Bernstein Liebhard LLP Announces the Proposed Securities Class Action Settlement of City of Austin Police Retirement System v. Kinross Gold Corp., et al.
NEW YORK, June 25, 2015 /PRNewswire/ -- The following statement is being issued by Bernstein Liebhard LLP regarding the City of Austin Police Retirement System v. Kinross Gold Corp., Tye W. Burt, Paul H. Barry, Glen Masterman, and Kenneth G. Thomas.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
CITY OF AUSTIN POLICE RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated, Plaintiffs,
vs.
KINROSS GOLD CORPORATION, TYE W. BURT, PAUL H. BARRY, GLEN MASTERMAN, and KENNETH G. THOMAS, Defendants.
Civil Action No. 1:12-cv-01203-VEC
Judge Valerie E. Caproni
ECF Case
CLASS ACTION
SUMMARY NOTICE
TO: ALL PERSONS OR ENTITIES THAT PURCHASED KINROSS COMMON STOCK ON THE OPEN MARKET IN THE UNITED STATES (INCLUDING, BUT NOT LIMITED TO, THE NEW YORK STOCK EXCHANGE OR ANY OTHER U.S. TRADING PLATFORM) BETWEEN AUGUST 11, 2011 AND JANUARY 16, 2012, INCLUSIVE (THE "CLASS PERIOD"), AND WHO WERE PURPORTEDLY DAMAGED THEREBY (THE "CLASS" OR "CLASS MEMBERS").
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York (the "Court"), that a hearing will be held at 2:00 p.m. on October 15, 2015 before the Honorable Valerie E. Caproni, United States District Court Judge, in Courtroom 443, at the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, New York, for the purpose of determining (1) whether the proposed settlement of the Action for the principal amount of $33,000,000 in cash should be approved by the Court as fair, reasonable, and adequate to Class Members; (2) whether the Final Approval Order and Judgment should be entered by the Court dismissing the Action with prejudice; (3) whether the proposed plan to distribute the settlement proceeds ("Plan of Allocation") is fair, reasonable, and adequate and, therefore, should be approved; and (4) whether the application of Lead Plaintiff for attorneys' fees and costs incurred in connection with this Action and reimbursement of Plaintiffs' reasonable costs and expenses directly related to representation of the Class ("Fee and Expense Application") should be approved. In connection with the Fee and Expense Application, Lead Counsel will request attorneys' fees of 30% of the Gross Settlement Fund, plus expenses (exclusive of administration costs) not to exceed $975,000, which includes fees and expenses incurred by additional plaintiffs' counsel.
If you purchased Kinross common stock on the open market in the United States (including, but not limited to, the New York Stock Exchange or any other U.S. trading platform) between August 11, 2011 and January 16, 2012, inclusive, your rights may be affected by the settlement of the Action. If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion For an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice") and a copy of the Proof of Claim Form, you may obtain copies by writing to Claims Administrator at City of Austin Police Retirement System v. Kinross Gold Corp. Settlement, c/o Garden City Group, LLC, PO Box 10165, Dublin, OH 43017-3165, or by calling 1-877-940-5048, or on the Internet at www.kinrossgoldcorpsecuritiessettlement.com, or from Lead Counsel's website at www.bernlieb.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Claim Form, postmarked on or before September 17, 2015 establishing that you are entitled to recovery.
If you desire to be excluded from the Class, you must submit a request for exclusion postmarked by no later than September 17, 2015, in the manner and form explained in the detailed Notice referred to above. All Class Members who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Action pursuant to the Stipulation of Settlement dated March 26, 2015.
Any objection to the Settlement must be filed by no later than September 17, 2015.
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:
U. Seth Ottensoser, Esq.
Michael S. Bigin, Esq.
Laurence J. Hasson, Esq.
BERNSTEIN LIEBHARD LLP
10 East 40th Street
New York, New York 10016
(212) 779-1414
[email protected]
DATED: June 25, 2015
BY ORDER OF THE COURT,
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
SOURCE Bernstein Liebhard LLP
Share this article