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Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Airbus Securities Settlement
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Negative)
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Rhea-AI Summary
The United States District Court for New Jersey has notified individuals who acquired Airbus SE securities between February 24, 2016, and July 30, 2020, of an impending hearing on September 30, 2022. The court will consider a proposed settlement amounting to $5 million, along with certification of the class action. Affected parties are encouraged to submit Proof of Claim by September 13, 2022, to share in the settlement proceeds. Those wishing to exclude themselves must do so by September 9, 2022, to avoid being bound by the court's judgment.
Positive
Proposed settlement of $5 million reflects a structured resolution for affected shareholders.
Court hearing for the settlement could provide clarity and financial relief to eligible investors.
Negative
The settlement amount may not fully compensate all affected shareholders for potential damages.
Exclusion from the settlement may leave some investors without recourse.
SAN DIEGO--(BUSINESS WIRE)--
The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Airbus Securities Settlement:
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY
ANDREW J. KORNECKI, Individually and
on Behalf of All Others Similarly Situated,
Plaintiff,
vs.
AIRBUS SE, et al.,
Defendants.
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No. 2:20-cv-10084-KM-JBC
CLASS ACTION
SUMMARY NOTICE
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED AIRBUS SE (“AIRBUS” OR THE “COMPANY”) SECURITIES IN THE UNITED STATES AS AMERICAN DEPOSITARY RECEIPTS (“ADR”) OR FOREIGN ORDINARIES UNDER THE TICKER SYMBOLS “EADSY” AND “EADSF,” RESPECTIVELY, DURING THE PERIOD BETWEEN FEBRUARY 24, 2016 THROUGH AND INCLUDING JULY 30, 2020, AND WERE ALLEGEDLY DAMAGED THEREBY, AND ARE NOT OTHERWISE EXCLUDED FROM THE SETTLEMENT CLASS
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on September 30, 2022, at 2:00 p.m., before the Honorable Kevin McNulty, United States District Judge, at the United States District Court for the District of New Jersey, Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Newark, NJ 07102, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the principal amount of $5 million, plus interest, should be approved by the Court as fair, reasonable, and adequate; (2) whether a Class should be certified for purposes of settlement; (3) whether a Final Judgment and Order of Dismissal with Prejudice should be entered by the Court dismissing the Litigation with prejudice; (4) whether the Plan of Allocation is fair, reasonable, and adequate and should be approved; and (5) whether the application of Lead Counsel for the payment of attorneys’ fees and expenses and Lead Plaintiff’s expenses in connection with this Litigation should be approved.
IF YOU PURCHASED OR OTHERWISE ACQUIRED ANY AIRBUS ADRS OR FOREIGN ORDINARIES IN THE UNITED STATES DURING THE PERIOD FROM FEBRUARY 24, 2016 THROUGH AND INCLUDING JULY 30, 2020, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION. Airbus ADRs trade in the U.S. on the over-the-counter market (the “OTC”) under the ticker symbol “EADSY,” and Airbus foreign ordinaries trade in the U.S. on the OTC market under the ticker symbol “EADSF.” Excluded from the Settlement Class are: (i) Defendants, (ii) the current and Class Period officers and directors of the Company, (iii) members of the immediate families of the Individual Defendants, and (iv) the legal representatives, heirs, successors-in-interest, or assigns of any excluded person or entity, and any entity in which such excluded persons have or had a controlling interest. Also excluded from the Settlement Class are those Persons who timely and validly exclude themselves therefrom by submitting a request for exclusion. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Airbus Securities Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040, or on the internet at www.AirbusSecuritiesSettlement.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 by mail or online no later than September 13, 2022, establishing that you are entitled to a recovery. If you request to be excluded from the Class, you must submit a request for exclusion postmarked by September 9, 2022, in the form and manner explained in the detailed Notice. You will be bound by any judgment entered in the Litigation unless you request to be excluded, in writing, to Airbus Securities Settlement, c/o Gilardi & Co. LLC, EXCLUSIONS, P.O. Box 5100, Larkspur, CA 94977-5100, postmarked by September 9, 2022.
Any objection to the Settlement, the Plan of Allocation, and/or the fee and expense application must be received, not simply postmarked, by each of the following recipients no later than September 9, 2022:
CLERK OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY Martin Luther King Building & U.S. Courthouse
50 Walnut Street, Room 4015 Newark, NJ 07102
Lead Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP BRIAN O. O’MARA
655 West Broadway, Suite 1900
San Diego, CA 92101
Defendants’ Counsel:
PAUL HASTINGS LLP D. SCOTT CARLTON 515 S. Flower Street, 25th Floor
Los Angeles, CA 90071
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 Lead Counsel at the address listed above.
Dated: June 8, 2022
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY
What is the Airbus Securities Settlement related to EADSY and EADSF?
The Airbus Securities Settlement pertains to a class action lawsuit concerning securities purchased during the period from February 24, 2016, to July 30, 2020.
When is the court hearing for the Airbus settlement?
The court hearing for the Airbus settlement is scheduled for September 30, 2022, at 2:00 p.m.
What is the deadline for submitting a Proof of Claim for the Airbus settlement?
The deadline for submitting a Proof of Claim to participate in the Airbus settlement is September 13, 2022.
How can I exclude myself from the Airbus Securities Settlement?
To exclude yourself from the Airbus Securities Settlement, you must submit a request for exclusion postmarked by September 9, 2022.
What amount is proposed for the Airbus settlement?
The proposed settlement amount for the Airbus litigation is $5 million, plus interest.
