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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").
Court-appointed Lead Plaintiff Douglas Kurz and plaintiff Palisade Strategic Master Fund (Cayman) Limited, on behalf of themselves and the Court-certified Class (as defined below and also referred to as the “Apple Class”), have reached a proposed settlement with defendant Apple Inc. (“Apple”) for $3.5 million in cash (the “Settlement” or “Apple Settlement”). The currently proposed 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 of $40.2 million in cash. The Apple Settlement, if approved, will resolve all claims in the Action against Apple. The claims asserted against Apple are the only remaining claims in this Action and, thus, if the Apple Settlement is approved, the Action will be completely resolved. Please read the Apple Settlement Notice to fully understand your rights and options with respect to the Apple Settlement.
The Apple 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.
If you previously submitted a valid Claim Form and were eligible to participate in the Earlier Settlements, you do not need to take any further action to be eligible to participate in the Apple Settlement. However, if you have not previously submitted a valid Claim Form, in order to be eligible to participate in the Apple Settlement, you must submit one, postmarked no later than June 29, 2020.
Payments from the Net Apple Settlement Fund will be made only if the Court approves the Apple Settlement and after any appeals are resolved, and after the processing of any additional claims received by the Claims Administrator is completed. Please be patient, as this process will take some time to complete.
|Important Dates and Deadlines Regarding The Apple Settlement:|
|June 29, 2020
Claim Filing Deadline
If you previously submitted a valid Claim Form and were eligible to participate in the Earlier Settlements, you do not need to take any further action to be eligible to participate in the Apple Settlement. However, if you have not previously submitted a valid Claim Form, in order to be eligible to participate in the Apple Settlement, you must submit a Claim Form, postmarked no later than June 29, 2020.
Please Note: If you submitted a valid Claim Form in connection with the Earlier Settlements, do not submit another Claim Form.
|May 25, 2020
|To exclude yourself from the Apple Class, you must submit a written request for exclusion so that it is received no later than May 25, 2020, in accordance with the instructions in the Apple Settlement Notice.|
|May 25, 2020
|Any objections to the proposed Apple Settlement or Lead Counsel’s application for attorneys’ fees and reimbursement of expenses with respect to the Apple Settlement, must be received no later than May 25, 2020, in accordance with the instructions in the Apple Settlement Notice.|
|June 15, 2020 at 10:00 a.m.
Settlement Fairness Hearing
|To participate in the Settlement Fairness Hearing and/or ask to speak about the Apple Settlement during the hearing, see the instructions in the Apple Settlement Notice. The Settlement Fairness Hearing will be held on June 15, 2020 at 10:00 a.m.|