Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Willbros Group, Inc. Securities Litigation
HOUSTON--(BUSINESS WIRE)--May 16, 2018--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Willbros Group, Inc. Securities Litigation:
YOU ARE HEREBY NOTIFIED that 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 Texas, that the above-captioned action (the “Action”) has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of Proposed Settlement of Class Action (the “Notice”).
YOU ARE ALSO NOTIFIED that Lead Plaintiffs in the Action, Wayne County Employees’ Retirement System and City of Roseville Employees’ Retirement System, on behalf of themselves and the other members of the Settlement Class, have reached a proposed settlement of the Action with defendants Willbros, Randy R. Harl, Van A. Welch, and John T. McNabb (collectively, “Defendants”) for the sum of $10,000,000 in cash (the “Settlement”). If the Settlement is approved, it will resolve all claims in the Action.
A hearing will be held on August 2, 2018, at 2:00 p.m. CT, before the Honorable Keith P. Ellison at the U.S. Courthouse, 515 Rusk Avenue, Houston, TX 77002, for the purpose of determining: (1) whether the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) whether, thereafter, this Action should be dismissed with prejudice against the Defendants as set forth in the Stipulation and Agreement of Settlement dated April 13, 2018; (3) whether the Plan of Allocation of Settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (4) the reasonableness of the application of Lead Counsel for the payment of attorneys’ fees and expenses incurred in connection with this Action, together with interest thereon (which request may include a request for reimbursement of Lead Plaintiffs’ reasonable costs and expenses pursuant to the Private Securities Litigation Reform Act of 1995).
IF YOU PURCHASED OR ACQUIRED WILLBROS COMMON STOCK DURING THE PERIOD FROM FEBRUARY 28, 2014, THROUGH AND INCLUDING MARCH 17, 2015 (THE “SETTLEMENT CLASS PERIOD”), YOUR RIGHTS MAY BE AFFECTED BY THIS ACTION AND THE SETTLEMENT THEREOF. If you have not received a detailed Notice as referred to above and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Willbros Securities Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 404055, Louisville, KY 40233-4055, or by downloading this information at www.WillbrosSecuritiesLitigation.com. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release online at www.WillbrosSecuritiesLitigation.comby September 6, 2018, or by mail postmarked no later than September 6, 2018, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Action unless you request to be excluded, in writing, postmarked by September 6, 2018.
If you purchased or otherwise acquired Willbros common stock during the Settlement Class Period and you desire to be excluded from the Settlement Class, you must submit a request for exclusion such that it is postmarked no later than July 12, 2018, in the manner and form explained in the detailed Notice referred to above. All members of the Settlement Class who do not validly request exclusion from the Settlement Class will be bound by any judgments or orders entered in the Action pursuant to the Stipulation and Agreement of Settlement.
Any objection to any aspect of the Settlement must be filed with the Clerk of the Court and also delivered by hand or First-Class Mail to each of the following addresses such that it is received no later than July 12, 2018:
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
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CONTACT: Robbins Geller Rudman & Dowd LLP
Rick Nelson, 1-619-231-1058
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Geller Rudman & Dowd LLP
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PUB: 05/16/2018 11:00 AM/DISC: 05/16/2018 11:01 AM