HOUSTON, Nov. 14, 2016 /PRNewswire/ --
Court-Ordered Legal Notice
This Notice may affect your legal rights.
Please read it carefully.
Important Legal Notice authorized by the United States District Court for the Southern District of Texas about a Securities Class Action Settlement
If you purchased or acquired American Depositary Shares ("ADSs") of BP p.l.c. ("BP") during the period from April 26, 2010 through and including May 28, 2010, you may be entitled to a payment from a class action settlement.
You may be entitled to a CASH payment.
In re BP p.l.c. Securities Litigation, Civ. No. 10-md-2185 (S.D. Tex.)
THIS NOTICE ONLY PROVIDES LIMITED INFORMATION ABOUT THE SETTLEMENT. PLEASE VISIT www.bpsecuritieslitigation.com FOR MORE INFORMATION.
There is a proposed Settlement of claims against BP, BP America, Inc., and certain of their former officers (collectively, "Defendants"). The proposed Settlement would resolve a lawsuit in which Plaintiffs allege that Defendants misled investors by issuing false and misleading public statements between April 26, 2010 through and including May 28, 2010, inclusive (the "Class Period"), and seeks money damages for violations of the federal securities laws. Defendants deny any wrongdoing. The parties disagree on how much money, if any, could have been won if the case went to trial. If approved by the Court, the Settlement will resolve the case against Defendants and will pay money to eligible Settlement Class Members.
Who's Included? You are included if you acquired shares of BP ADSs during the Class Period. You may have held these shares through a broker-dealer or other financial intermediary.
What Can You Get? The Settlement establishes a $175,000,000 ($175 million) Settlement Fund that, after payment of certain Court-approved expenses, such as attorneys' fees and administration costs, is intended for distribution to Settlement Class Members in exchange for the settlement of this case and the release by Settlement Class Members of the claims described above and other related claims against Defendants. The Settlement is explained in detail in the Full Notice, and in the Stipulation of Settlement, available at the website below. The Proof of Claim is also located at the website listed below. Your share of the Settlement Fund will depend on a number of factors, including the number of valid Proofs of Claim that Settlement Class Members submit, the number of shares of BP ADSs that you purchased or sold during the Class Period and the dates of such purchases and sales. The exact amount, if any, of your payment will be determined according to a Court-approved Plan of Allocation (a proposed version of which is available at the website listed below). If every eligible Settlement Class Member sends in a valid Proof of Claim, the average recovery per share will be approximately $0.97 per share for purchases made from April 26, 2010 through and including May 3, 2010 and $0.11 per share for purchases made from May 4, 2010 through and including May 28, 2010, before deduction of Court-approved expenses. You may contact the Claims Administrator or Lead Counsel (see below) with any further questions.
How to Get Money? To qualify for payment, you must submit a valid Proof of Claim to In re BP p.l.c. Securities Litigation, Claims Administrator, c/o A.B. Data, Ltd., PO Box 173016, Milwaukee, WI 53217. PROOFS OF CLAIM ARE DUE BY April 1, 2017.
Your Other Rights. If you do not want to be legally bound by the Settlement, you must exclude yourself by January 17, 2017, or you will not be able to sue the Defendants for any claims relating to this case. If you exclude yourself, you cannot get money from this Settlement. If you stay in the Settlement Class, you may object to the Settlement by January 17, 2017. The Full Notice, located at the website listed below, explains how to exclude yourself from, or object to, the Settlement. The Court will hold a hearing in this case on February 13, 2017 at 1:00 p.m. to consider whether to approve the Settlement, Plan of Allocation, and a request by Lead Counsel for up to 11.57% in attorneys' fees ($20,250,000), plus expenses not to exceed $5 million, for litigating the case and negotiating the Settlement. Other plaintiffs' counsel may seek certain expenses not to exceed $3.12 million. You may attend the hearing and ask to be heard by the Court, but you do not have to. If you do not take any action, you will be legally bound by the Settlement and any orders or Judgments entered in the Action, and will fully, finally, and forever give up any rights to prosecute certain claims against the Defendants.
For more information or a Claim Form: 866-778-9624 or www.bpsecuritieslitigation.com; www.cohenmilstein.com; www.bermandevalerio.com
Do not contact the Court, Defendants or their counsel in this Action with questions.
SOURCE Cohen Milstein Sellers & Toll PLLC, Berman DeValerio, Block & Leviton LLP