Robbins Geller Rudman & Dowd LLP and Labaton Sucharow LLP Announce Proposed Settlement of Castlight Health, Inc. Shareholder Litigation
REDWOOD CITY, Calif., Aug. 11, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Labaton Sucharow LLP regarding the Castlight Health, Inc. Shareholder Litigation:
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN MATEO
In re CASTLIGHT HEALTH, INC. __________________________ This Document Relates To: ALL ACTIONS. __________________________
|
) ) ) ) ) ) )
|
Lead Case No. CIV533203 CLASS ACTION Assigned for All Purposes to the Dept. 2 |
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES ("PERSONS") THAT PURCHASED CASTLIGHT HEALTH, INC. ("CASTLIGHT" OR THE "COMPANY") CLASS B COMMON STOCK PURSUANT OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENT IN CONNECTION WITH THE COMPANY'S MARCH 14, 2014 INITIAL PUBLIC OFFERING ON OR BEFORE SEPTEMBER 10, 2014
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on October 28, 2016, at 9:00 a.m., before the Honorable Marie S. Weiner at the Superior Court of California, County of San Mateo, Department 2, Courtroom 2E, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement as set forth in the Stipulation of Settlement dated June 2, 2016 ("Stipulation") of the above-captioned action ("Litigation") for $9,500,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) to award Plaintiffs' Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below); (3) to pay Plaintiffs for their time and expenses they incurred in representing the Class in this Litigation out of the Settlement Fund; and (4) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.
This Litigation is a securities class action brought on behalf of those Persons who purchased the Class B common stock of Castlight pursuant or traceable to the Registration Statement issued in connection with the Company's March 14, 2014 initial public offering ("IPO") on or before September 10, 2014 ("Class Members"), against Castlight, certain of its key executives and directors, and underwriters of Castlight's IPO (collectively, "Defendants") for allegedly misstating and omitting material facts from the Registration Statement filed with the SEC in connection with the IPO, including, among other things: allegedly failing to disclose in the Registration Statement that, at the time of the IPO, Castlight was experiencing implementation delays, increased expenses and inability to maintain pricing on its principal product. Defendants deny all of Plaintiffs' allegations.
IF YOU PURCHASED CASTLIGHT CLASS B COMMON STOCK PURSUANT OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENT FILED WITH THE SEC IN CONNECTION WITH THE COMPANY'S MARCH 14, 2014 IPO ON OR BEFORE SEPTEMBER 10, 2014, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.
To share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim by mail (postmarked no later than November 1, 2016) or electronically no later than November 1, 2016. Your failure to submit your Proof of Claim by November 1, 2016, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the settlement of this Litigation. If you are a Member of the Class and do not request exclusion, you will be bound by the settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more completely describes the settlement and your rights thereunder (including your right to object to the settlement or exclude yourself from the Class), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.castlightshareholderlitigation.com, or by writing to:
Castlight Shareholder Litigation
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 30223
College Station, TX 77842-3223
Phone: 1-844-848-1253
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court. Inquiries may also be made to a representative of Class Counsel:
ROBBINS GELLER RUDMAN |
LABATON SUCHAROW LLP |
& DOWD LLP |
Nicole Zeiss |
Shareholder Relations |
Settlement Counsel |
Rick Nelson |
140 Broadway |
655 West Broadway, Suite 1900 |
New York, NY 10005 |
San Diego, CA 92101 |
Phone: 1-888-219-6877 |
Phone: 1-800-449-4900 |
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED NO LATER THAN OCTOBER 7, 2016, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE LITIGATION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.
IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS' COUNSEL FOR AN AWARD OF ATTORNEYS' FEES AND EXPENSES, AND/OR THE PAYMENT TO PLAINTIFFS FOR THEIR TIME AND EXPENSES. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO CLASS COUNSEL BY OCTOBER 7, 2016, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: August 3, 2016 |
BY ORDER OF THE SUPERIOR COURT OF CALIFORNIA, COUNTY OF SAN MATEO HONORABLE MARIE S. WEINER |
SOURCE Robbins Geller Rudman & Dowd LLP and Labaton Sucharow LLP
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article