Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the Uniti Group Inc. Securities Litigation
SAN DIEGO, Aug. 17, 2022 /PRNewswire/ -- The following statement is being issued by Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP regarding the Uniti Group Inc. Securities Settlement:
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF ARKANSAS
In re UNITI GROUP INC. SECURITIES ________________________________ This Document Relates To:
ALL ACTIONS. _________________________________
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Master File No. 4:19-cv-00756-BSM
CLASS ACTION
SUMMARY NOTICE OF PENDENCY AND |
To: all persons and entities that purchased or otherwise acquired Uniti Group Inc. (f/k/a Communications Sales & Leasing, Inc. ("Uniti")) Securities during the period from April 24, 2015 through June 24, 2019, inclusive, and were allegedly damaged thereby (the "Settlement Class").1
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 Eastern District of Arkansas, that Lead Plaintiffs Steamfitters Local 449 Pension Plan, Wayne County Employees' Retirement System, and David McMurray, on behalf of himself and as sole beneficiary of the David McMurray R/O IRA (together, "Plaintiffs"), and Zhengxu He, Trustee for the He & Fang 2005 Revocable Living Trust, on behalf of themselves and all members of the Settlement Class, and Defendants Uniti, Kenneth A. Gunderman and Mark A. Wallace (collectively with Uniti, the "Defendants" and, together with Plaintiffs, the "Parties"), have reached a proposed settlement of the claims in the above-captioned class action (the "Action") and related claims in the amount of $38,875,000 (the "Settlement").
A hearing will be held before the Honorable Brian S. Miller on November 4, 2022 at 11:00 a.m. CDT, remotely, via videoconference (the "Settlement Hearing") to 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 June 17, 2022; (iii) approve the proposed Plan of Allocation for distribution of the proceeds of the Settlement (the "Net Settlement Fund") to Settlement Class Members; and (iv) approve Co-Lead Counsel's Fee and Expense Application. To join on your computer or mobile app, please download Microsoft Teams and enter 265 481 733 390 for the meeting ID and RCEzJP for the passcode. To join with a videoconferencing device, go to [email protected] and enter 118 555 112 9 for the meeting ID. The Court may change the date and time of the Settlement Hearing without providing another notice. You do NOT need to participate in the Settlement Hearing to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE SETTLEMENT 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 a full Notice and Claim Form, you may obtain copies of these documents by visiting the website for the Settlement, www.UnitiGroupSecuritiesLitigation.com, or by contacting the Claims Administrator at:
Uniti Group, Inc. Securities Litigation
c/o KCC LLC
P.O. Box 6159
Novato, CA 94948-6159
www.UnitiGroupSecuritiesLitigation.com
Inquiries, other than requests for information about the status of a claim, may also be made to Co-Lead Counsel:
LABATON SUCHAROW LLP
Christine M. Fox, Esq.
140 Broadway
New York, NY 10005
[email protected]
1-888-219-6877
ROBBINS GELLER RUDMAN & DOWD LLP
Debra J. Wyman, Esq.
655 W. Broadway, Suite 1900
San Diego, CA 92101
[email protected]
1-800-449-4900
If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted online no later than December 1, 2022. If you are a Settlement 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, whether favorable or unfavorable.
If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice so that it is received no later than October 14, 2022. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court, 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, Co-Lead Counsel's Fee and Expense Application, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are received no later than October 14, 2022.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE
DATED: August 17, 2022 BY ORDER OF THE COURT
_______________________________
THE HONORABLE BRIAN S. MILLER
UNITED STATES DISTRICT JUDGE
1 Uniti Securities means Uniti common stock, call or put options of Uniti and the following bonds issued by Uniti and/or its subsidiaries: (i) 6.00% Senior Secured Notes due April 15, 2013 (CUSIP No. 20341WAA3); (ii) 8.25% Senior Notes due October 15, 2013 (CUSIP No. 20341WAD7); and (iii) 7.125% Senior Unsecured Notes due December 15, 2014 (CUSIP No. 20341WAE5).
SOURCE Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP
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