On September 28, 2015, the parties executed a Memorandum of Understanding ("MOU") agreeing to resolve the actions in principle on the basis that Dot Hill would file supplemental disclosures relating to the tender offer with the Securities and Exchange Commission, which it subsequently did. Plaintiffs subsequently determined not to proceed with the proposed settlement agreed to in the MOU.
On May 24, 2016, the Court entered an order dismissing the consolidated stockholder actions with prejudice as to Plaintiffs, and without prejudice as to all other plaintiffs and any absent members of the putative class. Pursuant to the order, the Court retained jurisdiction solely for the purpose of determining the Plaintiffs' application for an award of attorneys' fees and reimbursement of expenses.
On August 4, 2016, Plaintiffs' counsel filed a petition for an award of attorneys' fees and reimbursement of expenses in view of the supplemental disclosures made pursuant to the MOU. The petition sought an award of $300,000 in attorneys' fees and reimbursement of expenses. After negotiations, the parties have agreed to resolve the petition for a payment of $230,000 to Plaintiffs' counsel by Seagate. The resolution of the fee petition for $230,000 has not been approved or ruled upon by the Court.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dot-hill-systems-corp-merger-litigation-in-regards-to-seagate-technology-plc-300319800.html
SOURCE Seagate Technology PLC