Bernstein Litowitz Berger & Grossmann LLP Announces Proposed Settlement of In re SunEdison, Inc. Securities Litigation

NEW YORK, Aug. 13, 2019 /PRNewswire/ --

UNITED STATES DISTRICT COURT

FOR THE SOUTHERN DISTRICT OF NEW YORK

SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT AND

PLAN OF ALLOCATION; (II) SETTLEMENT HEARING; AND

(III) MOTION FOR ATTORNEYS' FEES AND LITIGATION EXPENSES

PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that Lead Plaintiff Municipal Employees' Retirement System of Michigan and Named Plaintiff Arkansas Teacher Retirement System ("Plaintiffs"), on behalf of themselves and the Court-certified Class in the above-captioned securities class action (the "Action"), have reached a proposed settlement with all defendants in the Action, including certain of SunEdison's officers and directors and the underwriters of SunEdison's August 2015 public offering of preferred stock.  The proposed Settlement provides for payment of $74,000,000 in cash for the benefit of the Class as well as a potential, contingent Supplemental Payment of up to $2,000,000 more.  If approved, the Settlement will resolve all claims in the Action.

A hearing will be held on October 25, 2019 at 2:00 p.m. before the Honorable P. Kevin Castel, in the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, NY 10007, Courtroom 11D, to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation and Agreement of Settlement dated July 11, 2019 should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and litigation expenses should be approved.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the full printed Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses (the "Settlement Notice") and the Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at In re SunEdison, Inc. Securities Litigation, c/o Analytics Consulting, P.O. Box 2007, Chanhassen, MN 55317-2007, (866) 887-2962.  Copies of the Settlement Notice and Claim Form can also be downloaded from the website for the Action, www.SunEdisonSecuritiesLitigation.com.  

If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than November 27, 2019.  If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's application for attorneys' fees and expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than October 4, 2019, in accordance with the instructions set forth in the Settlement Notice.

Please do not contact the Court, the Clerk's office, SunEdison, Defendants, or their counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

By Order of the Court

¹ Certain persons and entities are excluded from the Class by definition and others are excluded from the Class or one of the subclasses pursuant to their previous requests for exclusion.  The full definition of the Class and the full list of Defendants are set forth in the Settlement Notice referred to below.

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SOURCE Bernstein Litowitz Berger & Grossmann LLP