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Levy v. Gutierrez, et al., United States District Court for the District of New Hampshire, Case No. 1:14-cv-00443-JL (GTAT Securities Litigation) (the "Action").
Overview
Court-appointed Lead Plaintiff Douglas Kurz and plaintiff Palisade Strategic Master Fund (Cayman) Limited, on behalf of themselves and the Court-certified Class, have reached a settlement with defendant Apple Inc. (“Apple”) for $3.5 million in cash (the “Apple Settlement”), which was finally approved by the Court on August 27, 2020. The Apple Settlement is in addition to two other partial settlements with the GTAT Individual Defendants and Underwriter Defendants previously approved by the Court in July 2018 totaling $36.7 million in cash (the “Earlier Settlements”), resulting in an aggregate recovery in this Action of $40.2 million in cash.
The Class consists of:
all persons and entities who or which from November 5, 2013 through 9:40 a.m. Eastern Standard Time on October 6, 2014, inclusive (the “Class Period”) purchased or otherwise acquired publicly traded GTAT common stock (“GTAT Common Stock”) and/or publicly traded GTAT 3.00% Convertible Senior Notes Due 2020 (“GTAT Senior Notes”), purchased or otherwise acquired publicly traded call options on GTAT common stock (“GTAT Call Options”), and/or sold (wrote) publicly traded put options on GTAT common stock (“GTAT Put Options”), and were damaged thereby.
On February 20, 2020, pursuant to the Order Approving Distribution Plan, payments from the Net Settlement Funds recovered from the Earlier Settlements were made to all Authorized Claimants whose claims were approved by the Court for payment subject to the requirements set forth in the Order. Authorized Claimants whose distribution amounts were less than the $10.00 threshold requirement did not receive a payment. Subsequent distributions will occur on a rolling basis.
On July 20, 2021, pursuant to the Order Approving Second Distribution of Earlier Settlements and Apple Settlement Distribution Plan, second distribution payments from the Net Settlement Funds recovered from the Earlier Settlements, and payments from the Net Settlement Fund recovered from the Apple Settlement were made to all Authorized Claimants whose claims were approved by the Court for payment subject to the requirements set forth in the Order. Authorized Claimants whose distribution amounts were less than the $10.00 threshold requirement did not receive a payment. Subsequent distributions will occur on a rolling basis.