Labaton Sucharow LLP Announces Proposed Settlement in the Extreme Networks Securities Litigation

SAN FRANCISCO, April 8, 2019 /PRNewswire/ -- The following statement is being issued by Labaton Sucharow LLP regarding the Extreme Networks Securities Litigation:

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN JOSE DIVISION

TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED THE PUBLICLY TRADED COMMON STOCK AND EXCHANGE-TRADED CALL OPTIONS, AND/OR SOLD PUT OPTIONS, OF EXTREME NETWORKS, INC., DURING THE PERIOD FROM SEPTEMBER 12, 2013 THROUGH APRIL 9, 2015.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of California, that Lead Plaintiff Arkansas Teacher Retirement System, on behalf of itself and the proposed Settlement Class, and Extreme Networks, Inc. ("Extreme" or "the Company"), Charles W. Berger, Kenneth B. Arola, and John T. Kurtzweil (collectively, the "Individual Defendants," and with the Company, "Defendants"), have reached a settlement in the above-captioned action (the "Action") in the amount of $7,000,000 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 Beth Labson Freeman of the United States District Court for the Northern District of California in Courtroom 3, 5th Floor, Robert F. Peckham Federal Building & United States Courthouse, 280 South 1st Street, San Jose, CA 95113 at 1:30 p.m. on June 20, 2019 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 Lead Counsel for an award of attorneys' fees of no more than 25% of the Settlement Fund (or up to $1,750,000) and payment of expenses of no more than $230,000 from the Settlement Fund, which may include the expenses of Lead Plaintiff 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 SETTLEMENT 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 Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses (the "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: Extreme Networks, Inc. Securities Litigation, c/o KCC Class Action Services, P.O. Box 505026, Louisville, KY 40233-5026, (866) 526-6266, www.ExtremeNetworksSecuritiesLitigation.com.  Inquiries may also be made to Lead Counsel: Labaton Sucharow LLP, Carol C. Villegas, Esq., 140 Broadway, New York, NY 10005, (888) 219-6877, www.labaton.com, [email protected].

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 received no later than June 6, 2019.  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 any judgments or orders entered by the Court in the Action. 

If you 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 such that it is received no later than May 23, 2019.  If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in the Action. 

Any objections to the Settlement, Plan of Allocation, and/or Lead Counsel's Fee and Expense Application must be filed with the Court in accordance with the instructions set forth in the Notice such that they are postmarked or filed no later than May 23, 2019. 

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

¹ The complete terms of the Settlement are in the Stipulation and Agreement of Settlement, dated November 30, 2018, which can be viewed at www.ExtremeNetworksSecuritiesLitigation.com.

SOURCE Labaton Sucharow LLP