In March 2020, the Parties entered into a mediation process under the auspices of a nationally recognized mediator. A vigorous mediation process ensued. Over an 11 month period, the Parties frequently communicated with the Mediator, exchanged mediation statements and reply mediation statements supplemented by memoranda providing additional authority, comparable settlement analyses and other documents. The result of Wolf Popper LLP’s considerable efforts, the Parties reached an agreement in principle to settle the Litigation on February 4, 2021. The ensuing Stipulation of Settlement included, among other things, the Settling Parties’ agreement to settle and release all claims asserted in the Litigation in return for a cash payment of $27,000,000 (funded by insurance) for the benefit of the Class plus interest being paid on behalf of Defendants.
On July 28, 2021, the Court entered its Order preliminarily approving the proposed Settlement and the Parties’ proposed method of disseminating Notice to the Class Members, by mailing out Notices to all potential Class Members and their nominees and publishing the Summary Notice electronically over PR Newswire within the stipulated timeframe.
The Court held its Final Approval Hearing on November 16, 2021 at 10:00 a.m. CST. Attended by counsel to the Parties and a PERS representative, the Court finally approved the Settlement in its entirety, including: (a) the $27 million Settlement Fund; (b) Lead Counsel’s Fee and Expense Application for attorneys’ fees and reimbursement of litigation expenses; (c) Lead Plaintiff’s PSLRA Award for their service on behalf of the Settlement Class or for Lead Plaintiffs’ reasonable time, costs and expenses directly relating to the representation of the Settlement Class; and (d) the Plan of Allocation of the Net Settlement Fund.
Members of the Class will have until December 15, 2021 to submit a Claim Form, available at the settlement website and supporting documentation to the “Claims Administrator” – A.B. Data, Ltd. – to receive a payment under the Settlement.