If you purchased or otherwise acquired Hepsiburada ADSs pursuant and/or traceable to Hepsiburada’s July 1, 2021 initial public offering ("IPO") through November 23, 2021, inclusive, you could be entitled to a payment from a proposed Settlement.

For a full description of the Settlement, including a description of your rights under the Settlement and how to file a claim, click on the Case Documents page where you can download and review the Stipulation of Settlement ("Stipulation"), the Notice of Pendency and Proposed Settlement of Class Actions ("Notice"), Proof of Claim and Release ("Proof of Claim" or "Claim Form") and other critical documents.

For the most effective submission method, we recommend you submit a Claim Form on this website. There is a link found on the File Claim page under the header “Submit Your Claim Form Online.”

Note that the online link will be disabled at any time after the submission deadline and you will only be able to submit via mail.

A brief background of the case is provided in the Notice on pages 3 through 5 and is also summarized on the home page of this website for your convenience. We do not have any more information regarding the background of this case available beyond what is provided in the Notice.

The Court has defined the Settlement Class as follows: all Persons who purchased or otherwise acquired Hepsiburada ADSs during the Settlement Class Period pursuant and/or traceable to Hepsiburada’s IPO.

Excluded from the Settlement Class are: (i) Defendants, (ii) the current and former executive officers and directors of each Defendant (in addition to those named as defendants), (iii) any entity in which any Defendant has or had a controlling interest, provided, however, that any Investment. Vehicle shall not be excluded from the class, (iv) Defendants’ Immediate Family Members, and (v) the legal representatives, heirs, successors, or assigns of any such excluded party. Also excluded from the Settlement Class are any Persons who would otherwise be Settlement Class Members but who timely and validly exclude themselves therefrom.

Please Note: Receipt of the Notice does not mean that you are a Settlement Class Member or that you will be entitled to receive a payment from the Settlement. If you are a Settlement Class Member and you wish to be eligible to participate in the distribution of proceeds from the Settlement, you are required to submit a Proof of Claim and the required supporting documentation postmarked, if mailed, or received, if submitted online, no later than September 27, 2023. 

We are unable to advise regarding claim eligibility prior to receiving and processing a Proof of Claim submission. We cannot be more specific than the information which has been included in the Notice and cannot interpret how the Notice or Plan of Allocation may apply to a specific claim prior to processing.

Please read the Notice and Settlement Class definition carefully and decide whether or not you wish to submit a Proof of Claim. If you are still not certain of eligibility and want for us to determine eligibility, you will need to submit a Proof of Claim along with supporting documentation for your transactions.

Email is not an acceptable submission method and claims submitted via email will not be reviewed for eligibility. As indicated in the general instructions for the Proof of Claim, you must submit your claim online via this website or mail your completed and signed Proof of Claim addressed as follows:

Hepsiburada Securities Litigation
Claims Administrator
c/o Gilardi & Co. LLC
PO Box 6181
Novato, CA 94948-6181

To submit your Proof of Claim online, use the link under the header “Submit Your Claim Form Online" on the File Claim page.

The Settlement provides that, in exchange for the release of the Released Claims and dismissal of the Actions, Defendants have agreed to pay $13,900,000 in cash to be distributed pro rata, after taxes, fees, and expenses, to Settlement Class Members who send in or submit a valid Proof of Claim pursuant to the Court-approved Plan of Allocation. The Plan of Allocation is described in more detail on pages 6 - 10 of the Notice.

To be potentially eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and must timely complete and return the Proof of Claim with adequate supporting documentation postmarked, if mailed, or received, if submitted online, no later than September 27, 2023.

Your share of the Net Settlement Fund will depend on the number of valid Proofs of Claim that Settlement Class Members send in and how many Hepsiburada ADSs you purchased or otherwise acquired pursuant and/or traceable to Hepsiburada’s IPO, and whether you sold any of those shares and when you sold them.

By following the instructions in the Plan of Allocation, you can calculate your claim. It is unlikely that you will get a payment for the full amount of your claim. After all Settlement Class Members have sent in their Proofs of Claim, the payment you get will be a part of the Net Settlement Fund equal to your claim divided by the total of all valid claimants’ claims. The payment you get, if eligible, will reflect your pro rata share of the Net Settlement Fund.

The Plan of Allocation has been prepared by Plaintiffs’ Counsel with the assistance of their damages expert.

