Update on the Distribution of Net Settlement Fund
The Court has approved the distribution of the net settlement fund to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following dates:
December 1, 2023
If you submitted a Claim in this case and have any questions related to that Claim, please contact the Claims Administrator whose contact information is listed here below:
The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice relates to a proposed Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants Spectrum, Old Spectrum, HRG, Andreas R. Rouvé, David M. Maura, and Douglas L. Martin violated the federal securities laws by making false and misleading statements regarding the consolidation of Spectrum’s distribution network. A more detailed description of the Action is set forth in paragraphs 11-29 in the Notice. The proposed Settlement, if approved by the Court, will settle claims of the HRG Subclass, as defined in paragraph 30 in the Notice.
Subject to Court approval, Lead Plaintiff, on behalf of itself and the HRG Subclass, have agreed to settle the claims of the HRG Subclass in the Action in exchange for $7,250,000 in cash to be deposited into an escrow account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon less (i) any Taxes; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; (iv) any attorneys’ fees awarded by the Court; and (v) any other costs or fees approved by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court. The proposed plan of allocation is set forth in paragraphs 59-77 in the Notice. The Plan of Allocation will determine how the Net Settlement Fund will be allocated among members of the HRG Subclass.
If you are a member of the HRG Subclass, your rights will be affected and you may be eligible for a payment from the Settlement.
The HRG Subclass consists of:
all persons and entities that purchased common stock of HRG from January 26, 2017 to July 13, 2018 and were damaged thereby.
Please read the Notice to fully to understand your rights and options.
If you are a member of the HRG Subclass, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form with adequate supporting documentation submitted online or postmarked no later than January 25, 2022. PLEASE NOTE: If you submitted a Claim Form in connection with the Prior Settlement, DO NOT submit another form.
Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN JANUARY 25, 2022.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are an HRG Subclass Member and you remain in the HRG Subclass, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 40 in the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 41 in the Notice), so it is in your interest to submit a Claim Form.
|EXCLUDE YOURSELF FROM THE HRG SUBCLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 22, 2022.
||If you exclude yourself from the HRG Subclass, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN, FEBRUARY 22, 2022.
||If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for an award of attorneys’ fees and Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a member of the HRG Subclass and do not exclude yourself from the HRG Subclass.
|PARTICIPATE IN A HEARING ON MARCH 18, 2022 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 22, 2022.
||Filing a written objection and notice of intention to appear by February 22, 2022 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses. In the Court’s discretion, the March 18, 2022 hearing may be conducted by telephone or video conference (see paragraphs 85-86 in the Notice). If you submit a written objection, you may (but you do not have to) participate in the hearing and, at the discretion of the Court, speak to the Court about your objection.
||If you are a member of the HRG Subclass and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the HRG Subclass, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
How do I obtain more information?
More detailed information about the Action and the Settlement is contained in the Notice. If you have questions, you may contact the Claims Administrator by calling toll-free 1-888-921-1535; emailing info@HRGSecuritiesLitigation.com; or mailing a letter to:
HRG Securities Litigation
c/o JND Legal Administration
P.O. Box 91427
Seattle, WA 98111
Inquiries should NOT be directed to the Court, the Clerk of the Court, Defendants, or their counsel.