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UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF ILLINOIS

EASTERN DIVISION

JUDITH ALMENDARIZ, Individually and On 

Behalf of All Others Similarly Situated,

Plaintiff,

v.

ONESPAN INC., SCOTT CLEMENTS, and 

MARK S. HOYT,

Defendants.

Civil Action No.: 1:20-cv-04906

CLASS ACTION

Hon. Joan B. Gottschall

NOTICE OF VOLUNTARY DISMISSAL WITHOUT PREJUDICE

PURSUANT TO FED. R. CIV. P. 41(a)(1)

PLEASE TAKE NOTICE that Lead Plaintiff Michael Paladino (“Lead Plaintiff”), through 

his undersigned counsel of record, hereby voluntarily dismisses the action, without prejudice,

pursuant to Fed. R. Civ. P 41(a)(1), as follows:

WHEREAS, this action for violations of the Securities Exchange Act of 1934 was filed on 

August 20, 2020;

WHEREAS, Defendants have neither answered nor moved for summary judgment and no 

class certification motion has been filed;

WHEREAS, the action was filed as a putative class action but has not been certified as 

such;

WHEREAS, pursuant to the Court’s Order dated November 16, 2020 (“November 16 

Order”), the Court appointed Michael Paladino as Lead Plaintiff and the undersigned plaintiff’s 

counsel as Lead Counsel for Lead Plaintiff, pursuant to the Securities Act of 1934, 15 U.S.C. §

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78u-4 et seq., as amended by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). 

See ECF No. 32.

WHEREAS, consistent with the powers vested in them through the November 16 Order 

and the PSLRA, in contemplation of filing an amended complaint, Lead Counsel, on behalf of 

Lead Plaintiff, conducted an independent investigation of Lead Plaintiffs’ claims, including from 

the following sources: (i) OneSpan Inc.’s (“OneSpan” or the “Company”) public filings with the 

SEC; (ii) research reports from securities and financial analysts; (iii) Company press releases and 

reports; (iv) Company website and marketing materials; (v) news and media reports concerning 

the Company and other facts related to this action; (vi) price and volume data for OneSpan

securities; (vii) consultation with retained consultants; (viii) accounts from former OneSpan 

employees; and (ix) additional materials and data concerning the Company and industry as 

identified herein.

WHEREAS, having completed the independent investigation, Lead Plaintiff and Lead 

Counsel have decided to voluntarily dismiss the Lead Plaintiff’s claims, without prejudice, in lieu 

of filing any amended complaint;

WHEREAS, neither Lead Plaintiff nor Lead Counsel has entered into any agreement with 

any Defendant in connection with the voluntary dismissal;

WHEREAS, neither Lead Plaintiff nor Lead Counsel has received or will receive any 

consideration for dismissal;

WHEREAS, under Federal Rule of Civil Procedure 41(a)(1), Lead Plaintiff is entitled to 

dismiss this action on his own initiative:

Subject to Rules 23(e), 23.1(c), 23.2, and 66 and any applicable 

federal statute, the plaintiff may dismiss an action without a court 

order by filing:

(i) a notice of dismissal before the opposing party serves either an 

answer or a motion for summary judgment. . . .

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WHEREAS, although this case alleges putative class claims, Federal Rule of Civil 

Procedure 23(e) is inapplicable to the instant dismissal does not involve the claims, issues or 

defenses of a certified class - or a class proposed to be certified for purposes of settlement. See 

e.g., Cooks v. WMC Mortgage Corp., No. 06-535, 2006 WL 2873439, at *1 (S.D. Ill. Oct. 5, 2006) 

(“Because no class has been certified in this case, voluntary dismissal in this instance is governed 

not by Rule 23 but by Rule 41 of the Federal Rules of Civil Procedure.”);

WHEREAS, no prejudice to absent putative class members will result from dismissal of 

the action because a class has not been certified, the dismissal will not affect their rights, and there 

is no imminent statute of limitations or repose deadline.

WHEREAS, Federal Rule of Civil Procedure 23(e)(1)(B) is inapplicable to the instant 

dismissal as none of the absent putative class members would be bound; and

WHEREAS, no notice need be sent to absent putative class members, because a class has 

not been certified, the case is in its infancy, the case has not been widely publicized, and no absent 

putative class member will be bound by the voluntary dismissal of Lead Plaintiff’s claims.

THEREFORE, Lead Plaintiff hereby dismisses the action without prejudice as to Lead 

Plaintiff’s individual claims.

Dated: March 17, 2021 Respectfully submitted,

HAGENS BERMAN SOBOL SHAPIRO LLP

 s/ Reed R. Kathrein

 REED R. KATHREIN

Lucas E. Gilmore (admitted Pro Hac Vice)

Danielle Smith

Wesley A. Wong

715 Hearst Avenue, Suite 202

Berkeley, CA 94710

Telephone: (510) 725-3000

Facsimile: (510) 725-3001

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reed@hbsslaw.com

lucasg@hbsslaw.com

danielles@hbsslaw.com

wesleyw@hbsslaw.com

HAGENS BERMAN SOBOL SHAPIRO LLP

455 N. Cityfront Plaza Drive, Suite 2410

Chicago, IL 60611

Telephone: (708) 628-4949

Facsimile: (708) 628-4950

Steve W. Berman

HAGENS BERMAN SOBOL SHAPIRO LLP

1301 Second Avenue, Suite 2000

Seattle, WA 98101

Telephone: (206) 623-7297

Facsimile: (206) 623-0594

Counsel for Lead Plaintiff

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CERTIFICATE OF SERVICE

I hereby certify that on March 18, 2021, I electronically filed the foregoing with the Clerk 

of the Court using the CM/ECF system which will send notification of such filing to the e-mail 

addresses registered in the CM/ECF system, as denoted on the Electronic Mail Notice List, and I 

hereby certify that I have mailed a paper copy of the foregoing document via the United States 

Postal Service to the non-CM/ECF participants indicated on the Manual Notice List generated by 

the CM/ECF system.

/s/ Reed R. Kathrein

REED R. KATHREIN

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