Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Audience, Inc. Securities Litigation

Jan 08, 2016, 11:50 ET from Robbins Geller Rudman & Dowd LLP

SAN JOSE, Calif., Jan. 8, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Audience, Inc. Securities Litigation:

SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SANTA CLARA

BRENT T. ROBINSON, et al., Individually and on
Behalf of All Others Similarly Situated,
               Plaintiffs,
     vs.
AUDIENCE, INC., et al.,
               
Defendants.

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Case No. 1:12-cv-232227

CLASS ACTION

DATE ACTION FILED: 09/13/12

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO:     ALL PERSONS OR ENTITIES ("PERSONS") THAT PURCHASED OR OTHERWISE ACQUIRED AUDIENCE, INC. ("AUDIENCE" OR THE "COMPANY") COMMON STOCK PURSUANT AND/OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENT AND PROSPECTUS FOR THE COMPANY'S MAY 9, 2012 INITIAL PUBLIC OFFERING (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 April 29, 2016, at 9:00 a.m., before the Honorable Peter H. Kirwan at the Superior Court of California, County of Santa Clara, 191 North First Street, San Jose, CA 95113, to determine whether: (1) the proposed Settlement as set forth in the Stipulation of Settlement dated October 19, 2015 ("Stipulation") of the above-captioned action ("Litigation") for $6,050,000 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 Plaintiffs' 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 Plaintiffs for their time and expenses they incurred in representing the Class in this Litigation out of the Settlement Fund.

This Litigation is a securities class action brought on behalf of those Persons who purchased or otherwise acquired the common stock of Audience pursuant and/or traceable to the Registration Statement and Prospectus ("Registration Statement") issued in connection with Audience's May 9, 2012 initial public offering ("IPO") during the period beginning on May 9, 2012 and ending on September 13, 2013 ("Class Period"), against Audience and certain of its executives for allegedly misstating and omitting material facts from the Registration Statement filed with the Securities and Exchange Commission ("SEC") in connection with the IPO, including Audience's relationship with Apple Inc., Audience's principal customer, and the risk that Audience's technology would not be included in the then upcoming iPhone5.  Defendants deny all of Plaintiffs' allegations.

IF YOU PURCHASED OR OTHERWISE ACQUIRED AUDIENCE COMMON STOCK PURSUANT AND/OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENT FILED WITH THE SEC IN CONNECTION WITH THE COMPANY'S MAY 9, 2012 IPO, 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 and Release ("Proof of Claim") by mail (postmarked no later than March 30, 2016) or submitted electronically no later than March 30, 2016.  Your failure to submit your Proof of Claim by March 30, 2016, 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.  Plaintiffs' 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 Settlement), and a Proof of Claim, 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.audiencesecuritiessettlement.com, or by writing to:

Audience Securities Litigation
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 8040
San Rafael, CA  94912-8040
Phone:  1-844-535-0117

Inquiries may also be made to a representative of Plaintiffs' Counsel:

ROBBINS GELLER RUDMAN
& DOWD LLP
Shareholder Relations
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 MARCH 30, 2016, 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 PLAINTIFFS' COUNSEL FOR AN AWARD OF ATTORNEYS' FEES AND EXPENSES, AND/OR THE PAYMENT TO PLAINTIFFS FOR THEIR TIME AND EXPENSES.  ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO CLASS COUNSEL POSTMARKED BY MARCH 30, 2016, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED:  December 11, 2015

BY ORDER OF THE SUPERIOR COURT OF
CALIFORNIA, COUNTY OF SANTA CLARA

HONORABLE PETER H. KIRWAN

 

 

SOURCE Robbins Geller Rudman & Dowd LLP