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Faruqi & Faruqi, LLP Announces Notice of Pendency and Proposed Settlement of Class Action To All Persons and Entities Who or Which Purchased or Otherwise Acquired Mesa Air Group, Inc. Securities Pursuant and/or Traceable to the Company’s Initial Public

By: Faruqi & Faruqi LLP via GlobeNewswire

November 28, 2022 at 10:00 AM EST

NEW YORK, Nov. 28, 2022 (GLOBE NEWSWIRE) --

David G. Lowthorp, Individually And On
Behalf Of All Others Similarly Situated,

Plaintiff,
V.
Mesa Air Group, Inc.; Jonathan G. Ornstein; Michael J. Lotz; Daniel J. Altobello; Ellen N. Artist; Mitchell Gordon; Dana J. Lockhart; G. Grant Lyon; Giacomo Picco; Harvey Schiller; Don Skiados; Raymond James & Associates, Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Cowen and Company, LLC; Stifel, Nicolaus & Company, Incorporated; and Imperial Capital, LLC,
Defendants.

No. 20-00648-PHX-MTL

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

CLASS ACTION

To: All persons and entities who or which purchased or otherwise acquired Mesa Air Group, Inc. (“Mesa”) securities pursuant and/or traceable to the company’s Initial Public Offering (“IPO”) on August 9, 2018, and who were damaged thereby (“Settlement Class”).

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Arizona, that Court-appointed Lead Plaintiff, on behalf of itself and all members of the Settlement Class, and Defendants Mesa, Jonathan G. Ornstein, Michael J. Lotz, Daniel J. Altobello, Ellen N. Artist, Mitchell Gordon, Dana J. Lockhart, G. Grant Lyon, Giacomo Picco, Harvey Schiller, and Don Skiados (collectively, the “Mesa Defendants”), and Raymond James & Associates, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Cowen and Company, LLC, Stifel, Nicolaus & Company, Incorporated, and Imperial Capital, LLC (collectively, the “Underwriter Defendants,” and together with the Mesa Defendants, “Defendants”), have reached a proposed settlement of the claims in the above-captioned class action (the “Action”) in the amount of $5,000,000 (the “Settlement”).

A hearing will be held before the Honorable Michael T. Liburdi, on April 6, 2023, at 9:00 a.m. in Courtroom 504 of the United States District Court for the District of Arizona, Sandra Day O’Connor U.S. Courthouse, 401 West Washington Street, Phoenix, Arizona, 85003 (the “Settlement Hearing”) to, among other things, determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated May 6, 2022; (iii) approve the proposed Plan of Allocation for distribution of the settlement funds available for distribution to Settlement Class Members (the “Net Settlement Fund”); and (iv) approve Lead Counsel’s Fee and Expense Application. The Court may change the date of the Settlement Hearing, or hold it telephonically, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. If you have not yet received a full Notice and Claim Form, you may obtain copies of these documents by visiting the website of the Claims Administrator, mesasecuritiesclassaction.com, or by contacting the Claims Administrator at:

Mesa Securities Class Action
c/o A.B. Data, Ltd.
P.O. Box 173087
Milwaukee, WI 53217
Phone: (877) 354-3789
Email: info@mesasecuritiesclassaction.com
Inquiries, other than requests for the Notice/Claim Form or for information about the status of a claim, may also be made to Lead Counsel:

James M. Wilson, Jr.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Telephone: 212-983-9330
Facsimile: 212-983-9331
Email: jwilson@faruqilaw.com

If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted electronically no later than March 7, 2023. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than March 17, 2023. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.

Any objections to the proposed Settlement, Lead Counsel’s Fee and Expense Application, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are postmarked or hand delivered no later than March 17, 2023.

PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.

DATED: November 28, 2022	BY ORDER OF THE COURT
	UNITED STATES DISTRICT COURT DISTRICT OF ARIZONA

Source:
Faruqi & Faruqi, LLP

Contact:
James M. Wilson
212-983-9330
jwilson@faruqilaw.com

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Faruqi & Faruqi, LLP Announces Notice of Pendency and Proposed Settlement of Class Action To All Persons and Entities Who or Which Purchased or Otherwise Acquired Mesa Air Group, Inc. Securities Pursuant and/or Traceable to the Company’s Initial Public

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