NEW YORK, June 4, 2020 /PRNewswire/ —
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK
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In re SEQUANS COMMUNICATIONS S.A. |
) Case No. 1:17-cv-04665-FB-SJB |
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SECURITIES LITIGATION |
) Hon. Frederic Block |
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) Hon. Sanket J. Bulsara |
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
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TO: |
ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED SEQUANS COMMUNICATIONS, S.A. (“SEQUANS”) AMERICAN DEPOSITARY RECEIPT SHARES (“ADRs”) BETWEEN APRIL 29, 2016, AND JULY 31, 2017, BOTH DATES INCLUSIVE |
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 in the above-captioned action (the “Action”) on September 8, 2020, at 2:30 p.m., before the Honorable Frederic Block in Courtroom 10C S of the United States District Court for the Eastern District of New York, 225 Cadman Plaza East, Brooklyn, NY 11201, to determine: (1) whether the proposed Settlement of the Settlement Class’s claims against the Defendants for $2,750,000 should be approved as fair, reasonable and adequate; (2) whether the proposed Plan of Allocation is fair, just, reasonable, and adequate; (3) whether the Court should permanently enjoin the assertion of any claims that arise from or relate to the subject matter of the Action; (4) whether the Action should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement filed with the Court; (5) whether the application by Plaintiffs’ Counsel for an award of attorneys’ fees and expenses should be approved; and (6) whether the Plaintiffs’ application for reimbursement of costs and expenses should be granted. At the Court’s discretion, the Final Approval Hearing may be telephonic, in which case call-in details will be displayed by the Settlement Administrator at its website: www.sequanscommunicationssecuritieslitigation.com.
IF YOU PURCHASED OR OTHERWISE ACQUIRED SEQUANS ADRs FROM APRIL 29, 2016, TO JULY 31, 2017, BOTH DATES INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.
To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim, postmarked or delivered to the Settlement Administrator no later than July 20, 2020. Your failure to submit your Proof of Claim by July 20, 2020, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the settlement of the Action. If you are a member of the Settlement Class and do not request exclusion, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgments, whether or not you submit a Proof of Claim.
If you have not received a copy of the Mailed Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement or exclude yourself from the Settlement), and a Proof of Claim form, 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.sequanscommunicationssecuritieslitigation.com, or by writing to:
Sequans Communications S.A. Securities Litigation
Settlement Administrator
c/o A.B. Data, Ltd.
P.O. Box 173102
Milwaukee, WI 53217 Telephone: 1-866-963-9973
Inquiries should NOT be directed to Defendants, the Courts, or the Clerks of the Courts. Inquiries may also be made to a representative of Plaintiffs’ Counsel:
Joshua B. Silverman, Esq.
Pomerantz LLP
10 S. LaSalle St., Ste. 3505
Chicago, IL 60603
Telephone: (312) 377-1181
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Ave., 40th Fl.
New York, NY 10016
Telephone: (212) 686-1060
Plaintiffs’ Counsel
IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED NO LATER THAN AUGUST 25, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE SETTLEMENT CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE SETTLEMENT CLASS WILL BE BOUND BY THE JUDGMENTS ENTERED IN THE ACTION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.
IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, AND/OR THE REQUEST BY PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES. ANY OBJECTIONS MAY BE FILED WITH THE COURT AND MUST BE SENT TO PLAINTIFFS’ COUNSEL BY AUGUST 25, 2020, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: June 3, 2020
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
EASTERN DISTRICT OF NEW YORK
HONORABLE FREDERIC BLOCK
SOURCE Pomerantz LLP and The Rosen Law Firm, P.A.
