Robbins Geller Rudman & Dowd LLP and Scott+Scott LLP Announce Proposed Settlement of King Digital Shareholder Litigation
SAN FRANCISCO, Feb. 21, 2017 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Scott+Scott LLP regarding the King Digital Shareholder Litigation:
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN FRANCISCO
In re KING DIGITAL ENTERTAINMENT plc |
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Lead Case No. CGC-15-544770 |
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SHAREHOLDER LITIGATION |
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CLASS ACTION |
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__________________________________________ |
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SUMMARY NOTICE OF PROPOSED |
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This Document Relates To: |
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SETTLEMENT OF CLASS ACTION |
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ALL ACTIONS. |
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Assigned for All Purposes to the |
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__________________________________________ |
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Honorable Curtis E.A. Karnow |
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Dept. 304 |
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Date Action Filed: 03/17/15 |
TO: ALL PERSONS AND ENTITIES WHO PURCHASED KING DIGITAL ENTERTAINMENT PLC ("KING" OR THE "COMPANY") ORDINARY SHARES FROM MARCH 26, 2014 TO SEPTEMBER 22, 2014, AND WHO SOLD THOSE SHARES AT A LOSS (THE "CLASS")
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on May 18, 2017, at 9:00 a.m., before the Honorable Curtis E.A. Karnow at the Superior Court of California, County of San Francisco (the "Court"), located at the Civic Center Courthouse, 400 McAllister Street, San Francisco, CA 94102, to determine whether: (1) the proposed Settlement as set forth in the Stipulation of Settlement dated October 31, 2016 ("Stipulation") of the above-captioned action ("Litigation") for $18,500,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Plan of Allocation should be approved by the Court, as fair, reasonable and adequate; (3) to award Class Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below); and (4) to pay Class Representatives service awards for representing the Class in this Litigation out of the Settlement Fund.
This Litigation is a securities class action against King, certain of its executives, and the underwriters of King's March 26, 2014 Initial Public Offering ("IPO") alleging that King's Registration Statement and Prospectus ("Registration Statement"), issued in connection with the IPO, misstated and omitted material facts from the Registration Statement, including, among other things, material information about the Company's hit game, Candy Crush Saga's ("Candy Crush") decline in gross bookings and the alleged inability of the Company to diversify away from Candy Crush. Defendants deny all of Plaintiffs' allegations.
IF YOU PURCHASED KING ORDINARY SHARES FROM MARCH 26, 2014 TO SEPTEMBER 22, 2014, AND SOLD THOSE SHARES AT A LOSS, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.
To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim by mail (postmarked no later than May 23, 2017) or submitted electronically no later than May 23, 2017 at www.kingdigitalshareholdersettlement.com. Your failure to submit your Proof of Claim by May 23, 2017 will subject your claim to possible rejection and may preclude you from receiving any of the recovery in connection with the Settlement of this Litigation. If you are a Member of the Class and do not request exclusion, you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim. Class Counsel represent you and other Members of the Class. If you want to be represented by your own lawyer, you may hire one at your own expense.
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement or exclude yourself from the Class), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other Settlement documents, online at www.kingdigitalshareholdersettlement.com, or by writing to:
King Digital Shareholder Litigation
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 30247
College Station, TX 77842-3247
Phone: 1-866-664-1678
Inquiries may also be made to a representative of Class Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP
Shareholder Relations
c/o Rick Nelson
655 West Broadway, Suite 1900
San Diego, CA 92101
Phone: 1-800-449-4900
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED NO LATER THAN APRIL 24, 2017, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE LITIGATION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.
IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY CLASS COUNSEL FOR AN AWARD OF ATTORNEYS' FEES AND EXPENSES, AND/OR THE PAYMENT TO CLASS REPRESENTATIVES FOR THEIR TIME AND EXPENSES. ANY OBJECTIONS MUST BE SENT TO CLASS COUNSEL POSTMARKED BY APRIL 24, 2017, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: February 1, 2017 |
BY ORDER OF THE SUPERIOR COURT OF |
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CALIFORNIA, COUNTY OF SAN FRANCISCO |
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HONORABLE CURTIS E.A. KARNOW |
SOURCE Robbins Geller Rudman & Dowd LLP; Scott+Scott LLP
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