SAN MATEO, Calif., July 7, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Aerohive Networks, Inc. Shareholder Litigation:
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF SAN MATEO
In re AEROHIVE NETWORKS, INC.
Master File No. CIV 534070
Assigned for All Purposes to
Hon. Marie S. Weiner
DATE ACTION FILED: 06/02/15
This Document Relates To:
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES ("PERSONS") THAT PURCHASED AEROHIVE NETWORKS, INC. ("AEROHIVE" OR THE "COMPANY") COMMON STOCK PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH AEROHIVE'S MARCH 27, 2014 INITIAL PUBLIC OFFERING ("IPO")
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 September 30, 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 May 4, 2016 ("Stipulation") of the above-captioned action ("Litigation") for $5,750,000 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 common stock of Aerohive pursuant or traceable to the Registration Statement and Prospectus ("Registration Statement") issued in connection with the Company's March 27, 2014 IPO during the period beginning on March 27, 2014 and ending on September 23, 2014 ("Class Members"), against Aerohive, certain of its key executives and directors, and underwriters of Aerohive's IPO (collectively, "Defendants") for alleged misstatements and omissions of material facts in the Registration Statement filed with the SEC in connection with the IPO, concerning, among other things, the alleged technological deficiencies in the Company's products, increasing competition, and employee turnover that was allegedly impacting sales. Defendants deny all of Plaintiffs' allegations.
IF YOU PURCHASED AEROHIVE COMMON STOCK PURSUANT OR TRACEABLE TO THE COMPANY'S REGISTRATION STATEMENT FILED WITH THE SEC IN CONNECTION WITH THE COMPANY'S MARCH 27, 2014 IPO, 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 and Release form ("Proof of Claim") by mail (postmarked no later than September 27, 2016) or electronically no later than September 27, 2016. Your failure to submit your Proof of Claim by September 27, 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, 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.aerohivesecuritieslitigation.com, or by contacting:
Aerohive Securities Litigation
c/o Gilardi & Co. LLC
P.O. Box 30216
College Station, TX 77842-3216
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court. Inquiries may also be made to a representative of Lead Counsel:
ROBBINS GELLER RUDMAN
& DOWD LLP
655 West Broadway, Suite 1900
San Diego, CA 92101
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED NO LATER THAN SEPTEMBER 9, 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 COPIES SENT TO LEAD COUNSEL BY SEPTEMBER 9, 2016, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: June 8, 2016
BY ORDER OF THE SUPERIOR COURT OF
CALIFORNIA, COUNTY OF SAN MATEO
HONORABLE MARIE S. WEINER
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/robbins-geller-rudman--dowd-llp-announces-proposed-settlement-of-aerohive-networks-inc-shareholder-litigation-300289748.html
SOURCE Robbins Geller Rudman & Dowd LLP