LONDON, ONTARIO, October 16 /CNW/ - The following was released today by
Siskinds LLP, Coughlin Stoia Geller Rudman & Robbins LLP and Labaton Sucharow
LLP with the approval of the Ontario Superior Court of Justice and the United
States District Court for the Southern District of New York:
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK - Master File No. 06 Civ. 0822 (RJH)
In re ROYAL GROUP TECHNOLOGIES SECURITIES LITIGATION
ONTARIO SUPERIOR COURT OF JUSTICE- COURT FILE NO. 965/06
CANADIAN COMMERCIAL WORKERS INDUSTRY PENSION PLAN
- and -
ROYAL GROUP TECHNOLOGIES LTD., VIC DE ZEN,
DOUGLAS DUNSMUIR, GARY BROWN, RON GOEGAN, DOMINIC D'AMICO,
GREG SORBARA, RONALD SLAGHT and RALPH BREHN
Proceeding under the Class Proceedings Act, 1992
TO: ALL PERSONS WHO PURCHASED OR ACQUIRED ROYAL GROUP TECHNOLOGIES
LIMITED SHARES BETWEEN FEBRUARY 28, 1998 AND OCTOBER 18, 2004, INCLUSIVE,
OTHER THAN EXCLUDED PERSONS (the "Class").
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A
PROPOSED SETTLEMENT OF THESE LAWSUITS.
This Summary Notice relates to the following actions: Canadian Commercial
Workers Industry Pension Plan v. Royal Group Technologies, et al., Court File
No. 965/06 (the "Canadian Action"), in the Ontario Superior Court of Justice
(the "Canadian Court"); and In re Royal Group Technologies Ltd. Securities
Litigation, Master File No. 06 Civ. 0822 (RJH) (the "U.S. Action" and,
together with the Canadian Action, the "Actions"), in the United States
District Court for the Southern District of New York (the "U.S. Court").
The parties to the Actions have agreed to settle the Actions on behalf of
the Class for C$9,000,000 plus accrued interest (the "Settlement"). The
Settlement will constitute a full and final resolution by Class Members
against the Defendants and others of all claims and causes of action raised,
or which could have been raised, in the Actions and encompassed in the
Stipulation and Settlement Agreement dated as of March 30, 2007, as amended as
of August 31, 2007 (the "Stipulation"). A copy of the Stipulation may be
reviewed at www.rgtsettlement.ca or obtained by mail from the Claims
Administrator by writing to the addresses listed below.
For purposes of the Settlement only, the U.S. Court and the Canadian
Court have respectively certified the U.S. Action and the Canadian Action as
class actions on behalf of defined classes of shareholders. The Class
described above represents the combined classes certified by the Courts for
purposes of this Settlement only. Please note that there are persons
specifically excluded from the Class. Those Excluded Persons are specifically
identified in the Stipulation and the Notice of Pendency and Certification of
Class Actions, Proposed Settlement and Settlement Approval/Fairness Hearings
(the "Long Form Notice"), which you can obtain by following the instructions
at the end of this notice.
The Settlement is contingent on approval of both of the Courts. The U.S.
Court will hold a hearing on January 11, 2008 at 2:00 p.m. in Courtroom 17B of
the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New
York, New York 10007, before the Honorable Richard J. Holwell, United States
District Judge. The Canadian Court will hold a hearing on December 17, 2007,
at 10:00 a.m. in the Ontario Superior Court of Justice, 491 Steeles Avenue
East, Milton, Ontario L9T 1Y7.
Each hearing will be for the purpose of determining: (1) whether the
Settlement should be approved as fair, reasonable and adequate and in the best
interests of Class Members; (2) whether, thereafter, the Actions should be
dismissed with prejudice against the Defendants; and (3) whether the proposed
plan of allocation of net settlement proceeds is fair and reasonable and
should be approved. Concurrently, Canadian and U.S. class counsel will apply
to the respective Courts for awards of legal fees and reimbursement of
expenses incurred in connection with the Actions. The Courts expressly reserve
the right to adjourn the hearings from time to time without any further
written notice to the Class.
Full instructions concerning your right to participate in the Settlement
or to object to the approval of the Settlement and/or to the fees and expenses
sought by class counsel are contained in Long Form Notice. Objections should
be sent to counsel (and for members of the U.S. Class only, to the U.S. Court
as well) in the manner described in the Long Form Notice, and must be
post-marked no later than December 3, 2007 to be effective.
If you are a member of the Class described above, your rights will be
affected by the Settlement, if approved, and you will be bound by the terms of
any Court order concerning the Actions, including releases of certain claims
against the Defendants and others, unless you take steps to exclude yourself
from the applicable class in the Canadian Action or the U.S. Action. If you
wish to exclude yourself, you must make a request for exclusion in writing to
the Claims Administrator, in the manner described in the Long Form Notice.
Requests for exclusion, to be effective, must be post-marked no later than
December 3, 2007.
In order to be eligible for distributions from the Settlement Fund, you
must submit a Proof of Claim form to the Claims Administrator no later than
January 31, 2008. If you do not return a signed and properly completed Proof
of Claim form, you will not share in the Settlement money but you will still
be bound by any judgment of the applicable Court. Proof of Claim forms may be
obtained as described below.
This notice provides only a summary of matters concerning the Actions and
the proposed Settlement. The Long-Form Notice and Proof of Claim, which have
been mailed to Class Members, contain additional important information
regarding the Settlement and related matters affecting Class members' rights.
If you have not yet received these materials you may obtain copies free of
charge by contacting Royal Group Technologies Ltd. Securities Litigation, c/o
Crawford Class Action Services, Claims Administrator, at:
Suite 3-505, 133, Weber Street North
Waterloo, Ontario, N2J 3G9
2813 Wehrle Drive
Williamsville, New York 14221
Website address: www.rgtsettlement.ca; e-mail address:
email@example.com; and toll-free 1-866-640-9997.
Employees of the Courts cannot answer questions about the Actions. Please
direct all questions to the Claims Administrator or Canadian or U.S. Class
Inquiries, other than requests for the Long-Form Notice and Proof of
Claim form, may be made to:
Canadian Class Counsel:
Michael G. Robb, Siskinds LLP, 680 Waterloo Street, London, ON N6A 3V8,
www.siskinds.com ; 800-461-6166, ex. 7872
U.S. Class Counsel:
Rick Nelson, Esq., Coughlin Stoia Geller Rudman & Robbins LLP, 655 West
Broadway, Suite 1900, San Diego, CA 92101, (800) 449-4900, www.csgrr.com;
David J. Goldsmith, Esq., Labaton Sucharow LLP, Broadway, New York, NY 10005
(800) 321-0476, www.Labaton.com
Dated: October 16, 2007
BY ORDER OF THE ONTARIO COURT OF JUSTICE AND BY ORDER OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
For further information:
For further information: Canadian Class Counsel Siskinds LLP, London,
Ontario Michael G. Robb, 800-461-6166, ex 7872 www.siskinds.com OR U.S. Class
Counsel Coughlin Stoia Geller Rudman & Robbins LLP Rick Nelson, Esq.,
800-449-4900 www.csgrr.com or Labaton Sucharow LLP, New York David J.
Goldsmith, Esq., 800-321-0476 www.Labaton.com