NEW YORK, April 4, 2016 /PRNewswire/ -- TO: All Persons who held shares of Symetra Financial Corporation at any time during the period beginning on August 11, 2015 and ending on February 1, 2016 (the "Settlement Class").
The purpose of this Notice is to inform you about developments with respect to the action styled as Stein v. Symetra Financial Corporation et. al. No. 15-2-20458-1 SEA pending before the King County Superior Court of the State of Washington, (the "Action"), including the benefits conferred on Symetra Financial Corporation ("Symetra") stockholders in connection therewith, the settlement of the Action, and an agreement to pay attorneys' fees and expenses in an amount not to exceed $275,000 for fees plus up to $15,000 in reimbursement of expenses to counsel for Plaintiff.
By way of background, Plaintiff commenced the Action on behalf of herself and a putative class of Symetra stockholders to challenge the merger between Symetra and Sumitomo Life Insurance Company ("Sumitomo"), pursuant to which Sumitomo ultimately acquired all outstanding shares of Symetra for $32 per share in cash (the "Acquisition").
Among other things, Plaintiff sought to enjoin Defendants from proceeding with the Acquisition unless and until Defendants remedied certain alleged disclosure violations concerning the sales process leading up to the Acquisition and the financial analysis supporting the fairness opinion provided in support of the Acquisition.
Pursuant to a Memorandum of Understanding providing for the settlement of the Action, the Defendants remedied the alleged disclosure violations by making supplemental disclosures prior to the Symetra stockholder vote on the Acquisition which Plaintiff believed enabled Symetra's stockholders to make a more fully informed decision on whether to vote in favor or against the Acquisition.
You are hereby notified that pursuant to an Order of the Superior Court of the State of Washington, a hearing will be held on May 10, 2016, at 8:30 a.m., at the King County Courthouse, 516 3rd Avenue, Seattle, Washington 98104 (the "Settlement Hearing") to consider whether to approve the settlement and the requested attorneys' fees and expenses. If you are a member of the Settlement Class, you may:
DO NOTHING: You will be bound by the judgment entered by the Court if it approves the settlement, including releasing the settled claims.
OBJECT: You may write to the Court by April 26, 2016 if you wish to object to the Settlement, the judgment to be entered in the action, certification of the Settlement Class, and/or Plaintiff's attorneys' fee petition, described below.
GO TO THE SETTLEMENT HEARING: You may attend and, subject to certain requirements, speak at the Settlement Hearing.
Pomerantz LLP and Keller Rohrback LLP represent you and other members of the Settlement Class in the Action. You will not be charged for their services. If you want to be represented by your own lawyer, you may hire one at your own expense.
TO LEARN MORE ABOUT THIS CASE, PLEASE REVIEW THE DOCUMENTS ON THE POMERANTZ WEBSITE: www.pomerantzlawfirm.com/news-accomplishments/symetra
AND THE KELLER ROHRBACK WEBSITE: http://krcomplexlit.com/currentcases/shiva-y-stein-v-symetra-financial-corporation-et-al/
or contact Robert Willoughby or Gustavo Bruckner of Pomerantz LLP, 600 Third Avenue, New York, NY 10016 at (212) 661-1100.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP