SEATTLE, Jan. 27, 2021 /PRNewswire/ --
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
IN RE: SAKS INC. SHAREHOLDER LITIGATION
Index No. 652724/2013
IAS Part 53
Hon. Andrew Borrok, J.S.C.
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND
INFORMATION REGARDING PROPOSED SETTLEMENT OF
CLASS ACTION CLAIMS, SETTLEMENT HEARING,
AND RIGHT TO OBJECT, OPT OUT, and APPEAR AT HEARING
This notice is for all owners of Saks Inc. ("Saks") common stock between July 29, 2013 through November 4, 2013 (the date of the consummation of the acquisition of Saks by Hudson's Bay Company ("HBC")), together with their successors and assigns (the "Class").
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to CPLR 904 and 908 and an Order of the Supreme Court of the State of New York, County of New York (the "Court") of the pendency of the above-captioned consolidated shareholder class action (the "Action") that may affect your rights if you are a member of the Class.
YOU ARE ALSO HEREBY NOTIFIED that Plaintiffs in the Action, on behalf of themselves and the other members of the Class, have reached a proposed settlement of the Action for $21,000,000 in cash (the "Settlement") on the terms and conditions set forth in a Stipulation and Agreement of Settlement, Compromise, and Release dated November 13, 2020 (the "Stipulation"), as described in more detail in the full printed Notice of Pendency of Class Action and Information Regarding Proposed Settlement of Class Action Claims, Settlement Hearing, and Right to Object, Opt Out, and Appear at Hearing (the "Notice").
PLEASE VISIT THE SETTLEMENT WEBSITE AT
WWW.SAKSSECURITIESSETTLEMENT.COM FOR THE MOST UP TO DATE INFORMATION ABOUT THE TIME, PLACE AND MANNER OF THE SETTLEMENT HEARING WHICH YOU MAY ATTEND VIA INTERNET OR TELEPHONE.
A settlement hearing will be held on April 26, 2021, at 10:00 a.m., via Microsoft Teams in the Supreme Court of the State of New York, County of New York, 60 Centre Street, New York, New York 10007. At the Settlement Hearing, the Court will determine, among other things: (a) whether the Class should be certified; (b) whether the proposed Settlement on the terms and conditions provided in the Stipulation is fair, reasonable, and adequate to the Class, and should be approved; (c) whether the Action should be dismissed with prejudice and the releases specified and described in the Stipulation (and in the Notice) should be given effect;
(d) whether the application by Plaintiffs' Counsel for an award of attorneys' fees and reimbursement of litigation expenses should be approved; and (e) whether the applicable by Plaintiffs' Counsel for an incentive award to Plaintiffs should be approved.
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT. If you have not yet received the Notice, you may obtain copies of it by contacting the Settlement Administrator at the address set forth below. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Settlement Administrator, www.SaksSecuritiesSettlement.com.
If the Settlement is approved by the Court and the Effective Date occurs, the Net Settlement Fund will be distributed on a pro rata basis to "Authorized Claimants," which means Eligible Class Members who submit a Claim Form to the Settlement Administrator that is approved by the Court for payment from the Net Settlement Fund. Eligible Class Members means Class Members who held shares of Saks common stock at the closing of the acquisition of Saks by HBC and therefore received or were entitled to receive the merger consideration for their eligible shares. Eligible Class Members exclude all Excluded Persons (as defined in the Stipulation) and all Class Members who have delivered a timely and valid request for exclusion from the Settlement. Pursuant to the terms of the Stipulation, each Authorized Claimant will be eligible to receive a pro rata payment from the Net Settlement Fund equal to the product of (x) the number of Eligible Shares held by the Authorized Claimant and (y) the "Per-Share Recovery" for the Settlement, which will be determined by dividing the total amount of the Net Settlement Fund by the total number of Eligible Shares held by all Authorized Claimants, as determined by the Settlement Administrator in accordance with the Stipulation.
To qualify for a distribution from the Settlement, you must be an Eligible Class Member and you must submit a timely and valid Claim Form. Claim Forms must be submitted no later than April 5, 2021. Eligible Class Members who do not submit a timely and valid Claim Form will not receive a distribution from the Settlement and will be bound in all respects by the Stipulation and the Judgment to be entered in the Action. Instructions on how to submit a Claim Form, and a summary of how the Net Settlement Fund will be distributed to Authorized Claimants, are set forth in the Notice.
Any person or entity falling within the definition of the Class may exclude themselves from the Class by submitting to Plaintiffs' Counsel a request for exclusion so that it is received no later than April 5, 2021, in accordance with the instructions set forth in the Notice. All persons who submit valid and timely Requests for Exclusion in the manner set forth in the Notice shall have no rights under the Stipulation, shall not share in the distribution of the Net Settlement Fund, and shall not be bound by the Stipulation or the Judgment entered in the Action. All Class Members who do not timely submit valid requests for exclusion shall be deemed to have waived their rights to be excluded from the Class, shall be barred from making such a request in the Action or any other proceeding, and shall be bound by the Settlement and the Stipulation in all respects.
Any objections to the proposed Settlement and/or Plaintiffs' Counsel's application for an award of fees and expenses to Plaintiffs' Counsel or for an incentive award to Plaintiffs must be filed with the Clerk of Court and delivered to representatives of Plaintiffs' Counsel, Defendants' Counsel, and the Companies' Counsel so that they are received no later than April 5, 2021 in accordance with the instructions set forth in the Notice.
All questions about this Summary Notice, the Notice and Claim Forms, and the proposed Settlement should be directed to the Settlement Administrator or Plaintiffs' Counsel. Visit www.SaksSecuritiesSettlement.com or call toll-free at 1-833-707-1446.
Requests for the Notice or Claim Forms should be made to:
Saks Securities Settlement
c/o JND Legal Administration
P.O. Box 91062
Seattle, WA, 98111
Inquiries other than requests for the Notice or Claim Forms should be made to the following representative of Plaintiffs' Counsel: Benjamin Y. Kaufman, Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Avenue, New York, NY 10016; (212) 545-4600; [email protected].
DO NOT CALL OR WRITE THE COURT REGARDING THIS NOTICE.
BY ORDER OF THE SUPREME COURT
SOURCE JND Legal Administration