CURRENT INFORMATION YOU SHOULD KNOW ABOUT THE IPO SETTLEMENT All appeals have now been resolved and the approval of the Settlement is now Final. The Court has approved the processing of Proofs of Claim received after the original December 10, 2009 deadline through claims received on February 9, 2012. In order to allow for the Claims Administrator to finally determine the eligibility of Class Members to share in the Net Settlement Funds NO MORE PROOFS OF CLAIM ARE ALLOWED TO BE SUBMITTED. PROOF OF CLAIM BAR DATE: NO PROOF OF CLAIM SUBMITTED AFTER FEBRUARY 9, 2012 MAY BE ACCEPTED FOR ANY REASON WHATSOEVER On February 9, 2012, Judge Scheindlin entered an Order authorizing the Claims Administrator to process all Proofs of Claim it received on or before February 9, 2012, and any Proofs of Claim received by the Claims Administrator after this date shall not be processed, may not be accepted and shall be returned by the Claims Administrator to the sender together with a notice stating that "The Court has entered an Order providing that no Proof of Claim submitted after the date of entry of this Order may be accepted for any reason whatsoever". To view the text of this Order, click here The Claims Administrator is now completing the processing of the Proofs of Claim received prior to February 9, 2012. Upon the completion of the claims processing, Plaintiffs' Counsel anticipate submitting a Motion requesting the Court's approval of the administrative determinations accepting and rejecting the Proofs of Claim, and authorizing distribution of the Net Settlement Fund to the accepted claimants. Provided that the Motion is granted, and barring additional unexpected developments, it is anticipated that the Net Settlement Fund will be distributed to accepted claimants by this Summer. |
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SECURITIES LITIGATION WEBSITE
The Stipulation and Agreement of Settlement (“Settlement Agreement”) resolves 309 actions ("The Actions") alleging that the underwriters of hundreds of initial public offerings ("IPOs") improperly required or induced certain investors in those IPOs to purchase additional shares in the aftermarket, often at inflated prices, and to pay the underwriters excessive, undisclosed compensation. Additionally, stock analysts employed by the underwriters allegedly had undisclosed conflicts of interest and prepared analyst reports that contained inaccurate information and recommendations. The Plaintiffs alleged that these undisclosed and manipulative activities caused investors to pay artificially inflated prices and sustain damages.
The Settlement Agreement provides a total of $586 Million in cash in exchange for the settlement and dismissal of all of the Actions.
The class consists of persons and entities, with certain exclusions, who purchased or otherwise acquired certain securities during particular time periods. The relevant securities and time periods are listed in Schedule 1. (NOTE: In the Net2Phone, Inc. Action, the Class Period actually started on July 29, 1999).
The Notice set forth the rights and the procedures that Class Members previously had to submit a valid Proof of Claim, request exclusion from the class or object to the Settlement Agreement, among other information.
For additional information about the Litigation and the Settlement Agreement, please click on the tabs on the left side of this page.
Questions? Call toll-free 1-800-916-6946 or E-Mail Questions@IpoSecuritiesLitigation.com
NOTE: This website is being provided as a service to potential Class Members. The information provided is in summary form and is not intended as a complete explanation of your rights, nor does it serve to provide legal or professional advice. To become more informed about the Litigation, you are directed to review carefully the legal documents linked to the tabs on the left side of this page.