Kaplan Fox & Kilsheimer LLP and Kahn Swick & Foti, LLC Announce Proposed Class Action Settlement on Behalf of Purchasers of Eletrobras American Depositary Shares

NEW YORK, Sept. 17, 2018 /PRNewswire/ --

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SUMMARY NOTICE OF (I) PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND PLAN OF ALLOCATION;
(II) SETTLEMENT HEARING; AND (III) MOTION FOR AWARD OF
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:     ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED CENTRAIS ELÉTRICAS BRASILEIRAS, S.A. ("ELETROBRAS") COMMON AND/OR PREFERRED AMERICAN DEPOSITARY SHARES (ADSs) BETWEEN AUGUST 17, 2010 AND JUNE 24, 2015, BOTH DATES INCLUSIVE (the "SETTLEMENT CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on December 5, 2018, at 4:30 p.m., before the Honorable John G. Koeltl, United States District Judge, at the Daniel Patrick Moynihan United States District Court for the Southern District of New York, 500 Pearl Street, New York, New York 10007, for the purpose of determining: a) whether the Court should grant final certification to the Settlement Class pursuant to Fed. R. Civ. P. 23(a) and (b)(3); b) whether the proposed Settlement of the claims alleged in the above-captioned securities class action for Fourteen Million Seven Hundred Fifty Thousand Dollars ($14,750,000.00) is fair, reasonable, and adequate and should be approved by the Court; c) whether the proposed Plan of Allocation is fair and reasonable and should be approved by the Court; d) whether Lead Counsel's request for an award of attorneys' fees and reimbursement of litigation expenses should be approved by the Court; e) such other matters as the Court may deem appropriate.

IF YOU PURCHASED ELETROBRAS AMERICAN DEPOSITARY SHARES BETWEEN AUGUST 17, 2010 AND JUNE 24, 2015, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.  IF YOU ARE A SETTLEMENT CLASS MEMBER AND DO NOT TIMELY REQUEST EXCLUSION IN CONNECTION WITH THE PROPOSED SETTLEMENT, YOU WILL BE BOUND BY THE TERMS OF ANY JUDGMENT ENTERED IN THE LITIGATION, WHETHER OR NOT YOU SUBMIT A PROOF OF CLAIM AND RELEASE.

If you have not received a detailed Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion for Award of Attorneys' Fees and Reimbursement of Litigation Expenses ("Notice"), you may obtain copies by writing to In re Eletrobras Securities Litigation, c/o Epiq Class Action & Claims Solutions, Inc., P.O. Box 2838, Portland, OR 97208-2838 or at www.EletrobrasSecuritiesLitigation.com.  If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail (postmarked no later than January 4, 2019) or submitted electronically no later than January 4, 2019, establishing that you are entitled to recovery. If you are a Settlement Class Member and need an additional Proof of Claim and Release, you may obtain copies by writing to In re Eletrobras Securities Litigation, c/o Epiq Class Action & Claims Solutions, Inc., P.O. Box 2838, Portland, OR 97208-2838 or at www.EletrobrasSecuritiesLitigation.com.

If you do not wish to be included in the Settlement Class and you do not wish to participate in the proposed Settlement, you may request to be excluded, in the manner set forth in the full Notice, no later than November 14, 2018.

If you are a Settlement Class Member, you have the right to object to the Settlement, the Plan of Allocation, or the fee and expense applications, or otherwise request to be heard.  To object, you may submit a written objection in accordance with the procedures described in the more detailed Notice, referred to above, and/or you may appear at the hearing described above.  Any written objection must be received no later than November 14, 2018, and delivered to: (a) the Clerk of the Court, Daniel Patrick Moynihan United States District Court for the Southern District of New York, 500 Pearl Street, New York, New York 10007; (b) Donald R. Hall, Kaplan Fox & Kilsheimer LLP, 850 Third Avenue, 14th Floor, New York, NY 10022; (c) Ramzi Abadou, Kahn Swick & Foti LLC, 1100 Poydras Street, Suite 3200, New Orleans, LA 70163; and (d) James H.R. Windels, Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, NY 10017.  Note that the Court can only approve or deny the Settlement, not change the terms of the Settlement.

The procedures that MUST be followed for Settlement Class Members to request exclusion from the Settlement Class or to object to the Settlement, the Plan of Allocation and/or applications for fees and expenses are set forth in full in the Notice, referred to above.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE OR ELETROBRAS REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Co-Lead Counsel at the addresses listed below:

Frederic S. Fox
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue; 14th Floor
New York, NY 10022
(212) 687-1980
www.kaplanfox.com

Lewis S. Kahn
Ramzi Abadou
KAHN SWICK & FOTI, LLC
1100 Poydras Street, Suite 3200
New Orleans, LA 70130
(504) 455-1400
www.ksfcounsel.com

This is only a summary notice.  Copies of the full notice may be requested as described above.

SOURCE United States District Court for the Southern District of New York