The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the ADT Inc. Securities Settlement:
IN THE CIRCUIT COURT OF THE FIFTEENTH JUDICIAL CIRCUIT
IN AND FOR PALM BEACH COUNTY, FLORIDA
In re ADT INC. SHAREHOLDER LITIGATION
This Document Relates To:
Case No. 502018CA003494XXXXMB-AG
SUMMARY NOTICE OF PROPOSED
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF ADT INC. (“ADT” OR THE “COMPANY”) AT ANY TIME DURING THE PERIOD BEGINNING ON JANUARY 19, 2018 THROUGH AND INCLUDING MAY 21, 2018, AND WERE DAMAGED THEREBY (“SETTLEMENT CLASS MEMBERS”)
THIS NOTICE WAS AUTHORIZED BY A COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on January 12, 2021, at 2:00 p.m., before the Honorable Donald Hafele at the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, 205 North Dixie Highway, West Palm Beach, Florida 33401 (the “State Court”), to determine whether to approve a proposed $30 million settlement (the “Settlement”) that will resolve shareholder claims concerning the disclosures that ADT made in connection with its January 2018 initial public offering (“IPO”).1 A more detailed notice that describes the litigation and the Settlement (the “Notice”) as well as the Stipulation of Settlement (“Stipulation”) that sets forth the terms of the Settlement2 are available online at www.ADTSecuritiesLitigation.com, or can be obtained by writing to:
ADT Securities Litigation Settlement
c/o Gilardi & Co. LLC
P.O. Box 43352
Providence, RI 02940-3352
The proposed Settlement involves putative class action suits filed in the State Court and in the United States District Court for the Southern District of Florida alleging that certain disclosures made in connection with ADT’s IPO were false and misleading, and violated the federal securities laws. Defendants deny all of the Plaintiffs’ allegations. Under the proposed Settlement, $30 million will be paid to a settlement fund for distribution to Settlement Class Members who submit timely and valid Proof of Claim forms, after deduction of notice and administration costs and any court-approved attorneys’ fees and expenses to Plaintiffs’ Counsel. Following approval of the Settlement by the State Court, the pending lawsuit will be dismissed with prejudice and all claims against the Defendants will be discharged and released. The Settlement is not an admission of liability on the part of any Defendant.
The members of the Settlement Class who are eligible to participate in the proposed Settlement are all persons and entities that purchased or otherwise acquired ADT common stock in the period from January 19, 2018 through and including May 21, 2018, and were damaged thereby, subject to certain exclusions described in the Notice.
IF YOU PURCHASED OR ACQUIRED ADT COMMON STOCK IN THAT TIME PERIOD, YOUR RIGHTS MAY BE AFFECTED BY THE PROPOSED SETTLEMENT, AS DESCRIBED IN MORE DETAIL IN THE NOTICE.
The hearing on January 12, 2021 will consider whether: (1) the proposed Settlement should be approved as fair, reasonable and adequate to members of the Settlement Class; (2) a judgment should be entered dismissing the pending action with prejudice, and releasing all claims by members of the Settlement Class against Defendants in connection with the IPO disclosures; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund and, if so, in what amount; (4) to make awards to Plaintiffs for their time and expenses in representing the Settlement Class out of the Settlement Fund and, if so, in what amount; and (5) the proposed plan for allocating the Settlement proceeds among Settlement Class Members should be approved by the State Court as fair, reasonable and adequate.
To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than February 3, 2021) or electronically (no later than February 3, 2021). The Proof of Claim may be obtained online at www.ADTSecuritiesLitigation.com or by writing to Gilardi & Co. LLC at the address set forth above. If you fail to submit a Proof of Claim by the deadline, you may be precluded from receiving any recovery. But, if you are a member of the Settlement Class and do not request to be excluded, you will be bound by the Settlement and any judgment and release entered by the State Court, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.
IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND/OR THE AWARDS TO PLAINTIFFS FOR REPRESENTING THE SETTLEMENT CLASS. ANY OBJECTIONS MUST BE FILED WITH THE STATE COURT AND SENT TO STATE COURT LEAD COUNSEL AND DEFENDANTS’ COUNSEL BY DECEMBER 30, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE, AND YOU MAY, BUT ARE NOT REQUIRED TO, ATTEND THE HEARING ON JANUARY 12, 2021.
IF YOU WISH TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY DECEMBER 30, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE SETTLEMENT, EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.
Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to State Court Lead Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
San Diego, CA 92101
Inquiries should NOT be directed to Defendants, the State Court, or the Clerk of the State Court.
DATED: October 15, 2020
BY ORDER OF THE CIRCUIT COURT OF THE
FIFTEENTH JUDICIAL CIRCUIT IN AND FOR
PALM BEACH COUNTY, FLORIDA
1 In light of the outbreak of the Coronavirus (COVID-19), the State Court may decide to conduct the Settlement Fairness Hearing by video or telephone conference, or otherwise allow Settlement Class Members to appear at the hearing by telephone without further notice to the Settlement Class. No further notice of such decision will be provided to the Settlement Class. In order to determine whether the date and time of the Settlement Fairness Hearing have changed, or whether Settlement Class Members must or may participate by phone or video, it is important that you monitor the Settlement Website, www.ADTSecuritiesLitigation.com, before making any plans to attend the Settlement Fairness Hearing. Any updates will be posted to the Settlement Website. Also, if the State Court requires or allows Settlement Class Members to participate in the Settlement Fairness Hearing by phone, the phone number for accessing the telephonic conference will be posted to the Settlement Website.
2 This Summary Notice of Proposed Settlement of Class Actions incorporates by reference the definitions in the Stipulation.