The Law Firm of Kahn Swick & Foti, LLC Announces a Proposed Settlement Involving All Persons who Purchased or Otherwise Acquired Tesco American Depository Receipts or Tesco F Shares

Jan 12, 2016, 07:59 ET from United States District Court, Southern District of New York

NEW YORK, Jan. 12, 2016 /PRNewswire/ --

SUMMARY NOTICE

 

In re TESCO PLC SECURITIES LITIGATION

Southern District of New York

 


 

Case: 14 Civ. 8495 (RMB)

TO:      ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED TESCO AMERICAN DEPOSITORY RECEIPTS OR TESCO F SHARES BETWEEN APRIL 18, 2012 AND SEPTEMBER 22, 2014, INCLUSIVE (THE "CLASS PERIOD"):

YOU ARE HEREBY NOTIFIED that a hearing will be held on April 21, 2016, at 2:00 p.m., before the Honorable Richard M. Berman at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., Courtroom 17B, New York, New York 10007, for the purpose of determining: (1) whether the proposed settlement for the sum of $12,000,000 in cash (the "Settlement Fund") should be approved by the Court as fair, reasonable and adequate; (2) whether, after the hearing, this above-captioned action (the "Action") should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated as of November 19, 2015; (3) whether the plan of allocation is fair, reasonable and adequate and should be approved; and (4) whether the application of lead counsel for the payment of attorneys' fees and reimbursement of expenses incurred in this Action should be approved. Lead counsel will request attorneys' fees in the amount of no greater than 30% of the Settlement Fund plus expenses not to exceed $200,000. It is estimated that the costs for notice and administration of the settlement will not exceed $257,147.06, and those costs are also subject to Court approval.

If you purchased or otherwise acquired Tesco American Depository Receipts or Tesco F Shares between April 18, 2012 and September 22, 2014, inclusive, (the "Class Period") your rights may be affected by the settlement of this Action. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice") and a copy of the proof of claim and release form ("Claim Form"), you may obtain copies by writing to Tesco PLC Securities Litigation, c/o Epiq Systems, Inc., P.O. Box 4390, Portland, Oregon 97208-4390, or by visiting the website at www.tescosecuritieslitigation.com. The Notice contains details about this Action and settlement, including what you must do to exclude yourself from the settlement, object to the terms of the settlement, or file a Claim Form. If you are a class member, in order to share in the distribution of the Settlement Fund, you must submit a Claim Form postmarked no later than May 5, 2016, establishing that you are entitled to recovery. You are excluded from the class if (i) you were an officer or director of Tesco during the Class Period; (ii) you are an entity in which any defendant has a controlling interest; (iii) you are an immediate family member of any defendant; or (iv) you are an entity that brought claims in the litigation captioned Western & Southern Life Insurance Co., et al. v. Tesco PLC, No. 15-cv-658-SSB-SKB, pending in the United States District Court for the Southern District of Ohio.

If you desire to be excluded from the class, you must submit a request for exclusion postmarked by April 5, 2016, in the manner and form explained in the detailed Notice referred to above. All members of the class who have not timely and validly requested exclusion from the class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Stipulation of Settlement.

Any objection(s) to the proposed settlement must be mailed on or before April 5, 2016 to Kahn Swick & Foti, LLC, lead counsel for lead plaintiff and the class at the following address: Lewis S. Kahn, KAHN SWICK & FOTI, LLC, 206 Covington Street, Madisonville, Louisiana 70447.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the settlement, you may contact lead counsel for lead plaintiff and the class c/o Lewis S. Kahn, KAHN SWICK & FOTI, LLC, 206 Covington Street, Madisonville, Louisiana 70447. You can also call lead counsel toll-free at 1 (866) 467-1400.

Dated:  New York, New York
December 30, 2015

/URL: www.tescosecuritieslitigation.com

 

SOURCE United States District Court, Southern District of New York