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Motley Rice LLC and Scott + Scott Attorneys at Law LLP Announce Proposed Class Action Settlement on Behalf of Purchasers of Conn's, Inc.'s Publicly Traded Common Stock

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Motley Rice LLC and Scott + Scott Attorneys at Law LLP Announce Proposed Class Action Settlement on Behalf of Purchasers of Conn's, Inc.'s Publicly Traded Common Stock

PR Newswire

HOUSTON, July 27, 2018 /PRNewswire/ --  

IN THE UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION

 

IN RE CONN'S, INC. SECURITIES LITIGATION

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Civil Action No. 4: 14-cv-00548 (KPE)

(Consolidated Action)

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED
SETTLEMENT, AND MOTION FOR ATTORNEYS' FEES AND EXPENSES

To: All Persons and Entities Who Purchased or Otherwise Acquired Conn's, Inc.'s ("Conn's") Publicly Traded Common Stock and/or Call Options, or Who Sold/Wrote Conn's Put Options, During the Period from April 3, 2013 through December 9, 2014, Inclusive (the "Class Period"), and Were Damaged Thereby (the "Class").

PLEASE READ THIS NOTICE CAREFULLY.  IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, in accordance with Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of Texas, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the full printed Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses (the "Notice"). 

YOU ARE ALSO NOTIFIED that the Court-appointed Class Representatives Laborers Pension Trust Fund – Detroit and Vicinity, Connecticut Carpenters Pension Fund and Connecticut Carpenters Annuity Fund, St. Paul Teachers' Retirement Fund Association, and Universal Investment Gesellschaft m.b.H., on behalf of themselves and the Class, and Defendants Conn's, Theodore Wright, and Michael J. Poppe (collectively, "Defendants") have reached a proposed settlement of the Action in the amount of $22,500,000 in cash (the "Settlement Amount") that, if approved by the Court, will resolve all claims in the Action (the "Settlement").

A hearing will be held before the Honorable Keith P. Ellison of the United States District Court for the Southern District of Texas in the United States Courthouse, 515 Rusk Street, Houston, TX  77002 at 2:00 p.m. on October 11, 2018 (the "Settlement Hearing") to, among other things, determine whether the Court should:  (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated as of June 28, 2018; (iii) approve the proposed Plan of Allocation for distribution of the Net Settlement Fund; and (iv) approve Class Counsel's application for an award of attorneys' fees and payment of expenses.  The Court may change the date of the Settlement Hearing without providing another notice.  You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT.  If you have not yet received the Notice and a Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by visiting the website dedicated to this Action, www.ConnsSecuritiesLitigation.com, or by contacting the Claims Administrator at:

In re Conn's, Inc. Securities Litigation
Claims Administrator 
c/o Epiq Global
P.O. Box 4087
Portland, OR 97208-4087
(855) 804-8547

Inquiries, other than requests for the Notice/Claim Form or for information about the status of a claim, may also be made to Class Counsel:

James M. Hughes, Esq.
Christopher F. Moriarty, Esq.
MOTLEY RICE LLC
28 Bridgeside Blvd.
Mt. Pleasant, SC  29464
www.motleyrice.com
(800) 768-4026

Deborah Clark-Weintraub, Esq.
Beth Kaswan, Esq. 
SCOTT+SCOTT 
ATTORNEYS AT LAW LLP
230 Park Ave., 17th Floor
New York, NY 10169
www.scott-scott.com 
(800) 404-7770

If you are a Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or online no later than November 10, 2018.  If you are a Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court in the Action, whether favorable or unfavorable. 

If you are a Class Member and wish to exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than September 20, 2018.  If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel's application for attorneys' fees and payment of expenses must be filed with the Court and mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are filed and received no later than September 20, 2018

PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

All questions about this notice, the Settlement, or your eligibility to participate in the Settlement should be directed to the Claims Administrator or Class Counsel.

DATED: July 27, 2018

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF TEXAS

 

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SOURCE United States District Court for the Southern District of Texas

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