National Holdings Corporation merger stockholder settlement

A $4,350,000 settlement covers people who owned National Holdings Corporation common stock when B. Riley Financial bought the company for $3.25 a share in February 2021. If you held National stock at any time from February 9, 2021 through the merger's completion on February 25, 2021 and your shares were exchanged in the tender offer, you may be eligible for a share of the fund. The court-authorized notice estimates about $0.60 a share before court-approved fees and expenses it puts at roughly $0.18 a share, and pays nothing on a claim that would come to under $10. A Proof of Claim must be submitted online or postmarked by December 16, 2026, and the court considers approval on November 16, 2026. Filing on the administrator's official site is free.

Official claim page Official notice

When the money moves

What the official materials say about the payment schedule for this settlement, and what the administrator has published since. Every figure below is linked to the page it was read from.

Status: Payments have not started

Expected

The notice says the net fund will not be distributed until the court has approved both the settlement and a plan of allocation and the time for any appeal has run. The settlement hearing is set for November 16, 2026.

Read off the official notice, in its own words. These dates slip — an appeal can move a distribution by a year or more — so treat it as the administrator's plan rather than a schedule.

Source: the official notice ↗

Facts from the official materials

Status: Open
Type: Class-action settlement
Category: Banking and finance
Defendant / company: Michael Mullen (former chief executive of National Holdings Corporation)
Administrator: RG/2 Claims Administration LLC
Claim deadline: December 16, 2026
Eligibility period: February 9, 2021 – February 25, 2021
States: See official notice (often nationwide)
Proof: Account or service history may be required
Possible amount: Share of a $4.35M fund
Source confidence: high
Last verified: October 20, 2026

Covered products and services

National Holdings Corporation common stock

Nancy Frank, as Trustee of The Frank Trust, et al. v. Michael Mullen · 2023-0381-MTZ · Court of Chancery of the State of Delaware

A pro rata share of a $4,350,000 fund, sized by the shares you held. The notice estimates an average of about $0.60 a share before deductions, with court-approved fees and expenses estimated at about $0.18 a share, and adds that historically fewer than all eligible investors file, which raises the per-share figure for those who do. No distribution is made to a claimant whose share would come to less than $10. The Proof of Claim asks for the documents listed on the form, so brokerage or transfer records are worth finding first. These are estimates, not guaranteed amounts.

Important dates

Claim deadline: December 16, 2026
Opt-out deadline: November 2, 2026
Fairness hearing: November 16, 2026

Why this case happened

The suit claims the defendant, then an officer of National Holdings Corporation, breached his fiduciary duties around B. Riley Financial's tender offer for the company, which closed on February 25, 2021 at $3.25 a share. He denies all of it and the court has made no finding on the merits. The class is a non-opt-out class under Delaware Court of Chancery Rules 23(a), 23(b)(1) and 23(b)(2), so class members cannot exclude themselves.

Eligibility questions

These questions help you decide whether to read the official notice. They are not a legal determination.

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