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Eargo Stockholder Settlement

1-877-388-1720

This official website is maintained by the Settlement Administrator under the supervision of Plaintiff’s Counsel for the members of the Class in the Stockholder Class Action entitled In re Eargo, Inc. Stockholder Litigation, C.A. No. 2024-0860-JTL (Delaware Court of Chancery)

The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Stockholder Class Action and Proposed Settlement, Settlement Hearing, and Right to Appear, which you can access by clicking here. Because this website is just a summary, you should review the Notice for additional details.

Notice of Pendency of Stockholder Class Action: Please be advised that your rights will be affected by the above-captioned stockholder class action (the “Action”) pending in the Court of Chancery of the State of Delaware (the “Court”) if you were a former holder of common stock of Eargo, Inc. (“Eargo” or the “Company”) whose Eargo shares were exchanged for the $2.55 in cash (the “Merger Consideration”) in connection with the February 16, 2024 acquisition of the minority shares of Eargo by Patient Square Capital, L.P. (the “Merger”).

Notice of Settlement: A $7,000,000.00 cash settlement has been reached for the benefit of the Class defined below. Plaintiffs Donald W. Hansen and Kevin Loudy (collectively, “Plaintiffs”), in the above-captioned Action, on behalf of themselves and the Class and Defendants Patient Square Capital, L.P. and Justin Sabet-Peyman (collectively, “Defendants,” and, together with Plaintiffs, the “Settling Parties”), have reached a proposed settlement for $7,000,000.00 in cash (the “Settlement”). The proposed Settlement, if approved, will resolve all claims in the Action. 

If you are a member of the Class, you are subject to the Settlement. The Class preliminarily certified by the Court for purposes of the Settlement consists of:

All persons and entities who both (i) were former holders of Eargo common stock, whether beneficial or of record (including, as necessary for relief, the legal representatives, heirs, successors-in-interest, transferees, and assignees of such holders), and solely in their capacities as such, and (ii) had their Eargo shares exchanged for the Merger Consideration in connection with the Merger; provided that the Class excludes the Excluded Persons. “Excluded Persons” means (i) Defendants; (ii) any pre-Merger Eargo stockholders who had continuing equity participation in Eargo after the closing of the Merger; (iii) any former Eargo stockholders who sought appraisal and agreed through resolution of that appraisal proceeding not to participate in any class action settlement concerning the allegations of the complaint in this Action (but only as to the shares for which they sought appraisal); (iv) the former directors and officers of Eargo and Patient Square (together, “Excluded D&Os”), (v) members of the immediate family of any Defendant or of the Excluded D&Os, and any entity in which a Defendant or the Excluded D&Os has, have, or had a controlling interest (collectively, “Excluded Related Persons”); and (vi) the associates, affiliates, legal representatives, heirs, successors in interest, transferees, and assigns of any Defendant, Excluded D&Os, or Excluded Related Persons.

Please Note: The Class is a non- “opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2). Accordingly, Class Members do not have the right to exclude themselves from the Class.  

PLEASE READ THE NOTICE CAREFULLY AND IN ITS ENTIRETY. The Notice explains how members of the Class will be affected by the Settlement.

If you have questions, you may call the Eargo Stockholder Settlement Help Line at 1-877-388-1720 or email info@eargostockholdersettlement.com.

CLASS MEMBERS’ LEGAL RIGHTS IN THE SETTLEMENT
Description Due Date

RECEIVE A PAYMENT FROM THE SETTLEMENT. CLASS MEMBERS DO NOT NEED TO SUBMIT A CLAIM FORM.

If you are a Member of the Class (defined in paragraph 13 of the Notice), you may be eligible to receive a pro rata distribution from the Settlement proceeds. Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement, if the proposed Settlement is approved by the Court. Your distribution from the Settlement will be paid to you directly, without you needing to submit any paperwork. See paragraphs 28-29 of the Notice for further discussion.

OBJECT TO THE PROPOSED SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN DECEMBER 28, 2026.

If you are a Class Member and would like to object to the proposed Settlement, the proposed Plan of Allocation, or the Fee and Expense Application for an award of attorneys’ fees and litigation expenses for Plaintiffs’ Counsel as well as any incentive awards, you may write to the Court and explain the reasons for your objection. See paragraphs 37-43 of the Notice concerning the required procedure and information for making an objection.

ATTEND A HEARING ON JANUARY 8, 2027, AT 1:30 P.M. E.T., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN DECEMBER 28, 2026.

Filing a written objection and notice of intention to appear that is received by December 28, 2026, allows you to speak in Court, at the discretion of the Court, about your objection. In the Court’s discretion, the January 8, 2027, hearing may be conducted by telephone or video conference (see paragraphs 35-43 of the Notice). If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.