In re: SanDisk LLC Securities Litigation, Case No. 3:15-cv-01455-VC
You or someone in your family, or an investment account for which you serve as a custodian, may have purchased or otherwise acquired the publicly traded common stock of SanDisk during the period from October 16, 2014, through April 15, 2015, inclusive, and been damaged thereby.
The Court directed that the Settlement Notice be sent to Class Members because they have a right to know about a proposed settlement of a class action lawsuit, and about all of their options, before the Court decides whether to approve the Settlement. If the Court approves the Settlement, and after objections and appeals are resolved, an administrator appointed by the Court will make the payments that the Settlement allows.
The Settlement Notice explains the lawsuit, the Settlement, Class Members’ legal rights, what benefits are available, who is eligible for them, and how to get them.
A copy of the Settlement Notice can be downloaded here.Back To Top
In a class action, one or more people called class representatives, sue on behalf of people who have similar claims. All these people are a class or class members. Bringing a case, such as this one, as a class action allows adjudication of many similar claims of persons and entities that might be economically too small to bring in individual actions. One court resolves the issues for all class members, except for those who exclude themselves from the class.Back To Top
The Court did not finally decide in favor of plaintiffs or Defendants. Instead, both sides, with the assistance of the Honorable Layn R. Phillips, a well-respected and highly experienced mediator and former federal judge, engaged in mediation to explore a potential negotiated resolution of the claims. Through the mediation, the parties reached a Settlement. The Class Representatives and their attorneys think the Settlement is in the best interest of the Class.Back To Top
The Court directed, for the purposes of the proposed Settlement, that everyone who fits this description is a Class Member:
all persons and entities who purchased, or otherwise acquired, publicly traded common stock of SanDisk during the period from October 16, 2014, through April 15, 2015, inclusive, and were damaged thereby.
There are some individuals and entities that are excluded from the Class by definition. Excluded from the Class are: the Defendants and their immediate family members; the officers and directors of the Company during the Class Period and their immediate family members; any entity in which Defendants have, or had, a controlling interest; and the legal representatives, heirs, successors, assigns, or affiliates of any excluded person. Also excluded from the Class are those who had (a) sold all of their SanDisk stock prior to the first alleged corrective disclosure on March 26, 2015, and (b) made no subsequent purchases between March 26, 2015, and April 15, 2015. Also excluded from the Class are Class Members who timely submitted valid requests for exclusion in connection with the Class Notice and Class Members who submit timely and valid requests for exclusion pursuant to the procedures set forth in the Settlement Notice.
If one of your mutual funds purchased shares of SanDisk common stock during the Class Period, that alone does not make you a Class Member. If you sold SanDisk common stock during the Class Period, that alone does not make you a Class Member. You are a Class Member only if you purchased or otherwise acquired your shares during the Class Period. Check your investment records or contact your broker to see if you purchased or otherwise acquired SanDisk common stock during the Class Period.
If you are still not sure whether you are included, you can ask for free help. You can call (877) 432-3788 for more information.Back To Top
The Settlement provides that, in exchange for the Settlement and release of the Released Claims against the Released Defendants' Parties, Defendants have agreed to create a $50 million fund, which will be divided, after deduction of Court-awarded attorneys’ fees, interest, and expenses, settlement administration costs, and any applicable Taxes, among all Class Members who send in valid Claim Forms pursuant to the Plan of Allocation.
The Plan of Allocation is described in more detail on pages 9 - 13 of the Settlement Notice.Back To Top
At this time, it is not possible to make any determination as to how much any individual Class Member may receive from the Settlement. Your share of the Net Settlement Fund will depend on several things, including the total amount of claims represented by the valid Claim Forms that Class Members send in compared to the amount of your claim, all as calculated under the Plan of Allocation explained in the Settlement Notice.
By following the instructions in the Plan of Allocation, located in the Settlement Notice, you can calculate what is called your Recognized Claim. It is unlikely that you will get a payment for all of your Recognized Claim. After all Class Members have sent in their Claim Forms, the payment you get will be a part of the Net Settlement Fund equal to your Recognized Claim divided by the total of everyone’s Recognized Claim.Back To Top
The deadline to file a claim for this matter was September 12, 2019. If you have any questions or concerns, please call 1-877-432-3788.Back To Top
On June 15, 2020, the Court entered an Order Approving Settlement Distribution to Authorized Claimants and Granting Related Relief. We are currently preparing for the initial distribution in this matter which is expected to occur in July 2020.Back To Top
Unless you excluded yourself, you will stay in the Class, which means that you will release all “Released Claims” against the “Released Defendants' Parties”. For additional information and a definition of these terms, please review the Settlement Notice.Back To Top
As a member of the Class, you will be represented by Class Counsel who are:
Max R. Schwartz
SCOTT+SCOTT ATTORNEYS AT LAW LLP
The Helmsley Building
230 Park Avenue, 17th Floor
New York, NY 10169
Telephone: (212) 223-6444
Facsimile: (212) 223-6334
Unless you hire your own personal lawyer, as a Class Member you will not have any direct obligations to pay the costs of this lawsuit. In the event there is a recovery by the Class, all costs and expenses, including Class Counsel’s attorneys’ fees, will be paid from that recovery in an amount that is approved by the Court. If there is no recovery, Class Counsel will not receive any attorneys’ fees or expenses.Back To Top
On October 23, 2019, the Court approved an attorneys’ fees award of no more than 25% of the Settlement Fund, which will include accrued interest. Class Members are not personally liable for any such fees or expenses.Back To Top
The deadline to object to this matter was September 5, 2018. If you have any questions or concerns, please call 1-877-432-3788.Back To Top
Objecting is telling the Court that you do not like something about the Settlement. You can still recover money from the Settlement. You can object only if you stay in the Class. Excluding yourself is telling the Court that you do not want to be part of the Class. If you exclude yourself, you cannot object to the Settlement because it does not affect you.Back To Top
If you do nothing, you will not receive any money from this Settlement. In addition, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against Defendants and their Released Defendants' Parties about the Released Claims in this case.Back To Top
The $50,000,000 Settlement Amount, and any interest it earns, is called the “Settlement Fund.” The Settlement Fund, minus all Taxes, approved costs, fees and expenses (the Net Settlement Fund), will be distributed according to the Plan of Allocation (described in the Settlement Notice) to members of the Class who timely submit valid Claim Form that show a Recognized Claim that are approved for payment by the Court (“Authorized Claimants”). Class Members who do not timely submit valid Claim Forms will not share in the Net Settlement Fund, but will otherwise be bound by the terms of the Settlement and what happens in the Action.
The Plan of Allocation is on pages 9 - 13 of the Settlement Notice, found here.Back To Top
The CUSIP during the Class Period was 80004C101. The ticker symbol was SNDK from October 16, 2014, through April 15, 2015, inclusive.Back To Top