Item 8.01 Other Events
On September 21, 2020, the United States District Court for the District of
Hawaii issued an order in the action captioned In re Eco Science Solutions, Inc.
Shareholder Derivative Litigation Lead Civil No. 1:17-cv-00530-LEW-WRP (D.
Haw.), preliminarily approving a proposed settlement (the "Settlement") as set
forth in a Stipulation of Settlement dated September 21, 2020 (the
"Stipulation"), by and among (i) plaintiffs Mr. Ian Bell and Mr. Marc D'
Annunzio, individually and derivatively on behalf of Eco Science Solutions Inc.
(the "ESSI or the Company"); (ii) certain of the Company's current and former
officers,directors and consultants; and (iii) the Company. The Settlement is
subject to further consideration at the settlement hearing described below.
Pursuant to the Court's Preliminary Approval Order, a hearing will be held on
November 17, 2020, at 10:30 a.m. before the Honorable Leslie Kobayashi, or such
other judge as may be sitting in her place and stead, in the United States
District Court for the District of Hawaii, 300 Ala Moana Blvd C-338 Honolulu,
Hawaii 96850 (or at such a date and time as the Court may direct without further
notice) for the purpose of determining: (i) whether the terms of a proposed
Settlement, in accordance with the Stipulation are fair, reasonable, and
adequate, and in the best interests of ESSI and its shareholders; (ii) whether
the Notice fully satisfies the requirements of Rule 23.1 of the Federal Rules of
Civil Procedure and due process; (iii) whether the Final Order and Judgment
should be entered dismissing the Action with prejudice, and releasing the
Released Persons from the Released Claims; (iv) whether the agreed-to Fee and
Expense Amount should be approved; and (v) any other matters that may come
before the Court.
The Settlement, if finally approved, will cause the dismissal of this litigation
with prejudice. Any objections to the Settlement must be filed in writing with
the Court 14 business days before the date of the settlement hearing; November
17, 2020. Additional information regarding the terms of the Stipulation and the
requirements for submitting any objections to the Settlement can be found in the
Stipulation and the Notice of Pendency and Proposed Settlement of Shareholder
Derivative Action (the "Notice").
The foregoing descriptions of the Notice and Stipulation are not complete and
are qualified in their entirety by reference to the Notice and Stipulation,
which are attached to this Current Report on Form 8-K as exhibits 99.1 and 99.2
and are incorporated herein by reference. In addition, the Company will publish
the Notice and the Stipulation on the Company's website at
https://useherbo.com/essi-classaction-settlement/ The contents of the Company's
corporate website shall not be deemed to be incorporated by reference into this
Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
Exhibit No. Description
99.1 Notice of Pendency and Proposed Settlement of Stockholder
Derivative Action
99.2 Stipulation of Settlement, dated September 21, 2020
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