REDWOOD CITY, Calif., Jan. 26, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Model N, Inc. Securities Litigation:
SUPERIOR COURT OF THE STATE OF CALIFORNIA PLYMOUTH COUNTY RETIREMENT SYSTEM, ) Master Case No. CIV530291 Individually and on Behalf of All Others Similarly ) (Consolidated with Case No. CIV532190) Situated, ) ) Assigned for all Purposes to Plaintiff, ) The Hon. Marie S. Weiner, Dept. 2 ) vs. ) CLASS ACTION ) DATE ACTION FILED: 09/05/14 MODEL N, INC., et al., ) ) Defendants. ) )
COUNTY OF SAN MATEO
SUPERIOR COURT OF THE STATE OF CALIFORNIA
PLYMOUTH COUNTY RETIREMENT SYSTEM,
Master Case No. CIV530291
Individually and on Behalf of All Others Similarly
(Consolidated with Case No. CIV532190)
Assigned for all Purposes to
The Hon. Marie S. Weiner, Dept. 2
DATE ACTION FILED: 09/05/14
MODEL N, INC., et al.,
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES ("PERSONS") THAT PURCHASED OR OTHERWISE ACQUIRED MODEL N, INC. ("MODEL N" OR THE "COMPANY") COMMON STOCK PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS FOR THE COMPANY'S MARCH 20, 2013 INITIAL PUBLIC OFFERING
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 4, 2016, at 2:00 p.m., before the Honorable Marie S. Weiner at the Superior Court of California, County of San Mateo, Department 2, Courtroom 2E, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement as set forth in the Stipulation of Settlement dated November 20, 2015 ("Stipulation") of the above-captioned action ("Litigation") for $8,550,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) 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); (3) to pay Plaintiffs for their time and expenses they incurred in representing the Class in this Litigation out of the Settlement Fund; and (4) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.
This Litigation is a securities class action brought on behalf of those Persons who purchased or otherwise acquired the common stock of Model N pursuant or traceable to the Registration Statement and Prospectus ("Registration Statement") issued in connection with the Company's March 20, 2013 initial public offering ("IPO") during the period beginning on March 20, 2013 and ending on September 16, 2013 ("Class Members"), against Model N, certain of its key executives and directors, and underwriters of Model N's IPO (collectively, "Defendants") for allegedly misstating and omitting material facts from the Registration Statement filed with the SEC in connection with the IPO, including: by failing to disclose in the Registration Statement that, at the time of the IPO, Model N was experiencing sales execution challenges – the inability to close and book sales – that were reasonably likely to (and in fact did) reverse the growing bookings and revenue trends reported in the Registration Statement and cause future bookings and revenues to decline. Defendants deny all of Plaintiffs' allegations.
IF YOU PURCHASED OR OTHERWISE ACQUIRED MODEL N COMMON STOCK PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT FILED WITH THE SEC IN CONNECTION WITH THE COMPANY'S MARCH 20, 2013 IPO, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.
To share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim by mail (postmarked no later than March 28, 2016) or electronically no later than March 28, 2016. Your failure to submit your Proof of Claim by March 28, 2016, will subject your claim to rejection and preclude your 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.
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 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.modelnsecuritieslitigation.com, or by writing to:
Model N Securities Litigation
c/o Gilardi & Co. LLC
P.O. Box 990
Corte Madera, CA 94976-0990
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court. Inquiries may also be made to a representative of Lead Counsel:
ROBBINS GELLER RUDMAN
& DOWD LLP
655 West Broadway, Suite 1900
San Diego, CA 92101
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 14, 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 LEAD COUNSEL BY MARCH 14, 2016, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: DECEMBER 7, 2015
BY ORDER OF THE SUPERIOR COURT OF
CALIFORNIA, COUNTY OF SAN MATEO
HONORABLE MARIE S. WEINER
SOURCE Robbins Geller Rudman & Dowd LLP