Robbins Geller Rudman & Dowd LLP and Motley Rice LLC Announce Proposed Settlement in the Medtronic, Inc. Securities Litigation
Sep. 13, 2018
MINNEAPOLIS--(BUSINESS WIRE)--Sep 13, 2018--The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Motley Rice LLP regarding the Medtronic, 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 District of Minnesota, that the above-captioned action (the “Litigation”) has been certified as a class action on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the full printed Notice of Proposed Settlement of Class Action (the “Notice”).
YOU ARE ALSO NOTIFIED that Plaintiffs in the Litigation, Employees’ Retirement System of the State of Hawaii, Union Asset Management Holding AG, and West Virginia Pipe Trades Health & Welfare Fund, on behalf of themselves and the other Members of the Class, have reached a proposed settlement of the Litigation with defendants Medtronic, William A. Hawkins, Gary L. Ellis, Dr. Julie Bearcroft, and Dr. Martin Yahiro (collectively, “Defendants”) for the sum of $43,000,000 in cash (the “Settlement”). If the Settlement is approved, it will resolve all claims in the Litigation.
A hearing will be held on December 11, 2018, at 9:30 a.m. CT, before the Honorable Michael J. Davis at U.S. Courthouse, 300 South Fourth Street, Minneapolis, MN 55415, 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 Litigation should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement dated July 17, 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 Litigation, together with interest thereon (which request may include a request for reimbursement of Plaintiffs’ reasonable costs and expenses pursuant to the Private Securities Litigation Reform Act of 1995).
IF YOU PURCHASED OR ACQUIRED MEDTRONIC PUBLICLY TRADED COMMON STOCK DURING THE PERIOD FROM SEPTEMBER 8, 2010, THROUGH AND INCLUDING JUNE 28, 2011 (THE “CLASS PERIOD”), YOUR RIGHTS MAY BE AFFECTED BY THIS LITIGATION 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 Medtronic Securities Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 404078, Louisville, KY 40233-4078, or by downloading this information at www.MedtronicSecuritiesSettlement.com. 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 and Release online at www.MedtronicSecuritiesSettlement.comby January 2, 2019, orby mail postmarked no later than January 2, 2019, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Litigation unless you request to be excluded, in writing, postmarked by November 19, 2018.
If you purchased or otherwise acquired Medtronic publicly traded common stock during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion such that it is postmarked no later than November 19, 2018, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who do not validly request exclusion from the Class will be bound by any judgments or orders entered in the Litigation pursuant to the Stipulation 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 November 19, 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 MINNESOTA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Geller Rudman & Dowd LLP
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PUB: 09/13/2018 11:00 AM/DISC: 09/13/2018 11:01 AM