TMCnet News
Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP Announce the Following Summary Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and ExpensesThe following statement is being issued by Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP regarding the In re Ubiquiti (News - Alert) Networks, Inc. Securities Litigation, Master File No. 12-cv-04677-YGR (N.D. Cal.). TO: ALL PERSONS THAT PURCHASED OR ACQUIRED THE PUBLICLY TRADED COMMON STOCK OF UBIQUITI NETWORKS, INC. PURSUANT AND/OR TRACEABLE TO ITS OCTOBER 14, 2011 INITIAL PUBLIC OFFERING, YOU MAY BE ENTITLED TO RECOVER IF YOU PURCHASED OR ACQUIRED SHARES FROM OCTOBER 14, 2011 THROUGH MAY 3, 2012, INCLUSIVE YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of California, that Lead Plaintiffs Inter-Local Pension Fund GCC/IBT and Bristol County Retirement System, on behalf of themselves and the Settlement Class, and Ubiquiti Networks, Inc. and the other named defendants (collectively, the "Defendants"), have reached a settlement in the above-captioned action (the "Action") in the amount of $6,800,000 in cash (the "Settlement Amount") that, if approved by the Court, will resolve all claims in the Action.1 A hearing will be held before the Honorable Yvonne Gonzalez Rogers of the United States District Court for the Northern District of California in Courtroom 1, Oakland Courthouse, 4th Floor, 1301 Clay Street, Oakland, CA (News - Alert) 94612 at 2:00 p.m. on December 19, 2017 to, among other things, determine whether (1) the Settlement should be approved by the Court as fair, reasonable, and adequate; (2) the Plan of Allocation for distribution of the Settlement Amount, and any interest thereon, less Court-awarded attorneys' fees, Notice and Administration Expenses, Taxes, and any other costs, fees, or expenses approved by the Court (the "Net Settlement Fund") should be approved as fair, reasonable and adequate; and (3) the application of Lead Counsel for an award of attorneys' fees of no more than 25% of the Settlement Fund (up to $1,700,000) and payment of litigation expenses of no more than $200,000 from the Settlement Fund should be approved. The Court may change the date of the Settlement Hearing without providing another notice. You do NOT need to attend the Settlement Hearing in order to receive a distribution from the Net Settlement Fund. IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE NET (News - Alert) SETTLEMENT FUND. If you have not yet received the full Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses (the "Notice") and a Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator or visiting its website:
Ubiquiti Networks Securities Litigation Inquiries may also be made to Lead Counsel:
If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or electronically submitted no later than December 5, 2017. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action. To exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is postmarked no later than November 27, 2017. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in the Action. Any objections to the Settlement, Plan of Allocation, and/or application for attorneys' fees and payment of expenses must be filed with the Court and mailed to counsel in accordance with the instructions set forth in the Notice no later than November 27, 2017. PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE. ALL QUESTIONS ABOUT THIS NOTICE, THE SETTLEMENT, OR YOUR ELIGIBILITY TO PARTICIPATE IN THE SETTLEMENT SHOULD BE DIRECTED TO LEAD COUNSEL AT THE ADDRESSES LISTED ABOVE.
1 The complete terms of the Settlement are in the Stipulation and Agreement of Settlement, dated August 4, 2017, which can be viewed at www.ubiquitisecuritieslitigation.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171011005121/en/ |
