Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the Dell, Inc. Securities Litigation

SAN DIEGO--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Dell, Inc. Securities Litigation:

UNITED STATES DISTRICT COURT

WESTERN DISTRICT OF TEXAS

AUSTIN DIVISION

CITY OF PONTIAC GENERAL EMPLOYEES’

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Case No. 1:15-cv-00374-LY

RETIREMENT SYSTEM, Individually and on

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CLASS ACTION

Behalf of All Others Similarly Situated,

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The Honorable Lee Yeakel

Plaintiff,

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vs.

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DELL INC., et al.,

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Defendants.

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TO:

ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED DELL INC. (“DELL”) PUBLICLY TRADED COMMON STOCK DURING THE PERIOD FROM FEBRUARY 22, 2012, THROUGH AND INCLUDING MAY 22, 2012 (THE “CLASS”)

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED that pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Western District of Texas, that the above-captioned action (the “Litigation”) has been certified as a class action on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the full printed Notice of Proposed Settlement of Class Action (the “Notice”).

YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Litigation, City of Pontiac General Employees’ Retirement System, on behalf of itself and the other Class Members, has reached a proposed settlement of the Litigation with defendants Dell, Michael S. Dell, Brian T. Gladden and Stephen J. Felice (collectively, “Defendants”) for the sum of $21,000,000 in cash (the “Settlement”). If the Settlement is approved, it will resolve all claims in the Litigation.

A hearing will be held on January 10, 2020, at 9:30 a.m. CT, before the Honorable Lee Yeakel at the United States Courthouse, 501 West 5th Street, Austin, TX 78701, for the purpose of determining: (1) whether the proposed Settlement 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 September 13, 2019; (3) whether the Plan of Allocation 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 an award to Lead Plaintiff pursuant to the Private Securities Litigation Reform Act of 1995).

IF YOU PURCHASED OR ACQUIRED DELL PUBLICLY TRADED COMMON STOCK DURING THE PERIOD FROM FEBRUARY 22, 2012, THROUGH AND INCLUDING MAY 22, 2012 (THE “CLASS PERIOD”), YOUR RIGHTS MAY BE AFFECTED BY THIS LITIGATION AND THE SETTLEMENT THEREOF. If you have not received a detailed Notice as referred to above and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Dell Securities Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 43306, Providence, RI 02940-3306, or by downloading this information at www.DellSecuritiesSettlement.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.DellSecuritiesSettlement.com by February 14, 2020, or by mail postmarked no later than February 14, 2020, 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 December 20, 2019.

If you purchased or otherwise acquired Dell publicly traded common stock 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 December 20, 2019, 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 judgments or orders 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 December 20, 2019:

COURT:

LEAD COUNSEL:

DEFENDANTS’ COUNSEL:

UNITED STATES DISTRICT COURT

ROBBINS GELLER RUDMAN

ALSTON & BIRD LLP

WESTERN DISTRICT OF TEXAS

& DOWD LLP

JOHN L. LATHAM

CLERK OF THE COURT

ELLEN GUSIKOFF STEWART

1201 West Peachtree Street, Suite 4900

United States Courthouse

655 West Broadway, Suite 1900

Atlanta, GA 30309

501 West 5th Street, Suite 1100

San Diego, CA 92101

Austin, TX 78701

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

DATED: September 26, 2019

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

WESTERN DISTRICT OF TEXAS

 

Contacts

Robbins Geller Rudman & Dowd LLP
Ellen Gusikoff Stewart, (619) 231-1058

Contacts

Robbins Geller Rudman & Dowd LLP
Ellen Gusikoff Stewart, (619) 231-1058