CITY OF ATLANTA POLICE OFFICERS’ PENSION PLAN and CITYOF ATLANTA FIREFIGHTERS’ PENSION PLAN, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v. CELSIUS HOLDINGS, INC., JOHN FIELDLY, and EDWIN NEGRON-CARBALLO. Case litigated in the Southern District of Florida $7,800,000.00 settlement achieved in approximately 18 months.

This Action was brought on behalf of all persons and entities who purchased or otherwise acquired Celsius common stock between August 12, 2021 and March 1, 2022, inclusive. The initial complaint in this Action was filed on March 16, 2022 in the United States District Court for the Southern District of Florida. City of Atlanta Police Officers’ Pension Plan v. Celsius Holdings, Inc. et al, Case No.22-80418-CV-MIDDLEBROOKS.

On June 6, 2022, the Court appointed City ofAtlanta Police Officers’ Pension Plan and City of Atlanta Firefighters’ Pension Plan as Lead Plaintiffs and Grant & Eisenhofer P.A and The Reeves Law Firm,LLC. as Lead Counsel.

On July 8, 2022, Lead Plaintiffs filed theAmended Complaint for Violations of the Federal Securities Laws (the “Amended Complaint”), which alleges that Defendants disseminated materially false and misleading statements regarding Celsius’s financial reporting during the Class Period and did so with an intent to defraud. From the outset of the Action, Defendants have denied any wrong doing or liability and consistently maintained that they never intentionally made any statement that was false or misleading. Defendants believed during the Class Period that the public statements Celsius made were truthful, accurate, and not misleading, and contained no material misstatements or omissions of fact.

On August 5, 2022, Defendants filed a Motion to Dismiss the Amended Complaint, Lead Plaintiffs filed their opposition onAugust 26, 2022, and Defendants filed their reply on September 9. On February 13, 2023, United States Judge Bruce E. Reinhart issued a Report and Recommendation on Defendants’ Motion to Dismiss the Amended Complaint. On March22, 2023, the Court entered an Order adopting Magistrate Judge Reinhart’s Report and Recommendation, granting in part and denying in part Defendants’ Motion. On April 21, 2023, Defendants filed an Answer and Affirmative Defenses to Amended Complaint. On May 18, 2023, Lead Plaintiffs filed a Motion for Class Certification, and Defendants filed their opposition on June 15, 2023.

Discovery in this Action commenced in April 2023. Lead Plaintiffs served two sets of document requests on Defendants and prepared and served document subpoenas on four non-parties. Lead Plaintiffs also served two sets of interrogatories on Defendants. LeadPlaintiffs exchanged numerous letters and held numerous conferences with Defendants concerning discovery issues. Defendants and third parties produced a total of over 53,000 pages of documents to Lead Plaintiffs. On July 14, 2023, Lead Counsel for Lead Plaintiffs and Defendants’ Counsel informed the Court that a settlement in principle had been reached. On July 17, 2023, Lead Plaintiffs and Defendants filed a Notice of Settlement.

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