Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Ooma Securities Litigation

REDWOOD CITY, Calif.--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Ooma Securities Litigation:

SUPERIOR COURT OF THE STATE OF CALIFORNIA

COUNTY OF SAN MATEO

In re OOMA, INC. SHAREHOLDER LITIGATION

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Lead Case No. CIV536959

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CLASS ACTION

This Document Relates To:

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Complex Case Assigned for All Purposes to

ALL ACTIONS.

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Hon. Gerald J. Buchwald, Dept. 10

 

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SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO:

ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED OOMA, INC. (“OOMA” OR THE “COMPANY”) COMMON STOCK PURSUANT OR TRACEABLE TO THE COMPANY’S REGISTRATION STATEMENT AND PROSPECTUS ISSUED IN CONNECTION WITH OOMA’S JULY 17, 2015 INITIAL PUBLIC OFFERING (“IPO” OR “JULY 2015 IPO”)1

THIS NOTICE WAS AUTHORIZED BY THE 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 October 18, 2019, at 10:00 a.m., before the Honorable Gerald J. Buchwald at the Superior Court of California, County of San Mateo, Department 10, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action as set forth in the Stipulation of Settlement (“Stipulation”)2 for $8,650,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation should be entered; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action (“Notice”), which is discussed below) and, if so, in what amount; (4) to pay Plaintiffs for representing the Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.

This Action is a consolidated securities class action brought on behalf of those persons who purchased or acquired Ooma common stock pursuant or traceable to the Registration Statement and Prospectus for Ooma’s IPO, against Ooma and certain of its officers and directors and the IPO’s underwriters (collectively, “Defendants”) for, among other things, allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the IPO. Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Company’s stock, resulting in damage to Class Members when the truth was revealed. Defendants deny all of Plaintiffs’ allegations.

IF YOU PURCHASED OR ACQUIRED OOMA COMMON STOCK BETWEEN JULY 17, 2015 THROUGH AND INCLUDING JANUARY 14, 2016, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

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 October 14, 2019) or electronically (no later than October 14, 2019). Your failure to submit your Proof of Claim by October 14, 2019, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.OomaSecuritiesLitigation.com, or by writing to:

Ooma Securities Litigation Settlement
c/o Gilardi & Co. LLC
P.O. Box 404146
Louisville, KY 40233-4146

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Class Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: 800/449-4900

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY SEPTEMBER 13, 2019, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A 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 PAYMENT TO PLAINTIFFS FOR REPRESENTING THE CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO CLASS COUNSEL AND DE­FENDANTS’ COUNSEL BY SEPTEMBER 13, 2019, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: June 24, 2019

                   

BY ORDER OF THE SUPERIOR COURT OF CALIFORNIA, COUNTY OF SAN MATEO

THE HONORABLE GERALD J. BUCHWALD

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For purposes of this Settlement only, the Class includes all persons or entities who purchased or otherwise acquired Ooma common stock on or before January 14, 2016.

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The Stipulation can be viewed and/or obtained at www.OomaSecuritiesLitigation.com.

 

Contacts

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1- 619-231-1058

Contacts

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick Nelson
1- 619-231-1058