Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Boland v. Gerdau S.A. Securities Litigation

NEW YORK--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Boland v. Gerdau S.A. Securities Litigation:

   
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

 

x
DONALD P. BOLAND and MARY A. BOLAND, : Civil Action No. 1:16-cv-03925-LLS

Individually and on Behalf of All Others Similarly

:

CLASS ACTION

Situated, :
Plaintiffs, :
vs. :
GERDAU S.A., et al., :
Defendants. :
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SUMMARY NOTICE

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED GERDAU S.A. (“GERDAU”) AMERICAN DEPOSITARY RECEIPTS (“ADRs”) BETWEEN APRIL 23, 2012, AND MAY 16, 2016, INCLUSIVE

YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the Southern District of New York, a hearing will be held on October 20, 2017, at 12:00 p.m. ET, before the Honorable Louis L. Stanton at the Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street, New York, NY 10007, for the purpose of determining: (1) whether the proposed settlement of the Litigation for the sum of $15,000,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether, thereafter, this Litigation should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement dated July 5, 2017; (3) whether the Plan of Allocation of settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (4) the reasonableness of the application of Lead Counsel for the payment of attorneys’ fees and expenses incurred in connection with this Litigation, together with interest thereon (which request may include a request for reimbursement of Lead Plaintiff’s reasonable costs and expenses pursuant to the Private Securities Litigation Reform Act of 1995).

IF YOU PURCHASED OR ACQUIRED GERDAU ADRS BETWEEN APRIL 23, 2012, AND MAY 16, 2016, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THIS LITIGATION AND THE SETTLEMENT THEREOF. If you have not received a detailed Notice of Proposed Settlement of Class Action and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Boland v. Gerdau S.A. Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 404014, Louisville, KY 40233-4014 or by downloading this information at www.bolandvgerdausa.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release online at www.bolandvgerdausa.com by November 28, 2017, or postmarked no later than November 28, 2017, establishing that you are entitled to a recovery. You will be bound by any judgment rendered in the Litigation unless you request to be excluded, in writing, postmarked by September 29, 2017.

If you purchased or otherwise acquired Gerdau ADRs during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion such that it is postmarked no later than September 29, 2017, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who do not validly request exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the Stipulation of Settlement.

Any objection to any aspect of the Settlement must be filed with the Clerk of the Court and also delivered by hand or first-class mail to each of the following addresses such that it is received no later than September 29, 2017:

       

Court:

Defendants’ Counsel:

CLERK OF THE COURT SKADDEN, ARPS, SLATE,
UNITED STATES DISTRICT COURT MEAGHER & FLOM LLP
SOUTHERN DISTRICT OF NEW YORK JAY B. KASNER
Daniel Patrick Moynihan U.S. Courthouse ANDREW R. BEATTY
500 Pearl Street 4 Times Square
New York, NY 10007 New York, NY 10036
 

Lead Counsel:

KRAMER LEVIN NAFTALIS
ROBBINS GELLER RUDMAN & FRANKEL LLP
& DOWD LLP MICHAEL J. DELL
ELLEN GUSIKOFF STEWART KAREN S. KENNEDY
655 West Broadway, Suite 1900 JULIANA OLIVEIRA MAGGIO
San Diego, CA 92101 1177 Avenue of the Americas
New York, NY 10036
 

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

         
DATED: July 10, 2017 BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

Contacts

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1-800-449-4900

Contacts

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1-800-449-4900