VIERA, Fla., Aug. 29, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and The Weiser Law Firm, P.C. regarding the AuthenTec, Inc. Shareholder Litigation:
If You Owned AuthenTec, Inc. Common Stock as of October 4, 2012, You May Be Entitled to Settlement Benefits
What Is This About?
A class action lawsuit concerning the 2012 acquisition of AuthenTec, Inc. ("AuthenTec") for $8.00 per share has been settled (the "Settlement"). The lawsuit alleges, among other things, that AuthenTec's directors breached their fiduciary duties in connection with the sale of AuthenTec to Apple Inc. As part of the Settlement, those shareholders who owned AuthenTec common stock as of October 4, 2012 may be entitled to receive additional payment through a cash-payment common fund ("Common Fund"). The Settlement is not an admission of wrongdoing. The Court has not decided who is right and who is wrong. Instead, the parties have decided to settle their dispute.
Am I a Member of the Class?
Unless you are a named defendant in the settled litigation or one of their affiliates, as that term is defined in the Stipulation and Agreement of Compromise and Settlement dated July 14, 2016 (the "Stipulation"), or you exclude yourself from the Settlement, you are a member of the Class if you held AuthenTec common stock any time between and including July 27, 2012 and October 4, 2012.
What Are the Settlement Benefits for the Class?
A $10 million common fund ("Common Fund") has been established for the benefit of Class Members. After the deduction from the $10 million fund of notice and administration expenses, any attorneys' fees and expenses awarded by the Court, any service awards to the Plaintiffs, and taxes, the remainder of the Common Fund will be distributed on a pro rata basis to Class Members who both owned AuthenTec common stock on October 4, 2012 and submit timely and valid Proof of Claim forms.
How Do I Participate in the Settlement Benefits?
To participate in the Common Fund cash payment, you must mail or submit online a completed Proof of Claim form by December 21, 2016. If you do not wish to participate in the Settlement, you may exclude yourself from the Class by October 21, 2016, or you may remain in the Class and object to any aspect of the Settlement by October 27, 2016. Visit www.authentecshareholderlitigation.com for important information about your options in the Settlement.
Hearing on the Proposed Settlement
The Court will hold a Final Settlement Hearing on November 17, 2016 at 11:15 A.M. to determine whether the proposed Settlement is fair, reasonable, and adequate, to approve any attorneys' fees and expenses, and any service awards for Plaintiffs. The hearing date may be changed by the Court, and you should check www.authentecshareholderlitigation.com for updates. The Final Settlement Hearing will take place at Moore Justice Center, 2825 Judge Fran Jamieson Way, Viera, Florida 32940. You do not have to attend the hearing.
To get additional information, including a copy of the detailed Notice and Proof of Claim form for the Common Fund cash payment, visit www.authentecshareholderlitigation.com or call 1-888-264-2889.
SOURCE Robbins Geller Rudman & Dowd LLP and The Weiser Law Firm, P.C.