NEW YORK, Sept. 27, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of TerraForm Power, Inc. (NASDAQ: TERP )
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
| IN RE: SUNEDISON, INC. SECURITIES LITIGATION This Document Applies To: Chamblee, et al. v. TerraForm Power, Inc., et al. , 1:16-cv-08039-PKC | No. 1:16 MD 2742 (PKC) (AJP) |
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED TERRAFORM POWER, INC. SECURITIES FROM July 18, 2014 through March 15, 2016, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on January 31, 2018 at 2:00 pm. before the Honorable P. Kevin Castel, United States District Judge of the Southern District of New York, 500 Pearl Street, Courtroom 11D, New York, NY 10007 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $14,750,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Plaintiffs’ Counsel for an award of attorneys’ fees of up to twenty five percent plus interest of the Settlement Amount, reimbursement of expenses of not more than $150,000, and an incentive payment of no more than $4,000, in aggregate, or $2,000, each, to Lead Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement dated September 1, 2017 (the “Settlement Stipulation”).
If you purchased TerraForm Power, Inc. (“TERP”) securities during the period from July 18, 2014 through March 15, 2016, both dates inclusive (the “Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in TERP securities. 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 or calling TerraForm Power, Inc. Securities Litigation, c/o JND Legal Administration, by phone at 1-888-551-9716 or write to JND Legal Administration, PO Box 6847, Broomfield, CO 80021, or going to the website, www.terraformpowersecuritieslitigation.com . If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than January 5, 2018 , establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.
If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than January 5, 2018 , 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 any judgment entered in the Action pursuant to the Settlement Stipulation.
Any objection to the Settlement, Plan of Allocation, or Plaintiffs’ Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than January 5, 2018 , to each of the following:
| COURT | PLAINTIFFS’ COUNSEL | ||
| Clerk of the Court United States District Court Southern District of New York 500 Pearl Street New York, NY 10007 | Jeremy A. Lieberman POMERANTZ LLP 600 Third Avenue, Floor 20 New York, NY 10016 | ||
| COUNSEL FOR DEFENDANTS | |||
| Michael G. Bongiorno, Esq. WILMER CUTLER PICKERING HALE AND DORR LLP 7 World Trade Center 250 Greenwich Street New York, NY 10007 | Sara B. Brody SIDLEY AUSTIN LLP 555 California Street, Suite 2000 San Francisco, CA 94104 | Daniel Bookin O’MELVENY & MYERS LLP Two Embarcadero Center 28th Floor San Francisco, CA 94111 | Kevin J. O’Connor HINCKLEY ALLEN & SNYDER LLP 28 State Street Boston, MA 02109 |
If you have any questions about the Settlement, you may call or write to Plaintiffs’ Counsel:
Jeremy A. Lieberman Brenda Szydlo Jennifer Banner Sobers POMERANTZ LLP 600 Third Avenue, Floor 20 New York, New York 10016
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
DATED: September 14, 2017
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