The Court ordered that the law firms of Kaplan Fox & Kilsheimer LLP, Robbins Geller Rudman & Dowd LLP and Johnson Fistel, LLP represent the Settlement Class Members, including you. These lawyers are called Plaintiffs'  Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

Plaintiffs’ Counsel have been prosecuting the Actions on a wholly contingent basis since their inception, have not received any payment of attorneys’ fees for their representation of the Settlement Class, and have advanced the funds to pay expenses necessarily incurred to prosecute the Actions. Plaintiffs’ Counsel will apply to the Court for an award of attorneys’ fees in an amount not to exceed 30% of the Settlement Fund. In addition, Plaintiffs’ Counsel will seek no more than $150,000 in litigation expenses, as well as an application for reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff of no more than $7,500 directly related to its representation of the Settlement Class. 

The Court will hold a Settlement Fairness Hearing at 2:00 p.m. EST on August 1, 2023, in the Courtroom of the Honorable P. Kevin Castel, at the U.S. District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, NY. At the hearing, the Court will consider whether whether: (1) the Settlement as set forth in the Stipulation for $13,900,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) Judgment as provided under the Stipulation should be entered; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund and, if so, in what amount; (4) to pay Lead Plaintiff for its efforts in representing the Settlement Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court. The Court may adjourn or continue the Settlement Fairness Hearing without further notice to members of the Settlement Class. The Court reserves the right to hold the Settlement Fairness Hearing telephonically or by other virtual means. Any updates regarding the Settlement Fairness Hearing, including any changes to the date or time of the hearing or updates regarding in-person or telephonic appearances at the hearing, will be posted to this website. Also, if the Court requires or allows Settlement Class Members to participate in the Settlement Fairness Hearing by telephone, the phone number for accessing the telephonic conference will be posted to this website.

No. Plaintiffs' Counsel will answer any questions the Court may have. But, you are welcome to come at your own expense. If you send an objection, you do not have to come to Court to talk about it. As long as your written objection is received on time, the Court will consider it. You may also pay your own lawyer to attend, but it is not necessary. Settlement Class Members do not need to appear at the hearing or take any other action to indicate their approval.

You cannot speak at the hearing if you exclude yourself from the Class.

We do not hold stock records here. Gilardi & Co., LLC is a third-party administrator appointed by the Court to notify potential claimants. We are provided with names and addresses of potential claimants in order to notify individuals of settlements but do not have access to your private investment records. We recommend you contact the institution where you held your Hepsiburada ADSs and request proof or supporting documentation for your claim.

We cannot advise you as to whether or not you should choose to submit a claim, objection, or exclusion.

Unless you timely and validly exclude yourself, you are staying in the Settlement Class, and that means that you cannot sue, continue to sue, or be part of any other lawsuit against Defendants or any other Related Parties in this case. It also means that all of the Court’s orders will apply to you and legally bind you, and you will release your claims in this case against Defendants and their Related Parties. The terms of the release are included in the Proof of Claim  and the Stipulation.

If you do not submit a Proof of Claim, you will not receive any money from this Settlement but will still be part of the Settlement Class and subject to applicable releases.

Objecting is simply telling the Court that you do not like something about the Settlement. You can object only if you stay in the Settlement Class.

Excluding yourself is telling the Court that you do not want to be paid and do not want to release any claims you think you may have against Defendants or any of the Related Parties. If you exclude yourself, you cannot object to the Settlement because it does not affect you.

To exclude yourself from the Settlement Class, you must send a signed letter by mail saying that you want to be excluded from the Settlement Class in IWA-Forest Industry Pension Plan v. D-MARKET Elektronik Hizmetler ve Ticaret Anonim Şirketi, et al., No. 21-cv-08634-PKC (S.D.N.Y.). Be sure to include your name, address, telephone number, and the date(s), price(s), and number of shares of Hepsiburada ADSs that you purchased or acquired during the Settlement Class Period (July 1, 2021 through November 23, 2021, inclusive). Your exclusion request must be postmarked no later than July 10, 2023, and sent to the Claims Administrator at:

Hepsiburada Securities Litigation
c/o Gilardi & Co. LLC
ATTN: EXCLUSIONS
P.O. Box 5100
Larkspur, CA 94977-5100

You cannot exclude yourself by phone or by email. If you make a proper request for exclusion, you will not receive a settlement payment, and you cannot object to the Settlement. If you make a proper request for exclusion, you will not be legally bound by anything that happens in the Actions.

Your request for exclusion shall not be valid and effective unless it provides all the information requested in the preceding paragraphs and is received within the time stated above, or is otherwise accepted by the Court.

If you are a Settlement Class Member, you may object to the terms of the Settlement. Whether or not you object to the terms of the Settlement, you may also object to the requested attorneys’ fees, costs, and expenses, Lead Plaintiff’s request for payment for representing the Settlement Class and/or the Plan of Allocation. In order for any objection to be considered, you must file a written statement, accompanied by proof of Settlement Class membership, and signed by you on your own behalf with the Court and send a copy to each of Plaintiffs’ Counsel and each of Defendants’ Counsel, at the addresses listed in the Notice by July 18, 2023. 

