If you purchased the publicly traded common stock of Ryvyl Inc. (NASDAQ: RVYL) and/or Greenbox POS (NASDAQ: GBOX) between May 13, 2021, and January 20, 2023, you may be eligible to participate in a proposed class action settlement.

Rhea-AI Summary

Ryvyl Inc. (NASDAQ: RVYL), formerly known as Greenbox POS (NASDAQ: GBOX), has reached a proposed class action settlement for investors who purchased common stock between May 13, 2021, and January 20, 2023. The settlement includes $300,000 in cash and 700,000 shares of Ryvyl common stock.

A settlement hearing is scheduled for December 19, 2025, to determine the fairness and adequacy of the settlement terms. Settlement class members must submit claim forms by December 27, 2025, while exclusion requests and objections must be received by November 28, 2025.

Positive

• Settlement provides both cash ($300,000) and stock compensation (700,000 shares) to affected investors
• Clear process and timeline for affected investors to claim compensation

Negative

• Legal settlement indicates potential securities violations during the class period
• Settlement amount is relatively modest compared to typical securities class actions

COSTA MESA, Calif., Sept. 22, 2025 /PRNewswire/ -- The following statement is being issued by Simpluris, Inc., court-appointed settlement administrator, regarding the Ryvyl Securities Litigation.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF CALIFORNIA

MARK CULLEN and SCOT S. COOK, Individually and on behalf of all others similarly situated,                                                                                      Plaintiffs,                                 v. RYVYL INC. F/K/A GREENBOX POS, BEN ERREZ, FREDI NISAN, AND BENJAMIN CHUNG, Defendants.

Case No. 3:23-cv-0185-GPC-SBC

SUMMARY NOTICE OF: (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:     All persons and entities that purchased the publicly traded common stock of Ryvyl Inc. (NASDAQ: RVYL) and/or Greenbox POS (NASDAQ: GBOX) between May 13, 2021, and January 20, 2023, both dates inclusive, and were damaged thereby (the "Settlement Class"): [fn-1]

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of California, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Action has reached a proposed settlement of the Action for $300,000 in cash and 700,000 shares of Ryvyl common stock (the "Settlement"), that, if approved, will resolve all claims in the Action.

A hearing will be held on December 19, 2025 at 1:30 p.m. PT, before the Honorable Gonzalo P. Curiel at the United States District Court for the Southern District of California, James M. Carter and Judith N. Keep United States Courthouse, 333 West Broadway, Courtroom 12A, San Diego, CA 92101, to determine, among other things, whether: (i) the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) the terms and conditions of the issuance of the Settlement Shares, which shares may be issued pursuant to the exemption from registration requirements under Section 3(a)(10) of the Securities Act of 1933, § 15 U.S.C. 77c(a)(10), as amended, are fair; (iii) the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and in the Notice should be granted; (iv) the proposed Plan of Allocation should be approved as fair and reasonable; and (v) Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses (including Notice and Administration Costs not to exceed $99,000) should be approved.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  The Notice and Proof of Claim and Release Form ("Claim Form"), can be downloaded from the website maintained by the Claims Administrator, www.RyvylSecuritiesSettlement.com.  You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at Ryvyl Securities Settlement, c/o Claims Administrator, P.O. Box 25419, Santa Ana, CA 92799, 1-833-360-6785. 

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked or received no later than December 27, 2025.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received by, or postmarked, no later than November 28, 2025, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be delivered to the Claims Administrator, Lead Counsel and Defendants' Counsel such that they are received by, or postmarked no later than, November 28, 2025, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Defendants, or their counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Requests for the Notice and Claim Form should be made to:

Ryvyl Securities Settlement
c/o Claims Administrator
P.O. Box 25419
Santa Ana, CA 92799
Toll-free Telephone: 833-360-6785
Email: info@RyvylSecuritiesSettlement.com

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

GLANCY PRONGAY & MURRAY LLP
Ex Kano S. Sams II
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Telephone:  (310) 201-9150
Email: settlements@glancylaw.com

                                                                                                                            By Order of the Court

[fn-1] All capitalized terms used in this Summary Notice that are not otherwise defined herein have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated July 9, 2025 (the "Stipulation"), which is available at www.RyvylSecuritiesSettlement.com. 

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SOURCE Simpluris Inc.

FAQ

What is the settlement amount in the Ryvyl (NASDAQ: RVYL) class action lawsuit?

The settlement consists of $300,000 in cash and 700,000 shares of Ryvyl common stock.

Who is eligible for the Ryvyl (GBOX) securities settlement?

Investors who purchased Ryvyl/Greenbox POS common stock between May 13, 2021, and January 20, 2023, and were damaged by their investment are eligible.

What is the deadline to submit a claim for the Ryvyl securities settlement?

The deadline to submit a claim form is December 27, 2025. Claims must be postmarked or received by this date.

How can investors participate in the Ryvyl class action settlement?

Eligible investors must submit a Claim Form available at www.RyvylSecuritiesSettlement.com or by contacting the Claims Administrator at 1-833-360-6785.

When is the settlement fairness hearing for the Ryvyl securities case?

The settlement fairness hearing is scheduled for December 19, 2025, at 1:30 p.m. PT in the United States District Court for the Southern District of California.