By order dated March 8, 2019, the Court granted Defendants’ motions to dismiss in their entirety, but afforded Plaintiffs the opportunity to move for leave to amend the Consolidated Amended Complaint. On May 10, 2019, Plaintiffs filed their motion for leave to amend the complaint and their Proposed Amended Complaint, which addresses the deficiencies that the Court identified in its ruling. Defendants filed their opposition to our motion for leave to amend on July 15, 2019. Plaintiffs filed their reply in further support of motion to amend on August 12, 2019. On September 29, 2020, the Second Circuit Court of Appeals denied our motion to lift the automatic bankruptcy stay as to the one remaining individual defendant, Frontier's former CEO, Defendant McCarthy. As a result, our appeal remains stayed pending the completion of Frontier's bankruptcy proceedings.

Lead Plaintiffs Arkansas Teacher Retirement System and Carlos Lagomarsino (collectively, “Lead Plaintiffs”), on behalf of themselves and the Settlement Class (as defined in below), have reached a settlement of the Action for $15,500,000 in cash.

On May 10, 2022, the Court held a hearing to consider final approval of the Settlement and related matters.   On May 20, 2022, the Court entered an Order granting Lead Plaintiffs’ motion for final approval of the Settlement and Plan of Allocation and Lead Counsel’s motion for attorneys’ fees and expenses. On June 29, 2022, the Clerk of the Court entered a Judgment consistent with the Court’s May 20, 2022 Order and closing this case.

The claims administration has now concluded.  Lead Counsel filed a motion for approval to distribute the net settlement fund on October 20, 2023. Once the Court approves this motion, the initial distribution of funds with take place within 4 – 6 weeks.