Barrack, Rodos & Bacine Announces a Summary Notice of Class Action, Proposed Settlement, Motion for Attorneys' Fees and Expenses, and Settlement Hearing for all Persons who Purchased or Otherwise Acquired Mallinckrodt PLC Common Stock from October 6, 2015 through November 6, 2017, inclusive

PHILADELPHIA, May 5, 2022 /PRNewswire/ --

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA

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

TO: All persons and entities who purchased or otherwise acquired Mallinckrodt plc ("Mallinckrodt") common stock during the period from October 6, 2015 through November 6, 2017, inclusive, and allegedly suffered damages as a result.

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

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, MALLINCKRODT, ANY OTHER 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, WHOSE CONTACT INFORMATION IS PROVIDED BELOW.

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 District of Columbia, that the above-captioned litigation (the "Action") has been preliminarily certified as a class action for the purposes of settlement only on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulation and Agreement of Settlement dated May 18, 2021, as amended on July 22, 2021 (the "Stipulation").

YOU ARE ALSO NOTIFIED that the Lead Plaintiff, on behalf of itself and all members of the Class, and Mallinckrodt, Mark C. Trudeau, and Matthew K. Harbaugh (collectively, "Defendants") have reached a proposed settlement of the Action for $65,750,000.00 in cash (the "Settlement") payable from the proceeds of certain D&O Policies, as defined in the Stipulation, that, if approved, will resolve all claims asserted against the Released Defendant Parties (identified in the Notice referred to below).

A hearing will be held on July 28, 2022 at 10 a.m. before the Honorable Dabney L. Friedrich at the United States District Court for the District of Columbia, 333 Constitution Avenue, Courtroom 14, Washington D.C. 20001, or as may be undertaken via a remote proceeding such as Zoom or by telephone, for the following purposes: (a) to determine whether the proposed Settlement, on the terms and conditions provided for in the Stipulation, is fair, reasonable and adequate, and should be approved by the Court; (b) to determine whether a Judgment substantially in the form attached as Exhibit 5 to the Preliminary Approval Order should be entered dismissing the Action and all claims asserted against the Defendants therein, with prejudice, and releasing all Released Claims as against the Released Parties (as defined in the Stipulation); (c) to determine whether the proposed Plan of Allocation for the proceeds of the Settlement is fair and reasonable and should be approved; (d) to determine whether the motion by Lead Counsel for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved; and (e) to consider any other matters that may properly be brought before the Court in connection with the Settlement ("Settlement Hearing"). The Court may change the date of the Settlement Hearing without providing another notice. Class Members should check the Settlement Class website in advance of the Settlement Hearing to determine whether that hearing will occur in person at the United States District Court for the District of Columbia or via a remote link or teleconference. 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 pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the full Notice of Class Action, Proposed Settlement, Motion for Attorneys' Fees and Expenses, and Settlement Hearing (the "Notice"), and the Proof of Claim and Release Form, you may obtain copies of these documents by contacting the Claims Administrator at Mallinckrodt PLC Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 170707, Milwaukee, WI 53217. Copies of the Notice and Proof of Claim and Release Form can also be downloaded from the websites maintained by the Claims Administrator, www.MallinckrodtSecuritiesLitigation.com, and by Lead Counsel, www.barrack.com. 

If you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a valid Proof of Claim and Release Form to the Claims Administrator either online at www.MallinckrodtSecuritiesLitigation.com no later than October 27, 2022 or via mail, postmarked no later than October 27, 2022. If you are a Class Member and do not submit a proper Proof of Claim and Release 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.

If you are a member of the Class and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than June 28, 2022, in accordance with the instructions set forth in the Notice. 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 and you will not be eligible to share in the proceeds of the Settlement.

Any objections to (a) the Settlement, (b) the proposed Judgment, (c) the proposed Plan of Allocation, and/or (d) Lead Counsel's request for an award of attorneys' fees and reimbursement of litigation expenses, including any request for reimbursement of costs and expenses for Lead Plaintiff, must be filed with the Court and delivered to Lead Counsel and Defendants' counsel such that they are received no later than June 28, 2022, in accordance with the instructions set forth in the Notice. Objections may not be submitted by persons who exclude themselves from the Class.

Inquiries, other than requests for the Notice and Proof of Claim and Release Form, may be made to Lead Counsel:

BARRACK, RODOS & BACINE
Jeffrey W. Golan
Jeffrey B. Gittleman
3300 Two Commerce Square
2001 Market Street
Philadelphia, PA 19103
(215) 963-0600
[email protected]
[email protected]

Requests for the Notice and Proof of Claim and Release Form should be made out to:

Mallinckrodt PLC Securities Litigation 
c/o A.B. Data, Ltd.
P.O. Box 170707
Milwaukee, WI 53217
(414) 921-0496 (in the U.S. and Canada)
(877) 315-0590 (outside the U.S. and Canada)
[email protected]

By Order of the Court

SOURCE Barrack, Rodos & Bacine

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