NEW YORK, April 29, 2026 /PRNewswire/ —

THE AMERICAN ARBITRATION ASSOCIATION
INTERNATIONAL CENTRE FOR DISPUTE RESOLUTION

 

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS
ACTION AND MOTION FOR ATTORNEYS’ FEES AND EXPENSES

To: All Persons who held E-Commerce China Dangdang Inc. (“Dangdang”) American Depositary Shares (“ADSs”) at any time between March 9, 2016 and the September 20, 2016 closing of the Merger to acquire Dangdang (the “Class Period”) whose ADSs were cashed out in the Merger or had their ADSs converted to Class A common stock and were cashed out in the Merger, and any successors in interest of such Persons (the “Settlement Class”).

YOU ARE HEREBY NOTIFIED, pursuant to Rule 8 of the American Arbitration Association’s Supplementary Rules for Class Arbitrations and the Preliminary Approval Award of the Tribunal overseeing the above-captioned proceeding (the “Arbitration”) that Claimants Joe Fasano, Altimeo Optimum Fund, and Altimeo Asset Management (collectively “Claimants”), on behalf of themselves and all other members of the Settlement Class, on the one hand, and Guoqing Li, Peggy Yu Yu, Danqian Yao, Lijun Chen, Min Kan, Dangdang Holding Company, Ltd., Dangdang, Kewen Holding Co. Ltd., Science & Culture Ltd., and First Profit Management, Ltd. (collectively “Respondents”), on the other, have reached a proposed settlement of the claims in the Arbitration and the related federal action pending in the United States District Court for the Southern District of New York captioned Fasano et al. v. Li et al., No. 1:16-cv-08759-KPF, in the amount of $21 million (the “Settlement”).

A hearing will be held before the Tribunal, either in person or remotely at the Tribunal’s discretion, at AAA New York Midtown Hearing Center, 150 East 42nd Street, Floor 17, New York, NY 10017, on August 11, 2026, at 9:00 a.m. ET (the “Settlement Hearing”) to determine whether the Tribunal should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Arbitration with prejudice as provided in the Stipulation and Agreement of Settlement, dated as of February 13, 2026, as amended on April 10, 2026; (iii) approve the proposed Plan of Allocation for distribution of the proceeds of the Settlement (the “Net Settlement Fund”) to Settlement Class Members; and (iv) approve Lead Counsel’s Fee and Expense Application. The Tribunal may change the date of the Settlement Hearing, or hold it remotely, without providing another written notice. Information about the hearing will be posted at www.DangdangSecuritiesSettlement.com. 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 www.DangdangSecuritiesSettlement.com or by contacting the Claims Administrator at:

Dangdang Securities Settlement
c/o Epiq Systems, Inc.
P.O. Box 5916
Portland, OR 97228-5916
1-877-239-1875

Inquiries, other than requests for information about the status of a claim, may also be made to Lead Counsel:

SADIS & GOLDBERG LLP
Samuel J. Lieberman, Esq.
551 Fifth Ave., FL.21
New York, NY 10176
www.sadis.com
slieberman@sadis.com
(212) 573-8164

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 online no later than August 6, 2026. 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, awards, or orders entered by the Tribunal 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 so that it is received no later than July 21, 2026. If you properly exclude yourself from the Settlement Class, you will not be bound by any final award or other orders entered by the Tribunal 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, or the proposed Plan of Allocation must be filed with the Claims Administrator, 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 received no later than July 21, 2026.

PLEASE DO NOT CONTACT THE TRIBUNAL, RESPONDENTS, OR
RESPONDENTS’ COUNSEL REGARDING THIS NOTICE.

DATED: April 10, 2026

BY AWARD OF THE TRIBUNAL

URL: www.DangdangSecuritiesSettlement.com

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SOURCE Sadis & Goldberg LLP