Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Chemical and Mining Company of Chile Securities Settlement

SAN DIEGO--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Chemical and Mining Company of Chile Securities Settlement:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

 

 

X

 

MEGAN VILLELLA, Individually and on

:

Civil Action No. 1:15-cv-02106-ER-GWG

Behalf of All Others Similarly Situated,

:

 

(Consolidated)

Plaintiff,

:

 

 

:

CLASS ACTION

vs.

:

 

:

SUMMARY NOTICE OF PROPOSED

CHEMICAL AND MINING COMPANY OF CHILE INC., et al.,

:

SETTLEMENT OF CLASS ACTION

 

:

Defendants.

:

 

X

 

TO:  

ALL PERSONS WHO PURCHASED CHEMICAL AND MINING COMPANY OF CHILE INC., A/K/A SOCIEDAD QUÍMICA Y MINERA DE CHILE S.A. (“SQM”) AMERICAN DEPOSITARY SHARES (“ADSS”) DURING THE PERIOD BETWEEN JUNE 30, 2010 AND MARCH 18, 2015, INCLUSIVE (“CLASS” OR “CLASS MEMBERS”)

 
   

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 April 2, 2021, at 10:00 a.m., before the Honorable Edgardo Ramos at 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 to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned Litigation as set forth in the Stipulation of Settlement (“Stipulation”)1 for $62,500,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation should be entered dismissing the Litigation with prejudice; (3) to award Lead Plaintiff’s Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below) and, if so, in what amount; (4) to pay Lead Plaintiff for its costs and expenses in 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.

The recent outbreak of the Coronavirus (COVID-19) is a fluid situation that creates the possibility that the Court may decide to conduct the Settlement Hearing by video or telephonic conference, or otherwise allow Class Members to appear at the hearing by phone or videoconference, without further written notice to the Class. In order to determine whether the date and time of the Settlement Hearing have changed, or whether Class Members must or may participate by phone or video, it is important that you monitor the Court’s docket and the Settlement website, www.SQMSecuritiesSettlement. com, before making any plans to attend the Settlement Hearing. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person, telephonic or videoconference appearances at the hearing, will also be posted to the Settlement website, www.SQMSecuritiesSettlement.com. Also, if the Court requires or allows Class Members to participate in the Settlement Hearing by telephone or videoconference, the phone number for accessing the telephonic conference or the website for accessing the videoconference will be posted to the Settlement website, www.SQMSecuritiesSettlement.com.

IF YOU PURCHASED SQM ADSs BETWEEN JUNE 30, 2010 THROUGH MARCH 18, 2015, INCLUSIVE, YOUR RIGHTS ARE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.

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 April 8, 2021) or electronically (no later than April 8, 2021). Your failure to submit your Proof of Claim by April 8, 2021 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Litigation. If you purchased SQM ADSs between June 30, 2010 through March 18, 2015, inclusive, and do not request exclusion from the Class, you will be bound by the Settlement and any judgment and release entered in the Litigation, 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.SQMSecuritiesSettlement.com, or by writing to:

SQM Securities Settlement
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 43327
Providence, RI 02940-3327

Inquiries should NOT be directed to SQM, 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 Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: 1-800-449-4900

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY MARCH 12, 2021, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT TIMELY SUBMIT A 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 LEAD PLAINTIFF’S COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO EXCEED 17.5% OF THE $62,500,000 SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $1,400,000, AND/OR THE PAYMENT TO LEAD PLAINTIFF FOR ITS COSTS AND EXPENSES NOT TO EXCEED $20,000. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND RECEIVED BY LEAD COUNSEL AND SQM’S COUNSEL BY MARCH 12, 2021 IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

DATED: December 18, 2020

     

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

____________________

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

Contacts

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

Contacts

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