NEW YORK, June 13, 2013 /CNW/ - The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP and Siskinds LLP regarding the class actions In re SMART Technologies, Inc. Shareholder Litigation, No. 11-CV-7673-(KBF) pending in the United States District Court for the Southern District of New York and Tucci v. SMART Technologies Inc., et al., Court File No. CV-12-447546-00CP pending in the Ontario Superior Court of Justice.
SUMMARY Notice of Pendency and Certifications of Class Actions
and Proposed Settlement, Settlement Fairness Hearings, and
Motions for Attorneys' Fees and Reimbursement of Litigation Expenses
TO: All persons and entities who purchased or otherwise acquired, from July 14, 2010 through and including May 18, 2011, SMART Technologies Inc. ("SMART") common stock in the United States, and were damaged thereby (the "U.S. Class"); and
All persons and entities, wherever resident, who purchased or otherwise acquired SMART common stock offered by SMART's Canadian Prospectus from an underwriter domiciled in Canada during the period of distribution to the public, i.e., from July 15, 2010 through and including July 20, 2010, and continued to hold any of those shares on or after November 10, 2010 (the "Canadian Class").
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A PROPOSED SETTLEMENT OF THE ABOVE-REFERENCED CLASS ACTION LAWSUITS.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Section 17 of the Ontario Class Proceedings Act, 1992, and Orders of the United States District Court for the Southern District of New York and the Ontario Superior Court of Justice (collectively, the "Courts"), that the above-referenced Actions have been certified as class actions on behalf of the respective U.S. and Canadian Classes (collectively, the "Classes"), except for certain persons and entities who are excluded from the Classes by definition.
YOU ARE ALSO NOTIFIED that Lead Plaintiff in the U.S. Action, the City of Miami General Employees' and Sanitation Employees' Retirement Trust, on behalf of itself and the U.S. Class, and Representative Plaintiff in the Canadian Action, Frank Tucci, on behalf of himself and the Canadian Class, have reached a proposed global settlement (the "Settlement") of the Actions for US $15,250,000 in cash that, if approved by the Courts and subject to other conditions of the Settlement being satisfied, will resolve all claims asserted in the Actions.
Each Court will hold a hearing to determine: (i) whether the proposed Settlement should be approved; (ii) whether the Action before it should be dismissed with prejudice; (iii) whether the proposed Plan of Allocation should be approved; and (iv) whether the applicable application for an award of attorneys' fees and reimbursement of expenses should be approved. The hearing in the U.S. Action will be held on September 17, 2013 at 1:00 p.m. in Courtroom 15A of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007-1312, and the hearing in the Canadian Action will be held on September 13, 2013 at 10:00 a.m. at Osgoode Hall, 130 Queen Street West, Toronto, Ontario, M5H 2N5.
If you are a member of one or both of the Classes (a "Class Member"), your rights will be affected by the Action(s) and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the full printed Notice of Pendency and Certifications of Class Actions and Proposed Settlement, Settlement Fairness Hearings, and Motions for Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), and the Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at SMART Technologies Shareholder Litigation, c/o Rust Consulting, Inc., Claims Administrator, P.O. Box 2434, Faribault, MN 55021-9134, or toll-free at 1-855-793-1368. Copies of the Notice and Claim Form can also be downloaded from the website for the Actions maintained by the Claims Administrator, www.SMARTTechnologiesShareholderLitigation.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 postmarked no later than October 4, 2013. If you are a Class Member and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered or issued by the applicable Court(s) in the respective Actions.
If you are a Class Member and wish to exclude yourself from the Class(es), you must submit a request for exclusion such that it is received no later than July 22, 2013, in accordance with the instructions set forth in the Notice. Please note that if you are a member of both Classes and submit a request for exclusion from either Class, such request shall exclude you from both Classes. If you properly exclude yourself from the Classes, you will not be bound by any judgments or orders entered or issued in either of the Actions and you will not be eligible to share in the proceeds of the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or the applications for attorneys' fees and reimbursement of expenses, must be served on applicable Plaintiffs' Counsel and on applicable Representative Settling Defendants' Counsel such that they are received no later than July 22, 2013, in accordance with the instructions set forth in the Notice. If you are objecting in the U.S. Action, your objection must also be filed with the Clerk's Office of the Southern District of New York no later than July 22, 2013, in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CONTACT EITHER OF THE COURTS REGARDING THIS NOTICE.
Inquiries, other than requests for the Notice or the Proof of Claim Form, may be made to the following counsel:
As to inquiries about the U.S. Action:
Hannah G. Ross, Esq.
BERNSTEIN LITOWITZ BERGER
& GROSSMANN LLP
1285 Avenue of the Americas
New York, NY 10019
As to inquiries about the Canadian Action:
Michael G. Robb
680 Waterloo Street
London, ON N6A 3V8
1-800-461-6166, ex 2380
Requests for the Notice and Proof of Claim Form should be made to: SMART Technologies Shareholder Litigation, c/o Rust Consulting, Inc., P.O. Box 2434, Faribault, MN 55021-9134; toll-free at 1-855-793-1368; or the documents may be downloaded from www.SMARTTechnologiesShareholderLitigation.com.
By Order of: The United States District Court, Southern District of New York
The Ontario Superior Court of Justice
CONTACT: Hannah G. Ross, 1-800-380-8496; Michael G. Robb, 1-800-461-6166, ex 2380
SOURCE: Bernstein Litowitz Berger & Grossmann LLP and Siskinds LLP