Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in The Southern Company Securities Settlement

Rhea-AI Summary

The Southern Company is under a proposed settlement of $87.5 million related to a class action lawsuit for shareholders who bought its common stock between April 25, 2012, and October 30, 2013. A court hearing will occur on January 14, 2021, to approve the settlement as fair and adequate, and to award attorney fees. Class members must submit a Proof of Claim by February 18, 2021, to be eligible for distribution from the settlement fund. Failure to submit the claim may result in rejection and loss of recovery.

Positive

• None.

Negative

• The settlement amount of $87.5 million may impact the company's financials and cash reserves.
• Class members must submit claims by February 18, 2021, or risk losing potential recovery.

SAN DIEGO--(BUSINESS WIRE)--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding The Southern Company Securities Settlement:

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF GEORGIA
ATLANTA DIVISION

MONROE COUNTY EMPLOYEES’ RETIREMENT	)	Civil Action No. 1:17-cv-00241-WMR
SYSTEM and ROOFERS LOCAL NO. 149 PENSION	)
FUND, Individually and on Behalf of All Others	)	CLASS ACTION
Similarly Situated,	)
Plaintiffs,	)	SUMMARY NOTICE OF PROPOSED
vs.	)	SETTLEMENT OF CLASS ACTION
THE SOUTHERN COMPANY, THOMAS A.	)
FANNING, ART P. BEATTIE, EDWARD DAY, VI,	)
G. EDISON HOLLAND, JR., JOHN C. HUGGINS and	)
THOMAS O. ANDERSON.	)
Defendants.	)

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE SOUTHERN COMPANY (“SOUTHERN COMPANY”) COMMON STOCK BETWEEN APRIL 25, 2012, AND OCTOBER 30, 2013, INCLUSIVE, AND WERE ALLEGEDLY DAMAGED THEREBY (“CLASS” OR “CLASS MEMBERS”)

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED that a hearing will be held on January 14, 2021, at 9:30 a.m., before the Honorable William M. Ray, II at the United States District Court, Northern District of Georgia, Richard B. Russell Federal Building, 75 Ted Turner Drive, SW, Atlanta, GA 30303, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned Litigation¹ as set forth in the Stipulation of Settlement (“Stipulation”)² for $87,500,000.00 in cash should be approved by the Court as fair, reasonable, and adequate; (2) the Judgment as provided under the Stipulation should be entered dismissing the Litigation with prejudice; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below) and, if so, in what amount; and (4) the Plan of Allocation should be approved by the Court as fair, reasonable, and adequate.

The recent outbreak of the Coronavirus (COVID-19) is a fluid situation that creates the possibility that the Court may decide to conduct the Settlement Hearing by video or telephonic conference, or otherwise allow Class Members to appear at the hearing by telephone, without further written notice to the Class. In order to determine whether the date and time of the Settlement Hearing have changed, or whether Class Members must or may participate by telephone or video, it is important that you monitor the Court’s docket and the Settlement website, www.SouthernCompanySecuritiesSettlement.com, before making any plans to attend the Settlement Hearing. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or telephonic appearances at the hearing, will also be posted to the Settlement website, www.SouthernCompanySecuritiesSettlement.com. Also, if the Court requires or allows Class Members to participate in the Settlement Hearing by telephone, the telephone number for accessing the telephonic conference will be posted to the Settlement website.

IF YOU PURCHASED OR OTHERWISE ACQUIRED SOUTHERN COMPANY COMMON STOCK BETWEEN APRIL 25, 2012, AND OCTOBER 30, 2013, INCLUSIVE, AND WERE ALLEGEDLY DAMAGED THEREBY, YOUR RIGHTS ARE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than February 18, 2021) or electronically (no later than February 18, 2021). Your failure to submit your Proof of Claim by February 18, 2021, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Litigation. If you purchased or acquired Southern Company common stock between April 25, 2012, and October 30, 2013, inclusive, and do not request exclusion from the Class, you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.SouthernCompanySecuritiesSettlement.com, or by writing to:

Southern Company Securities Settlement
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 43346
Providence, RI 02940-3346

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: 800-449-4900

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY DECEMBER 24, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, AND/OR THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO EXCEED 30% OF THE $87,500,000.00 SETTLEMENT AMOUNT, AND EXPENSES NOT TO EXCEED $1,000,000.00. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL SUCH THAT IT IS RECEIVED BY DECEMBER 24, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: October 1, 2020							BY ORDER OF THE COURT
							UNITED STATES DISTRICT COURT
							NORTHERN DISTRICT OF GEORGIA

¹ All capitalized terms used in this Summary Notice that are not otherwise defined herein shall have the meanings provided in the Stipulation.
² The Stipulation can be viewed and/or obtained at www.SouthernCompanySecuritiesSettlement.com.