Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Harman Merger Litigation

SAN DIEGO--(BUSINESS WIRE)--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Harman Merger Litigation:

UNITED STATES DISTRICT COURT
DISTRICT OF CONNECTICUT

PATRICIA B. BAUM, Individually and on Behalf of All Others Similarly Situated,			) )	No. 3:17-cv-00246-RNC
			)	CLASS ACTION
		Plaintiff,	)
			)	SUMMARY NOTICE
	vs.		)
			)
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED, et al.,			) )
			)
		Defendants.	)
			)

TO: ALL PERSONS WHO PURCHASED, SOLD, OR HELD HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED (“HARMAN”) COMMON STOCK AT ANY TIME DURING THE PERIOD FROM AND INCLUDING JANUARY 10, 2017, THE RECORD DATE FOR HARMAN’S SPECIAL STOCKHOLDER MEETING REGARDING THE MERGER OF HARMAN INTO SAMSUNG ELECTRONICS CO., LTD. (THE “MERGER”), THROUGH AND INCLUDING MARCH 12, 2017, THE DATE THE MERGER CLOSED

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Connecticut, that a hearing will be held on November 10, 2022, at 10:00 a.m., before the Honorable Robert N. Chatigny at the United States District Court for the District of Connecticut, Abraham Ribicoff Federal Building, 450 Main Street, Room 228, Hartford, CT 06103, for the purpose of determining: (1) whether the proposed Settlement of the Litigation for $28 million should be approved by the Court as fair, reasonable, and adequate; (2) whether an Order and Final Judgment or an Alternative Judgment (if applicable) should be entered by the Court dismissing the Litigation with prejudice and releasing the Released Claims; (3) whether the Plan of Allocation for the Net Settlement Fund is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys’ fees and expenses and any award to Lead Plaintiff (if requested) pursuant to 15 U.S.C. §78u-4(a)(4) should be approved.

IF YOU PURCHASED, SOLD, OR HELD HARMAN COMMON STOCK AT ANY TIME DURING THE PERIOD FROM AND INCLUDING JANUARY 10, 2017, THROUGH AND INCLUDING MARCH 12, 2017 (THE “CLASS PERIOD”), YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR HOLDINGS OF HARMAN COMMON STOCK DURING THE CLASS PERIOD. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Harman Merger Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 6177, Novato, CA 94948-6177, or on the Internet at www.HarmanMergerLitigation.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 form by mail (postmarked no later than December 1, 2022), or online at www.HarmanMergerLitigation.com no later than December 1, 2022, establishing that you are entitled to recovery.

If you purchased, sold, or held Harman common stock at any time during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than October 20, 2022, in the manner and form explained in the detailed Notice referred to above. All Class Members who do not timely and 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 the Settlement, the Plan of Allocation, Lead Counsel’s request for attorneys’ fees and expenses, and Lead Plaintiff’s request for time and expenses (if any) must be received by each of the following recipients no later than October 20, 2022:

CLERK OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF CONNECTICUT
Abraham Ribicoff Federal Building
450 Main Street, Suite A012
Hartford, CT 06103

Lead Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
David A. Knotts
655 West Broadway, Suite 1900
San Diego, CA 92101

Counsel for Defendants:

WACHTELL, LIPTON, ROSEN & KATZ
Stephen R. DiPrima
51 West 52nd Street
New York, NY 10019

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above.

DATED: July 13, 2022

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF CONNECTICUT