Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Dana Corporation Securities Litigation

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Aug 08, 2016, 11:30 ET

TOLEDO, Ohio, Aug. 8, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Dana Corporation Securities Litigation:

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF OHIO
WESTERN DIVISION (TOLEDO)

PLUMBERS & PIPEFITTERS NATIONAL	)	Civil Action No. 3:05-cv-07393-JGC
PENSION FUND; SEIU PENSION PLANS	)	CLASS ACTION
MASTER TRUST; and WEST VIRGINIA	)	Senior Judge James G. Carr
LABORERS PENSION TRUST FUND, On Behalf	)
of Themselves and All Others Similarly Situated,	)
	)
Plaintiffs,	)
	)
vs.	)
	)
MICHAEL J. BURNS and ROBERT C. RICHTER,	)
	)
Defendants.	)
	)

SUMMARY NOTICE

TO: ALL PERSONS WHO PURCHASED THE PUBLICLY TRADED SECURITIES^¹ OF DANA CORPORATION BETWEEN APRIL 21, 2004 AND OCTOBER 7, 2005

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Northern District of Ohio, Western Division, that a hearing will be held on November 18, 2016, at 12:00 p.m., before the Honorable James G. Carr, Senior United States District Judge, at the United States District Court for the Northern District of Ohio, Western Division, James M. Ashley and Thomas W.L. Ashley U.S. Courthouse, 1716 Spielbusch Avenue, Toledo, Ohio 43604, for the purpose of determining: (1) whether the proposed settlement of the Litigation for $64 million should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice should be entered by the Court; (3) whether the Plan of Allocation for the Net Settlement Fund is fair, reasonable, and adequate and should be approved; and (4) whether the application of Class Counsel for the payment of attorneys' fees and expenses and Class Representatives' awards pursuant to 15 U.S.C. §78u-4(a)(4) should be approved.

IF YOU PURCHASED THE PUBLICLY TRADED SECURITIES OF DANA CORPORATION DURING THE TIME PERIOD COMMENCING ON APRIL 21, 2004, AND ENDING ON OCTOBER 7, 2005, INCLUSIVE (THE "CLASS PERIOD"), YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OF THE PUBLICLY TRADED SECURITIES OF DANA CORPORATION DURING THE CLASS PERIOD. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Dana Corporation Investor Action, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 30224, College Station, TX 77842-3224, or on the Internet at www.DanaCorporationInvestorAction.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail (postmarked no later than October 31, 2016) or online no later than October 31, 2016, establishing that you are entitled to recovery.

If you purchased Dana Corporation's Publicly Traded Securities during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion so that it is postmarked no later than October 3, 2016, in the manner and form explained in the detailed Notice referred to above. All members of the Class who do not timely and validly request exclusion from the Class in the manner set forth in the Notice will be bound by any judgment entered in the Litigation pursuant to the Stipulation of Settlement.

Any objection to the Settlement, the Plan of Allocation, Class Counsel's request for attorneys' fees, costs, and expenses, and Class Representatives' request for their time and expenses must be received by each of the following recipients no later than October 3, 2016:

CLERK OF THE COURT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF OHIO
WESTERN DIVISION
James M. Ashley and Thomas W.L. Ashley U.S. Courthouse
1716 Spielbusch Avenue
Toledo, OH 43604

Class Counsel:	Counsel for Defendants:
ROBBINS GELLER RUDMAN & DOWD LLP	KATTEN MUCHIN ROSENMAN LLP
DEBRA J. WYMAN	JOEL W. STERNMAN
JEFFREY D. LIGHT	DEAN N. RAZAVI
655 West Broadway, Suite 1900	575 Madison Avenue
San Diego, CA 92101	New York, NY 10022

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Class Counsel at the address listed above or visit the website listed above.

DATED: July 19, 2016	BY ORDER OF THE COURT
	UNITED STATES DISTRICT COURT
	NORTHERN DISTRICT OF OHIO
	WESTERN DIVISION

^¹ Publicly Traded Securities means Dana Corporation's common stock and the following Bonds: 6.5% Bond issued on March 16, 1998, with a maturity date of March 15, 2008 (CUSIP 235811AH9); 7.0% Bond issued on March 16, 1998, with a maturity date of March 15, 2028 (CUSIP 235811AJ5); 6.5% Bond issued on March 3, 1999, with a maturity date of March 1, 2009 (CUSIP 235811AK2); 7.0% Bond issued on March 3, 1999, with a maturity date of March 1, 2029 (CUSIP 235811AL0); 9.0% Bond issued on February 20, 2002, with a maturity date of August 25, 2011 (CUSIP 235811AU0); 10.125% Bond issued on October 16, 2002, with a maturity date of March 15, 2010 (CUSIP 235811AX4); 5.85% Bond issued on May 26, 2005, with a maturity date of January 15, 2015 (CUSIP 235811BA3); 5.85% Bond issued on December 10, 2004, with a maturity date of January 15, 2015 (CUSIP 235811AY2); and 8.375% Bond issued by Dana Credit Corp., a subsidiary of Dana Corporation, on August 22, 2000, with a maturity date of August 15, 2007 (CUSIP 23581MAB6).