In addition, the objection must state whether it applies only to the objector, to a specific subset of the Settlement Class, or to the entire Settlement Class, and the objector must identify all other class action settlements to which they, he, she, or it, or their counsel, has previously objected.

Attendance at the Settlement Fairness Hearing is not necessary; however, persons wishing to be heard orally at the Settlement Fairness Hearing are required to indicate in their written objection their intention to appear at the hearing and identify any witnesses they may call to testify and exhibits, if any, they intend to introduce into evidence.

Separate Claim Forms should be submitted for each separate legal entity (e.g., a claim from joint owners should not include the transactions of just one of the joint owners, and an individual should not combine his or her IRA transactions with transactions made solely in the individual’s name).

However, a single Claim Form should be submitted on behalf of one legal entity that includes all transactions made by that entity, no matter how many separate accounts that entity has (e.g., a corporation with multiple brokerage accounts should include all transactions made in all accounts on one Claim Form).

When filing on behalf of a deceased beneficial owner or their estate, you can submit a claim in the name of the individual, or, if an estate exists, you can submit on behalf of the estate. Note that any settlement proceeds will be made payable to the estate if that is how you submit that claim.

The claim submission should include a copy of the death certificate as well as proof of authority to file. As you are submitting a Claim Form as a representative on behalf of someone else (e.g., as an executor, administrator, trustee or other representative), you must document your authority to file on their (or their estate’s) behalf. Proof of authority can include a copy of the Last Will and Testament, Letters Testamentary, evidence of probate, proof of authority as executor or beneficiary and/or any other testamentary provisions of the deceased person. Do not send originals as any documents submitted with your claim will not be returned.

Depending on whether you submit on behalf of the individual on behalf of the estate, please provide the appropriate tax identication number or last four digits of the social security number and sign the Claim Form.

The claim must be submitted for the benefit of the actual beneficial owner/purchaser of the shares or their estate. Do not submit the claim in the name of the deceased person’s family or other heirs. We must issue the check to the actual beneficial owner/purchaser of the shares. We cannot issue any applicable check in the name of the deceased person’s family, beneficiaries or other heirs.

Sufficient documentation will provide proof of all the transaction information required by the Claim Form.

Suggested forms of documentation include, but are not limited to, photocopies of stockbrokers' confirmation slips or stockbrokers' monthly statements reflecting your transactions, opening and closing balances for the months specified on the Claim Form, and in which transactions during the relevant period occurred.

Stock certificates are not considered a sufficient form of documentation as they do not provide the necessary trade date and transaction price information. We are also unable to accept handwritten documents, self-prepared tax forms or spreadsheets, or statements that are illegible due to document quality.

Please send your late submission when you are able, as we will continue to process late claims. Up until the point when we are prepared to distribute the settlement fund, late claims which are otherwise valid will be accepted. Distributions in settlements such as this typically take place ten months to a year after the filing deadline, but this is an average estimate and claims processing could take longer depending on various factors, including whether a large number of late claims are being submitted due to delays outside of the control of claimants.

The Settlement Fairness Hearing will be held on August 1, 2023. The Court reserves the right to approve the Settlement or the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and expenses, and/or any other matter related to the Settlement at or after the Settlement Fairness Hearing without further notice to the members of the Settlement Class. If the Court approves the Settlement, there might be appeals.  It is always uncertain whether these appeals can be resolved, and resolving them can take time, perhaps more than a year. 

It also takes time for all the Claim Forms to be processed.  Processing time on our cases can take an average of twelve months or more from the September 27, 2023 filing deadline. Once processing is complete, we must then wait for authorization from Counsel and/or the Court before we can distribute the funds which can take several additional months.

Please understand that this is an estimated timeframe for processing based on our experience which does not guarantee that all case processing will be completed within twelve months. Processing time varies from case to case and some cases may take more or less time based on the specifics of that case settlement.

If your claim has been received and we have any questions or need additional information or documentation to assist in the processing of your claim, we will contact you by using one or more of the contact methods (phone, e-mail, mail) which you listed on your Claim Form submission.

We will not have the final claim payout amount available until we have processed all of the claims, calculated the total loss of claims filed, and received approval from the Court and/or Plaintiffs' Counsel.

We appreciate your patience as accurate claims processing takes time.

If you do nothing, you will not receive any money from this Settlement.  In addition, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against Defendants and their Related Parties about the Released Claims in this case.