2019applesecuritiessettlement.com Open in urlscan Pro
172.67.211.244  Public Scan

Form analysis
0 forms found in the DOM

Text Content

2019 Apple Securities Settlement

HomeCase DocumentsContact UsFrequently Asked QuestionsFile Claim


WELCOME TO THE 2019 APPLE SECURITIES SETTLEMENT WEBSITE

This website has been established to provide general information related to the
proposed settlement of the case known as In re Apple Inc. Securities Litigation,
No. 4:19-cv-02033-YGR (the “Action”), pending before the United States District
Court for the Northern District of California (the "Court"). The capitalized
terms used on this website, and not otherwise defined, shall have the same
meanings ascribed to them in the Amended Stipulation of Settlement dated May 21,
2024 (the "Stipulation"), which can be found and downloaded by clicking on the
Case Documents tab above. Your rights may be affected by the Settlement if, from
November 2, 2018, through January 2, 2019, inclusive (the “Class Period”), you
purchased or otherwise acquired Apple Inc. (“Apple” or the “Company”) common
stock or call options on Apple common stock or sold put options on Apple common
stock.

The entity representing the Class, Norfolk County Council as Administering
Authority of the Norfolk Pension Fund, is referred to as the “Lead Plaintiff."
Apple and the individuals that the Lead Plainitff sued and who have now settled
are called the “Defendants.”

The law firm of Robbins Geller Rudman & Dowd LLP (“Lead Counsel”) represent the
Class Members. Class Members 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.


WHAT IS THE ACTION ABOUT?

On April 16, 2019, the first complaint in this Action was filed in the United
States District Court for the Northern District of California under the caption
City of Roseville Employees’ Retirement System v. Apple Inc., No. 4:19-cv-02033.
On August 14, 2019, the Court appointed the Employees’ Retirement System of the
State of Rhode Island (“Rhode Island”) as lead plaintiff. On October 15, 2019,
Rhode Island filed a Consolidated and Amended Class Action Complaint for
Violation of the Federal Securities Laws. On December 16, 2019, Defendants moved
to dismiss that complaint. On June 2, 2020, the Court issued an Order granting
in part and denying in part Defendants’ motion to dismiss, and ordering the
transition of lead plaintiff from Rhode Island to Norfolk. On June 19, 2020, the
Court issued an order appointing Norfolk as lead plaintiff and Robbins Geller
Rudman & Dowd LLP (“Robbins Geller”) as lead counsel. On June 23, 2020, Norfolk
filed its Revised Consolidated Class Action Complaint for Violation of the
Federal Securities Laws (the “Complaint”). The Complaint alleged, inter alia,
that on November 1, 2018, Defendants made materially false and misleading
statements and omissions about demand for the newly-released iPhone and Apple’s
business in China, in violation of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934. The Complaint further alleged that the false and
misleading statements and omissions caused Apple stock to trade at artificially
inflated prices and that, when the true facts were disclosed, Apple’s stock
price declined.

Defendants moved to dismiss the Complaint on July 13, 2020. Norfolk opposed the
motion on July 27, 2020. On November 4, 2020, the Court issued an Order granting
in part and denying in part Defendants’ motion to dismiss. 

On May 5, 2021, Norfolk filed its motion for class certification. On February 4,
2022, the Court issued an Order granting the motion in part, certifying a Class
of purchasers or acquirers of Apple common stock, and denying (without
prejudice) the motion with respect to the proposed class of Apple options
investors. The Court appointed Norfolk as the Class Representative, and Robbins
Geller as Class Counsel. On April 15, 2022, Norfolk filed a supplemental motion
seeking certification of a class of options investors. On March 28, 2023, the
Court issued an Order Modifying Class, which granted Norfolk’s motion to certify
call option buyers and put option sellers as part of the Class. 

On September 9, 2022, Defendants filed a Motion for Summary Judgment and Motion
to Exclude Expert Testimony. On September 9, 2022, Lead Plaintiff filed an
Omnibus Motion to Exclude Opinion Testimony of Defendants’ Proposed Experts. On
June 26, 2023, the Court issued an Order Denying Summary Judgment. On July 17,
2023, the Court issued an Order denying Defendants’ Motion to Exclude and
granting in part and denying in part Lead Plaintiff’s Motion to Exclude. 

On February 27, 2024, the Court issued an Amended Pretrial Scheduling Order
setting deadlines for the parties to exchange and submit witness lists, motions
in limine, proposed jury instructions, and other pretrial materials, as well as
setting a trial date of September 9, 2024.

In late 2021, the Parties first engaged the services of the Hon. Layn R.
Phillips (Ret.), a nationally recognized mediator, to facilitate settlement
negotiations. On January 31, 2022, the Parties attended a mediation session with
Judge Phillips held remotely via videoconference. The January 31, 2022 mediation
session was preceded by the submission of voluminous mediation statements
including exhibits. The mediation did not result in a settlement.

On May 25, 2022, the Parties attended a second mediation session with Judge
Phillips, this time in person. The May 25, 2022 mediation was also preceded by
the submission of supplemental mediation statements with additional exhibits and
excerpts of deposition testimony by each of the Parties. Again, the Parties did
not reach an agreement at that mediation and litigation continued.

Following the May 25, 2022 mediation and concurrent with the ongoing litigation,
Judge Phillips continued to correspond with the Parties to explore the potential
for resolution of the case. On January 10, 2024, the Parties engaged in another
in-person mediation session with Judge Phillips, but again the Parties were
unable to reach a settlement. On February 14, 2024, Judge Phillips issued a
mediator’s proposal to resolve all claims alleged in the Complaint and on March
1, 2024, the Parties accepted the mediator’s proposal. The agreement to accept
the mediator’s proposal included, among other things, the Settling Parties’
agreement to settle and release all claims that were asserted or could have been
asserted in the Action in return for a cash payment of $490,000,000 to be paid
by Apple and/or its insurers on behalf of Defendants, 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 provides that, in exchange for the release of the Released Claims
(defined in the Stipulation) and dismissal of the Action, Defendants have agreed
to pay (or cause to be paid) $490 million in cash to be distributed after taxes,
tax expenses, notice and claims administration expenses, and approved fees and
expenses to Class Members who send in a valid Proof of Claim form pursuant to
the Court-approved 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 Class Action Settlement Notice (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 received or submitted online
on or before October 4, 2024. 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 Defendant Parties 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 received by the Claims Administrator on
or before August 18, 2024. 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 Class. Objections must be filed
with the Court on or before August 18, 2024. If you submit a written objection,
you may (but do not have to) attend the hearing. GO TO THE HEARING ON SEPTEMBER
17, 2024 Ask to speak in Court about the fairness of the Settlement. Requests to
speak must be filed with the Court and counsel on or before August 18, 2024. 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 Action.





IMPORTANT DATES AND DEADLINES

Submit Proof of Claim Form: October 4, 2024 File Objection: August 18, 2024
Request Exclusion: August 18, 2024 Final Approval Hearing: September 17, 2024,
at 2:00 p.m.

Gilardi & Co. LLC.    Copyright © 2024   Privacy Policy