Labaton Sucharow LLP Announces Proposed Class Action Settlement in the In re Intuitive Surgical Securities Litigation
NEW YORK, Oct. 22, 2018 /PRNewswire/ -- The following statement is being issued by Labaton Sucharow LLP regarding the class action In re Intuitive Surgical Securities Litigation, Case No. 5:13-cv-01920-EJD (HRL) (N.D. Cal.).
TO: ALL PERSONS AND ENTITIES THAT, DURING THE PERIOD FROM FEBRUARY 6, 2012 THROUGH JULY 18, 2013, INCLUSIVE, PURCHASED OR ACQUIRED SHARES OF THE PUBLICLY TRADED COMMON STOCK OF INTUITIVE SURGICAL, INC.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of California, that Class Representatives Employees' Retirement System of the State of Hawaii and Greater Pennsylvania Carpenters' Pension Fund, on behalf of themselves and the certified Class, and Intuitive Surgical, Inc., Gary S. Guthart, Marshall L. Mohr, and Lonnie M. Smith (collectively, the "Defendants"), have reached a settlement in the above-captioned action (the "Action") in the amount of $42,500,000 in cash (the "Settlement Amount") that, if approved by the Court, will resolve all claims in the Action.1
A hearing will be held before the Honorable Edward J. Davila of the United States District Court for the Northern District of California in Courtroom 4, 5th Floor, Robert F. Peckham Federal Building & United States Courthouse, 280 South 1st Street, San Jose, CA 95113 at 10:00 a.m. on December 20, 2018 to, among other things, determine whether (1) the Settlement should be approved by the Court as fair, reasonable, and adequate; (2) the Plan of Allocation for distribution of the Settlement Amount, and any interest thereon, less Court-awarded attorneys' fees, Notice and Administration Expenses, Taxes, and any other costs, fees, or expenses approved by the Court (the "Net Settlement Fund") should be approved as fair, reasonable, and adequate; and (3) to approve the application of Class Counsel for an award of attorneys' fees of no more than 19% of the Settlement Fund (or up to $8,075,000) and payment of expenses of no more than $2,500,000 from the Settlement Fund, which will include the expenses of Class Representatives pursuant to the Private Securities Litigation Reform Act of 1995. The Court may change the date of the Settlement Hearing without providing another notice. You do NOT need to attend the Settlement Hearing in order to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received the full Notice of Proposed Class Action Settlement and Motion for Attorneys' Fees and Expenses (the "Settlement Notice") and a Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator or visiting its website:
In re Intuitive Surgical Securities Litigation
Claims Administrator
c/o GCG
P.O. Box 10359
Dublin, OH 43017-0359
Phone: (844) 850-7746
[email protected]
www.intuitivesurgicalsecuritieslitigation.com
Inquiries may also be made to Class Counsel:
Labaton Sucharow LLP
Jonathan Gardner, Esq.
140 Broadway
New York, NY 10005
Tel: (888) 219-6877
www.labaton.com
[email protected]
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 electronically submitted no later than December 6, 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 any judgments or orders entered by the Court in the Action.
If you previously submitted a valid and timely request for exclusion from the Class in connection with the Notice of Pendency of Class Action ("Class Notice") and you wish to remain excluded, no further action is required. However if you did not, to exclude yourself from the Class now, you must submit a written request for exclusion in accordance with the instructions set forth in the Settlement Notice such that it is received no later than November 29, 2018. If you are a Class Member and do not exclude yourself from the Class, you will be bound by any judgments or orders entered by the Court in the Action.
If you previously submitted a request for exclusion from the Class in connection with the Class Notice but you want to opt-back into the Class now for the purpose of being eligible to receive a payment from the Net Settlement Fund, you may do so. In order to opt-back into the Class, you must submit a request in writing such that it is received no later than November 29, 2018, in accordance with the instructions set forth in the Settlement Notice.
Any objections to the Settlement, Plan of Allocation, and/or application for attorneys' fees and payment of expenses must be filed with the Court and mailed to counsel in accordance with the instructions set forth in the Settlement Notice such that they are received no later than November 29, 2018.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS'
COUNSEL REGARDING THIS NOTICE.
Dated: October 22, 2018
BY ORDER OF THE UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF CALIFORNIA
1 The complete terms of the Settlement are in the Stipulation and Agreement of Settlement, dated as of September 11, 2018, which can be viewed at www.intuitivesurgicalsecuritieslitigation.com.
SOURCE Labaton Sucharow LLP
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article