Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the OZK Securities Litigation
The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the OZK Securities Litigation:
UNITED STATES DISTRICT COURT
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED BANK OZK ("OZK") COMMON STOCK BETWEEN FEBRUARY 19, 2016 AND OCTOBER 18, 2018, INCLUSIVE, AND WHO ARE NOT OTHERWISE EXCLUDED FROM THE CLASS ("CLASS" OR "CLASS MEMBERS")
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
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 Eastern District of Arkansas (the "Court"), that a Court-appointed Class Representative, on behalf of itself and all members of the certified Class, and defendants OZK and George Gleason (collectively, "Defendants"), have reached a proposed settlement of the claims in the above-captioned action (the "Action") in the amount of $45 million (the "Settlement").
A hearing will be held on September 19, 2022, at 1:30 p.m. CDT, before the Honorable D.P. Marshall Jr., Chief United States District Judge, either in person or remotely at the Court's discretion, at the United States District Court for the Eastern District of Arkansas, Richard Sheppard Arnold United States Courthouse, 500 West Capitol Avenue, Courtroom 1A, Little Rock, AR 72201 to determine, among other things, whether: (1) the proposed $45 million Settlement should be approved by the Court as fair, reasonable, and adequate; (2) the Judgment as provided under the Stipulation of Settlement (the "Stipulation") should be entered dismissing the Action with prejudice; (3) Lead Counsel's application for an award of attorneys' fees of 25% of the Settlement Fund and expenses not to exceed $2 million, including an award to Lead Plaintiff for its time and expenses in representing the Class, should be approved; and (4) the Plan of Allocation should be approved by the Court as fair and reasonable. The capitalized terms herein shall have the same meaning as they have in the Stipulation.1 The Court reserves the right to approve the Settlement, the Plan of Allocation, and Lead Counsel's motion for an award of attorneys' fees and expenses and/or consider any other matter related to the Settlement at or after the Settlement Hearing without further notice to the Members of the Class.
The ongoing COVID-19 health emergency is a fluid situation that creates the possibility that the Court may decide to conduct the Settlement Hearing by video or telephonic conference, or otherwise allow Class Members to appear at the hearing by phone or videoconference, without further written notice to the Class. To determine whether the date and time of the Settlement Hearing have changed, or whether Class Members must or may participate by phone or videoconference, it is important that you monitor the Court's docket and the Settlement website, before making any plans to attend the Settlement Hearing. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person, telephonic or videoconference appearances at the hearing, will also be posted to the Settlement website, www.OZKSecuritiesClassAction.com. Also, if the Court requires or allows Class Members to participate in the Settlement Hearing by telephone or videoconference, the phone number for accessing the telephonic conference or the website for accessing the videoconference will be posted to the Settlement website, www.OZKSecuritiesClassAction.com.
If you are a Member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys' Fees and Litigation Expenses (the "Settlement Notice") and Proof of Claim and Release Form ("Claim Form"), you may obtain copies of these documents by visiting the Settlement Website, www.OZKSecuritiesClassAction.com, or by contacting the Claims Administrator at:
OZK Securities Litigation
Copies of the Settlement Notice and Claim Form are also available by accessing the Court docket in this case, for a fee, through the Court's Public Access to Court Electronic Records (PACER) system at https://ecf.ared.uscourts.gov, or by visiting the Office of the Clerk, Richard Sheppard Arnold United States Courthouse, 500 West Capitol Avenue, Room A149, Little Rock, AR 72201, (501) 604-5351, during normal business hours.
Inquiries, other than requests for the Settlement Notice or a Claim Form or for information about the status of a claim, may be made to Class Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP
If you are a Class Member, to be eligible to share in the distribution of the Settlement Fund, you must submit a Claim Form postmarked or submitted online (no later than October 6, 2022). If you are a 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 Class Member and wish to exclude yourself from the Class, you must submit a written request for exclusion in accordance with the requirements set by the Court and the instructions set forth in the Settlement Notice so that it is postmarked no later than August 29, 2022. If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.
Any objections to the proposed Settlement, Class Counsel's motion for attorneys' fees and litigation expenses, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Settling Parties in accordance with the instructions in the Settlement Notice, such that they are received no later than August 29, 2022.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.
Dated: June 27, 2022
BY ORDER OF THE COURT
1 The Stipulation can be viewed and/or obtained at www.OZKSecuritiesClassAction.com.
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