Announcing Proposed Class Action Settlement Involving Purchasers of SanDisk Corporation Common Stock
SAN FRANCISCO, July 1, 2019 /PRNewswire/ --
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN FRANCISCO DIVISION
Case No. 3:15-cv-01455-VC
IN RE: SANDISK LLC SECURITIES
LITIGATION
Hon. Vince Chhabria
SUMMARY NOTICE OF PROPOSED
CLASS ACTION SETTLEMENT AND
MOTION FOR ATTORNEYS' FEES
AND EXPENSES
To all persons and entities who purchased or otherwise acquired the publicly traded common stock of SanDisk Corporation ("SanDisk") during the period from October 16, 2014 through April 15, 2015 and were damaged thereby (the "Class").
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of California, that the Parties to the above-referenced class action (the "Action") have reached a settlement in the amount of $50,000,000 in cash (the "Settlement Amount") that, if approved by the Court, will resolve all claims in the Action and related claims based on the identical factual predicate.(1)
A hearing will be held before the Honorable Vince Chhabria of the United States District Court for the Northern District of California, in the San Francisco Courthouse, Courtroom 4, 17th Floor, 450 Golden Gate Avenue, San Francisco, CA 94102 at 10:00 a.m. on September 26, 2019 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) to approve the application of Class Counsel, on behalf of Plaintiffs' Counsel, for an award of attorneys' fees of no more than 28% of the Settlement Fund (which would be up to $14 million) and payment of expenses of no more than $1 million from the Settlement Fund, which will include the expenses of Class Representatives pursuant to the Private Securities Litigation Reform Act of 1995. 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 CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received the full Notice of Proposed Class Action Settlement and Motion for Attorneys' Fees and Expenses (the "Settlement 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 the case website:
SanDisk Securities Litigation
Claims Administrator
c/o Epiq
P.O. Box 3058
Portland, OR 97208-3058
Phone: (877) 432-3788
info@SanDiskSecuritiesLitigation.com
www.SanDiskSecuritiesLitigation.com
Inquiries may also be made to Class Counsel:
DEBORAH CLARK-WEINTRAUB
MAX R. SCHWARTZ
SCOTT+SCOTT ATTORNEYS AT LAW LLP
The Helmsley Building
230 Park Avenue, 17th Floor
New York, NY 10169
Phone: (212) 223-6444
Facsimile: (212) 223-6334
www.scott-scott.com
If you are a 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 online no later than September 12, 2019. If you are a 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.
If you previously submitted a valid and timely request for exclusion from the Class in connection with the Notice of Pendency of Class Action ("Class Notice") and you wish to remain excluded, no further action is required.
If you did not previously do so, to exclude yourself from the Class now, you must submit a written request for exclusion in accordance with the instructions set forth in the Settlement Notice such that it is received (not simply postmarked) no later than September 5, 2019. If you are a Class Member and do not exclude yourself from the Class, you will be bound by any judgments or orders entered by the Court in the Action.
If you previously submitted a request for exclusion from the Class in connection with the Class Notice but you want to opt-back into the Class now for the purpose of being eligible to receive a payment from the Net Settlement Fund, you may do so. In order to opt-back into the Class, you must submit a request in writing such that it is received (not simply postmarked) no later than September 5, 2019, in accordance with the instructions set forth in the Settlement Notice.
If you wish to remain in the Class, but object to the Settlement, Plan of Allocation, and/or application for attorneys' fees and payment of expenses, any such objection must be provided to the Court in accordance with the instructions set forth in the Settlement Notice so that they are received (not simply postmarked) no later than September 5, 2019.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.
Dated: July 1, 2019
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE NORTHERN
DISTRICT OF CALIFORNIA
(1) The complete terms of the Settlement are in the Stipulation and Agreement of Settlement, dated May 6, 2019, which can be viewed at www.SanDiskSecuritiesLitigation.com.
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SOURCE United States District Court for the Northern District of California
