The partial settlement of this federal securities fraud class action lawsuit is on behalf of Arrival SA (“Arrival”) d/b/a CIIG Merger Corp. (“CIIG”) (n/k/a Arrival Vault US, Inc.) investors who: (1) purchased or otherwise acquired the publicly traded securities of CIIG and/or Arrival between November 18, 2020 and November 19, 2021, inclusive (the “Class Period”); and/or (2) beneficially owned and/or held common stock of CIIG, and were eligible to vote at CIIG’s special meeting and/or to redeem their CIIG stock prior to the closing of the business combination through which Arrival became a publicly traded company by merging with CIIG (the “Business Combination”).
Defendants CIIG Management LLC (“CIIG Management”), Tim Holbrow, Michael Ableson, Avinash Rugoobur, Michael Anatolitis, Gilles Dusemon, Csaba Horvath, Alain Kinsch, Kristen O’Hara, Jae Oh, Peter Cuneo, Gavin Cuneo, Michael Minnick, UBS Securities LLC, Barclays Capital Inc., and Cowen & Company LLC (n/k/a TD Securities (USA) LLC) (collectively, “Settling Defendants”) agreed to pay $13,275,000 to resolve claims alleging the company and certain of its officers and/or directors violated federal and state securities laws by making false or misleading statements.
What’s the status of the Settlement?
On October 20, 2025, the Court granted the Federal and State Plaintiffs’ combined Motion for Preliminary Approval of the Partial Class Action Settlement with the Settling Defendants. There is a Final Settlement Hearing scheduled for March 17, 2026.
Of the remaining Defendants, Arrival filed a bankruptcy petition on June 11, 2024, and on May 22, 2024, the Tribunal d’Arrondissement de et à Luxembourg of Luxembourg (“Luxembourg Court”) declared it bankrupt. On November 4 and 5, 2025, the Court granted Defendants Denis Sverdlov and Kinetic’s (collectively, “Active Defendants”) requests to reopen the Motions to Dismiss. The Court has allowed the Active Defendants to submit additional briefing addressing the impact of the settlement on the claims by December 19, 2025. This action is ongoing.
Who can file a claim?
The settlement class includes all persons or entities who:
- Purchased or otherwise acquired CIIG and/or Arrival publicly traded securities between November 18, 2020 and November 19, 2021, inclusive; and/or
- Beneficially owned and/or held common stock of CIIG, and were eligible to vote at CIIG’s special meeting and/or to redeem their CIIG stock prior to the closing of the Business Combination.
How much is the Settlement Payment?
Pro rata payment: The total settlement fund is $13,275,000. The amount each class member receives will depend on several factors, including:
- The number of valid claims submitted
- The number of shares purchased and sold
- The dates of purchase and sale
- The price paid for the shares and the price received upon sale
How do I file a claim?
The deadline to file a claim is February 24, 2026. To submit a claim and/or to find additional information regarding the terms of the settlement and claim filing process, go to www.strategicclaims.net/Arrival/, or contact the claims administrator, Strategic Claims Services, at 1-866-274-4004.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com