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Kahn Swick & Foti, LLC Announces Notice of Proposed Settlement Involving all Persons who Purchased or Otherwise Acquired Blackberry Limited Common Stock
A proposed settlement regarding a class action lawsuit against BlackBerry Limited has been announced, concerning individuals who purchased common stock (ticker: BBRY) from March 28, 2013 to September 20, 2013. The settlement involves a cash payout of $165 million to be approved by the court during a hearing on September 29. The court will also decide on the fairness of the plan for allocating funds and attorney fees. Class members must file a Proof of Claim by September 7, 2022 to be eligible for recovery.
Positive
Proposed settlement amount of $165 million represents a substantial sum available for distribution to eligible shareholders.
Hearing scheduled to provide class members an opportunity to voice opinions, ensuring transparency.
Negative
Past stock price volatility during the settlement period may lead to a lack of trust among potential claimants.
Potential legal fees and administrative costs could reduce the actual payout to shareholders.
NEW ORLEANS--(BUSINESS WIRE)--
The following notice is being issued by Kahn Swick & Foti, LLC regarding the Blackberry Limited Common Stock Settlement.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
MARVIN PEARLSTEIN, Individually and
On Behalf of All Others Similarly Situated,
Plaintiff,
vs.
BLACKBERRY LIMITED (formerly known
as RESEARCH IN MOTION LIMITED),
THORSTEN HEINS, BRIAN BIDULKA,
and STEVE ZIPPERSTEIN,
Defendants.
Case No. 1:13-CV-7060-CM
NOTICE OF PROPOSED SETTLEMENT
This notice is for all persons who purchased or otherwise acquired BLACKBERRY LIMITED common stock on the NASDAQ (trading symbol “BBRY”) between MARCH 28, 2013, and SEPTEMBER 20, 2013, inclusive:
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on September 29, at 10:00 a.m., before the Honorable Colleen McMahon in Courtroom 24A of the Daniel Patrick Moynihan U.S. Courthouse at 500 Pearl Street, New York, NY 10007, for the purpose of determining: (1) whether the proposed Settlement for the sum of $165,000,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether, after the hearing, this Action should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation and Agreement of Settlement dated as of June 7, 2022; (3) whether the proposed Plan of Allocation is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys’ fees and reimbursement of expenses incurred in this Action, and an application of Lead Plaintiffs for a compensatory award, should be approved.
If you purchased BlackBerry Limited (“BlackBerry” or the “Company”) common stock on the NASDAQ (trading symbol “BBRY”) between March 28, 2013, and September 20, 2013, inclusive, your rights may be affected by the Settlement of this Action. Please visit the website at www.BlackBerryUSSecuritiesLitigation.com to obtain copies of the Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and the Proof of Claim and Release. You may also obtain copies of these documents by writing to BlackBerry U.S. Securities Litigation, c/o JND Legal Administration, P.O. Box 91399, Seattle, WA 98111, by calling the Claims Administrator at 1-888-691-2864. The Notice contains details about this Action and Settlement, including what you must do to file a Proof of Claim, exclude yourself from the Settlement, or object to the Settlement. 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 electronically by, or mail it postmarked no later than, September 7, 2022, establishing that you are entitled to recovery.
If you desire to be excluded from the Class, you must submit a Request for Exclusion postmarked by September 7, 2022, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Stipulation of Settlement. Please note that if you exclude yourself from the Class and decide to pursue your own action individually, you may not be able to pursue certain claims due to the expiration of certain applicable statutes of repose. Your objection(s) must be mailed on or before September 7, 2022, to: Lead Counsel Kahn Swick & Foti, LLC, and Counsel for Defendant BlackBerry Limited, at the following addresses:
LEAD COUNSEL
Lewis S. Kahn KAHN SWICK & FOTI, LLC 1100 Poydras Street, Suite 3200
New Orleans, LA 70163
Lead Counsel for Class Representatives and Lead Plaintiffs and Co-Class Counsel
COUNSEL FOR DEFENDANT BLACKBERRY LIMITED
James J. Beha II
MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019
Counsel for Defendant BlackBerry Limited
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Co-Class Counsel at the address listed above.
THE HONORABLE COLLEEN MCMAHON UNITED STATES DISTRICT JUDGE
SOUTHERN DISTRICT OF NEW YORK
