Bernstein Litowitz Berger & Grossmann LLP Announce a Proposed Settlement in the Symantec Corporation Securities Litigation
NEW YORK, Oct. 8, 2021 /PRNewswire/ --
UNITED STATES DISTRICT COURT
SAN FRANCISCO DIVISION
SEB INVESTMENT MANAGEMENT AB,
SYMANTEC CORPORATION and
Case No. 3:18-cv-02902-WHA
Dept.: Courtroom 12, 19th Floor
Judge: Honorable William Alsup
SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT
AND PLAN OF ALLOCATION; (II) SETTLEMENT HEARING; AND
(III) MOTION FOR ATTORNEYS’ FEES AND LITIGATION EXPENSES
To: All persons and entities that, during the period from May 11, 2017 to August 2, 2018, inclusive (the “Class Period”), purchased or otherwise acquired shares of the publicly traded common stock of Symantec Corporation (“Symantec”) and were damaged thereby (the “Class”).1
PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
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 Northern District of California, that the Court-appointed Class Representative, SEB Investment Management AB, on behalf of itself and the Court-certified Class, in the above-captioned securities class action (the “Action”) has reached a proposed settlement of the Action with defendants Symantec Corporation, now known as NortonLifeLock Inc. (“Symantec”) and Gregory S. Clark (collectively, “Defendants”) for $70,000,000 in cash that, if approved, will resolve all claims in the Action.
A hearing will be held on February 10, 2022 at 11:00 a.m. Pacific Time, before the Honorable William Alsup, either in person at the United States District Court for the Northern District of California, San Francisco Courthouse, Courtroom 12 - 19th Floor, 450 Golden Gate Avenue, San Francisco, CA 94102, or by telephone or videoconference (in the discretion of the Court) to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation and Agreement of Settlement dated June 8, 2021 should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel’s application for an award of attorneys’ fees and payment of expenses should be approved.
Lead Counsel, which has been prosecuting the Action on a wholly contingent basis, has not received any payment of attorneys’ fees for their representation of the Class and have advanced the funds to pay expenses necessarily incurred to prosecute the Action. Lead Counsel will apply to the Court for an award of attorneys’ fees in an amount not to exceed 19% of the Settlement Fund, or $13.3 million, plus interest. In addition, Lead Counsel will apply for payment of Litigation Expenses in connection with the institution, prosecution, and resolution of the Action in an amount not to exceed $2.5 million. The total Notice and Administration Costs are estimated to be $415,000. Any fees and expenses awarded by the Court will be paid from the Settlement Fund. Class Members are not personally liable for any such fees or expenses. If the Court approves Lead Counsel’s fee and expense application, and based on the current estimate of Notice and Administration Costs, the portion of the Settlement Fund that will be distributed to Class Members will be approximately $53,785,000, plus interest accrued.
If you purchased or otherwise acquired Symantec common stock during the Class Period and 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 Net Settlement Fund. If you have not yet received the full printed Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Settlement Notice”) and the Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at Symantec Securities Litigation, c/o A.B. Data, P.O. Box 173106, Milwaukee, WI 53217, 1-800-949-0206, info@SymantecSecuritiesLitigation.com. Copies of the Settlement Notice and Claim Form can also be downloaded from the website for the Action, www.SymantecSecuritiesLitigation.com.
If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form online or postmarked no later 28 days after the Court approves the Settlement. The deadline may be as early as March 10, 2022. The Settlement website, www.SymantecSecuritiesLitigation.com, will be updated to inform Class Members of the approval of the Settlement, if and when that occurs. If you are a Class Member and do not submit a proper Claim 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 January 13, 2022 at midnight, 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 or object to the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel’s application for attorneys’ fees and payment of expenses, must be filed with the Court and delivered to Class Counsel and counsel for Defendants such that they are received no later than January 13, 2022 at midnight, in accordance with the instructions set forth in the Settlement Notice.
Please do not contact the Court, the Clerk’s office, Symantec, any other Defendants in the Action, 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 the Claims Administrator or Class Counsel.
Requests for the Settlement Notice and Claim Form should be made to:
Inquiries, other than requests for the Settlement Notice and Claim Form, may be made to Class Counsel:
Bernstein Litowitz Berger & Grossmann LLP
Jeremy P. Robinson, Esq.
1251 Avenue of the Americas
New York, NY 10020
By Order of the Court
Bernstein Litowitz Berger & Grossmann LLP
1 Certain persons and entities are excluded from the Class by definition and others are excluded pursuant to request. The full definition of the Class including a complete description of who is excluded from the Class is set forth in the full Settlement Notice referred to below.
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SOURCE Bernstein Litowitz Berger & Grossmann LLP