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 March 25, 2026, the Court granted Final Approval of the Partial Class Action Settlement with the Settling Defendants. This action with respect to the Settling Defendants has concluded.
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, which has been opposed by the Lead Plaintiff and is now pending before the Court. This action with respect to the Active Defendants is ongoing.
Who can file a claim?
The partial 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 was February 24, 2026. To submit a claim and/or to find additional information regarding the terms of the partial 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
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.