Summary Publication Notice of Proposed Settlement of Class Action and Final Settlement Hearing
NEW YORK, Nov. 14, 2017 /PRNewswire/ -- The following statement is being issued pursuant to Court Order regarding the In re Cnova N.V. Securities Litigation Settlement.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE CNOVA N.V. SECURITIES LITIGATION
This Document Relates To: All Actions
MASTER FILE 16 CV 444‑LTS
To: All persons and entities that purchased Cnova N.V. ordinary shares from November 19, 2014 through February 23, 2016, both dates inclusive.
This Summary Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York ("Court"), dated October 11, 2017. The purpose of this Summary Publication Notice is to inform you of the proposed settlement of the above-entitled class action ("Action") against defendants Cnova N.V. ("Cnova"), Vitor Faga de Almeida, German Quiroga, Emmanuel Grenier, Jean-Charles Naouri, Libano Miranda Barroso, Eleazar de Carvalho Filho, Didier Leveque, Ronaldo Iabrudi dos Santos Pereira, Arnaud Strasser, Fernando Tracanella, Nicolas Woussen, Yves Desjacques, and Bernard Oppetit, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., HSBS Securities (USA) Inc., Natixis Securities Americas LLC, and SG Americas Securities, LLC (collectively, the "Defendants").
A settlement hearing will be held before the Honorable Laura Taylor Swain, United States District Judge, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, at 2:00 o'clock p.m. on March 15, 2018 in order: (1) to determine whether the Court should grant certification to the Class pursuant to Rules 23(a) and (b)(3) of the Federal Rules of Civil Procedure; (2) to determine whether the proposed Settlement consisting of $28,500,000 in cash should be approved as fair, reasonable, and adequate to the Class and the proposed Final Judgment entered; (3) to determine whether the proposed Plan of Allocation for the proceeds of the Settlement is fair and reasonable, and should be approved by the Court; (4) to determine whether the applications by Plaintiffs' Lead Counsel for an award of attorneys' fees equal to up to one-third of the Settlement Fund and reimbursement of their litigation expenses should be approved; and (5) to rule upon such other matters as the Court may deem appropriate.
If you purchased or otherwise acquired Cnova ordinary shares between November 19, 2014 and February 23, 2016 (both dates inclusive), and are not otherwise excluded from the Class, you are a Class Member. Class Members will be bound by the Final Judgment of the Court. 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 postmarked no later than March 12, 2018, establishing that you are entitled to recovery. A Proof of Claim is being sent with this Notice. If you are a Class Member and need an additional Proof of Claim, copies may be obtained by telephoning the Claims Administrator at 1-866-613-0970 or by downloading the form on the internet at www.choosegcg.com/cases-info/CNV.
If you do not wish to be included in the Class, you do not wish to participate in the Settlement and you do not wish to receive a distribution from the Net Settlement Fund, you may request to be excluded, in the manner set forth in the full Notice of Pendency of Class Action and Proposed Settlement ("Notice"), no later than January 24, 2018. If you are a Class Member and do not timely and validly request exclusion from the Class, and you wish to object to the Settlement, the Plan of Allocation, and/or Plaintiffs' Lead Counsel's application for an award of attorneys' fees and/or reimbursement of expenses, you may submit a written objection. You also may, but are not required to, appear at the Final Approval Hearing. You must file and serve your written objection, in the manner specifically set forth in the Notice, no later than January 24, 2018.
This Summary Notice is only a summary of information regarding the Action, and the Settlement. You are urged to obtain a copy of the full, detailed Notice of Pendency of Class Action and Proposed Settlement, which includes, among other things, a description of: (1) the litigation in the Action prior to the Settlement; (2) the terms of the proposed Settlement; (3) the benefits of the Settlement to the Class; (4) the Plan of Allocation for the proceeds of the Settlement; (5) the rights of Class Members; (6) the release of claims against Defendants; (7) the application for an award of attorneys' fees and expenses; and (8) additional details concerning the Final Approval Hearing, excluding oneself from the Class and/or objecting to the Settlement, the Plan of Allocation, and/or the application for attorneys' fees and/or reimbursement of expenses, including the procedures that MUST be followed for Class Members to request exclusion from the Class or to object to the Settlement, the Plan of Allocation and/or application for attorneys' fees and/or reimbursement of expenses.
A copy of the full Notice of Pendency of Class Action and Proposed Settlement may be accessed at: www.choosegcg.com/cases-info/CNV, and for additional information, you may contact Garden City Group, LLC, the Claims Administrator, at the following address:
Cnova Securities Class Action
Claims Administrator
c/o GCG
PO Box 10493
Dublin, OH 43017-4093
PLEASE DO NOT CONTACT THE COURT OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.
Dated: Nov. 14, 2017
Honorable Laura Taylor Swain
United States District Judge
SOURCE Brower Piven
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