (III) Motion for Attorneys’ Fees and Litigation Expenses (“Long Notice”) and a copy of the Proof of Claim and Release Form (“Proof of Claim”), you may obtain copies by writing to or calling Vertex Energy Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson Street, Suite 205, P.O. Box 230, Media, PA 19063; (Toll-Free) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net, or going to the website, www.strategicclaims.net/Vertex. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim online at www.strategicclaims.net/Vertex by 11:59 p.m. ET on June 20, 2025, or postmarked no later than June 20, 2025 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Consolidated Actions whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than July 11, 2025, in the manner and form explained in the Long Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Consolidated Actions pursuant to the Stipulation.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Plaintiffs must be in the manner and form explained in the detailed Long Notice and received no later than July 9, 2025, to each of the following:

Clerk of the Court
United States District Court
Southern District of Texas
515 Rusk Street
Houston, Texas 77002

LEAD COUNSEL:

Jacob A. Goldberg, Esq.
The Rosen Law Firm, P.A.
101 Greenwood Avenue, Suite 440
Jenkintown, Pennsylvania 19046

COUNSEL FOR DEFENDANTS:

Ashwin J. Ram
Steptoe LLP
633 West Fifth Street, Suite 1900
Los Angeles, California 90071

If you have any questions about the Settlement, you may call or write to Lead Counsel:
Jacob A. Goldberg, Esq.
The Rosen Law Firm, P.A.
101 Greenwood Avenue, Suite 440
Jenkintown, Pennsylvania 19046
Tel: (215) 600-2817

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

Dated: April 21, 2025

__________________________________
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF TEXAS