Robbins Geller Rudman & Dowd LLP and Johnson & Weaver, LLP Announce Proposed Settlement of Covisint Corporation Securities Litigation
NEW YORK, Aug. 3, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Johnson & Weaver, LLP regarding the Covisint Corporation Securities Litigation:
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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KAREN J. DESROCHER, Individually and on |
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Civil Action No. 14 cv-03878-AKH |
Behalf of All Others Similarly Situated, |
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Plaintiff, |
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CLASS ACTION |
vs. |
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COVISINT CORPORATION, COMPUWARE |
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SUMMARY NOTICE |
CORPORATION, DAVID A. MCGUFFIE, |
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ENRICO DIGIROLAMO, ROBERT C. PAUL, |
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BERNARD M. GOLDSMITH, WILLIAM O. |
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GRABE, RALPH J. SZYGENDA, CREDIT |
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SUISSE SECURITIES (USA) LLC, EVERCORE |
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GROUP L.L.C., and PACIFIC CREST |
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SECURITIES LLC, |
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Defendants. |
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TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF COVISINT CORPORATION ("COVISINT") PURSUANT AND/OR TRACEABLE TO COVISINT'S INITIAL PUBLIC OFFERING DURING THE PERIOD FROM SEPTEMBER 26, 2013 THROUGH AND INCLUDING OCTOBER 14, 2014
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 15, 2016, at 2:30 p.m., before the Honorable Alvin K. Hellerstein, United States District Judge, at the United States District Court for the Southern District of New York, United States Courthouse, 500 Pearl Street, Courtroom 14D, New York, New York, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Action for the principal amount of Eight Million Dollars ($8,000,000.00) cash, plus interest, should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice should be entered by the Court dismissing the Action with prejudice; (3) whether the Plan of Allocation of Settlement proceeds is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and expenses and the application of Plaintiffs for an award of time and expenses in connection with this Action should be approved.
IF YOU PURCHASED ANY COVISINT COMMON STOCK PURSUANT AND/OR TRACEABLE TO COVISINT'S INITIAL PUBLIC OFFERING DURING THE PERIOD FROM SEPTEMBER 26, 2013 THROUGH AND INCLUDING OCTOBER 14, 2014, INCLUSIVE, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS ACTION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OF COVISINT COMMON STOCK DURING THE CLASS PERIOD. 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, you may obtain copies by writing to Covisint Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 30228, College Station, TX 77842-3228, or on the internet at www.covisintsecuritieslitigation.com. If you are a 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 or online no later than October 19, 2016, establishing that you are entitled to recovery. You will be bound by any Judgment rendered in the Action unless you timely and validly request to be excluded, in writing, by filling out the Request for Exclusion form attached to the Notice, received by November 28, 2016.
Any objection to the Settlement, the Plan of Allocation, or the fee and expense application must be received, not simply postmarked, by each of the following recipients no later than December 1, 2016:
CLERK OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
United States Courthouse
500 Pearl Street
New York, NY 10007
Lead Counsel: |
Counsel for Defendants: |
ROBBINS GELLER RUDMAN & DOWD LLP |
SKADDEN, ARPS, SLATE, |
ELLEN GUSIKOFF STEWART |
MEAGHER & FLOM LLP |
655 West Broadway, Suite 1900 |
ROBERT E. ZIMET |
San Diego, CA 92101 |
Four Times Square |
New York, NY 10036 |
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JOHNSON & WEAVER, LLP |
SHEARMAN & STERLING LLP |
FRANK J. JOHNSON |
ADAM S. HAKKI |
600 West Broadway, Suite 1540 |
599 Lexington Avenue |
San Diego, CA 92101 |
New York, NY 10022 |
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 at the addresses listed above.
BY ORDER OF THE COURT |
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DATED: July 7, 2016 |
UNITED STATES DISTRICT COURT |
SOUTHERN DISTRICT OF NEW YORK |
SOURCE Robbins Geller Rudman & Dowd LLP; Johnson & Weaver, LLP
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