southerncompanysecuritiessettlement.com Open in urlscan Pro
188.114.97.3  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Southern Company Securities Settlement

HomeCase DocumentsContact UsFile Claim


WELCOME TO THE SOUTHERN COMPANY SECURITIES SETTLEMENT WEBSITE

Pursuant to the Court’s Order, dated January 4, 2021, the Settlement Hearing
scheduled for January 14, 2021, at 9:30 a.m. shall be conducted via video
conference. The Order and access instructions is available here. Any individuals
who wish to call in can find the dial-in information in the Order.



This website has been established to provide general information related to the
proposed settlement of the case known as Monroe County Employees’ Retirement
System, et al. v. The Southern Company, et al., No. 1:17-cv-00241-WMR (the
"Litigation"), pending before the United States District Court for the Northern
District of Georgia (the "Court"). The capitalized terms used on this website,
and not otherwise defined, shall have the same meanings ascribed to them in the
Stipulation of Settlement (the "Stipulation") dated September 8, 2020, which can
be found and downloaded by clicking on the Case Documents tab above. Your rights
may be affected by the Settlement if you purchased or otherwise acquired The
Southern Company ("Southern Company" or the "Company") common stock during the
period between April 25, 2012 and October 30, 2013, inclusive (the “Class
Period”).

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class
Members. You will not be charged for these lawyers. They will be paid from the
Settlement Fund to the extent the Court approves their application for fees and
expenses. If you want to be represented by your own lawyer, you may hire one at
your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Pendency and Proposed Settlement of
Class Action (the "Notice"), the Consolidated Complaint for Violation of the
Federal Securities Laws (the “Complaint”), filed on June 12, 2017, alleges that
Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934.
More specifically, Plaintiffs allege that throughout the Class Period,
Defendants allegedly made materially false and misleading statements and/or
failed to disclose adverse information regarding the progress of a clean coal
power plant in Kemper County, Mississippi, which, according to the Complaint,
caused the price of Southern Company common stock to trade at artificially
inflated prices, until the market learned of the alleged false and misleading
statements or omissions, and the Company’s stock price declined. Defendants deny
each and all of Plaintiffs’ allegations. Defendants contend that they did not
make any false or misleading statements and that they disclosed all information
required to be disclosed by the federal securities laws.

In December 2019, the Settling Parties requested that the Court stay the case
through March 2020 to permit mediation efforts, which request was granted. On
February 20, 2020, the Settling Parties attended an in-person mediation with
David M. Murphy, Esq. of Phillips ADR. In advance of the mediation, the Settling
Parties exchanged and provided to Mr. Murphy detailed mediation statements and
replies, which addressed the strengths and weaknesses of each side’s case.
Although the Settling Parties negotiated in good faith, no settlement was
reached, and litigation efforts continued. While litigation was ongoing, the
Settling Parties continued settlement discussions through Mr. Murphy. On August
15, 2020, the Settling Parties reached an agreement-in-principle to resolve the
Litigation, and executed a Term Sheet memorializing their agreement. The
agreement included, among other things, the Settling Parties’ agreement to
settle the Litigation in return for a cash payment of $87,500,000.00 for the
benefit of the Class, subject to the negotiation of the terms of a Stipulation
of Settlement and approval by the Court. The Stipulation (together with the
Exhibits thereto) reflects the final and binding agreement between the Settling
Parties.

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement, if approved, will result in the creation of a cash settlement
fund of $87,500,000.00 (the “Settlement Amount”). The Settlement Amount and any
interest it earns constitute the “Settlement Fund.” The Settlement Fund, after
deduction of Court-approved attorneys’ fees and expenses, Notice and
Administration Expenses, Taxes, and any other fees or expenses approved by the
Court, is the “Net Settlement Fund.” If the Settlement is approved by the Court,
the Net Settlement Fund will be distributed to eligible Authorized
Claimants—i.e., Members of the Class who timely submit valid Proofs of Claim—in
accordance with this proposed Plan of Allocation.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not
replace the information contained in the Notice and Stipulation, both of which
can be found and downloaded by clicking on the Case Documents tab above. We
recommend that you read the Notice and other relevant case documents carefully.


YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM FORM The only way to be eligible to receive a payment
from the Settlement. Proof of Claim forms must be postmarked or submitted online
on or before February 18, 2021. EXCLUDE YOURSELF Get no payment. This is the
only option that potentially allows you to ever be part of any other lawsuit
against the Defendants or any other Released Persons about the legal claims
being resolved by this Settlement. Should you elect to exclude yourself from the
Class you should understand that Defendants and the other Released Defendant
Parties will have the right to assert any and all defenses they may have to any
claims that you may seek to assert, including, without limitation, the defense
that any such claims are untimely under applicable statutes of limitations and
statutes of repose. Exclusions must be postmarked on or before December 24,
2020. OBJECT Write to the Court about why you do not like the Settlement, the
Plan of Allocation, and/or the request for attorneys’ fees and expenses. You
will still be a Member of the Settlement Class. Objections must be received by
the Court and counsel on or before December 24, 2020. If you submit a written
objection, you may (but do not have to) attend the hearing. GO TO THE HEARING ON
JANUARY 14, 2021 Ask to speak in Court about the fairness of the Settlement.
Requests to speak must be received by the Court and counsel on or before
December 24, 2020. DO NOTHING Receive no payment. You will, however, still be a
Member of the Class, which means that you give up your right to ever be part of
any other lawsuit against the Defendants or any other Released Defendant Parties
about the legal claims being resolved by this Settlement and you will be bound
by any judgments or orders entered by the Court in the Litigation.





IMPORTANT DATES AND DEADLINES

Submit Proof of Claim: February 18, 2021 File Objection: December 24, 2020
Request Exclusion: December 24, 2020 File Notice of Intention to Appear:
December 24, 2020 Court Hearing on Fairness of Settlement: January 14, 2021, at
9:30 a.m.

Gilardi & Co. LLC.    Copyright © 2024   Privacy Policy