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2019 Apple Securities Settlement
HomeCase DocumentsContact UsFrequently Asked QuestionsFile Claim
FREQUENTLY ASKED QUESTIONS
1. Why did I get a Notice package?
2. Why is there a settlement?
3. How do I know if I am a member of Class?
4. What does the Settlement provide?
5. How much will my payment be?
6. How can I get a payment?
7. When would I get my payment?
8. What am I giving up to get a payment or to stay in the Class?
9. How do I get out of the Class and the proposed Settlement?
10. If I do not exclude myself, can I sue the Defendants and the other Released
Defendant Parties for the same thing later?
11. If I exclude myself, can I get money from the proposed Settlement?
12. Do I have a lawyer in this case?
13. How will the lawyers be paid?
14. How do I tell the Court that I object to the proposed Settlement?
15. What is the difference between objecting and excluding?
16. When and where will the Court decide whether to approve the proposed
Settlement?
17. Do I have to come to the hearing?
18. May I speak at the hearing?
19. What happens if I do nothing?
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1. Why did I get a Notice package?
The Notice is being provided to you pursuant to an Order of a U.S. District
Court because you or someone in your family or an investment account for
which you serve as custodian may have purchased or otherwise acquired Apple
common stock or call options on Apple common stock or sold put options on
Apple common stock during the Class Period.
The Notice explains the class action lawsuit, the Settlement, Class
Members’ legal rights in connection with the Settlement, what benefits are
available, who is eligible for them, and how to get them.
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2. Why is there a settlement?
The Court has not decided in favor of Defendants or the Lead Plaintiff.
Instead, both sides agreed to the Settlement to avoid the distraction,
costs, and risks of continuing the Action, and Lead Plaintiff agreed to the
Settlement in order to ensure that Class Members will receive compensation.
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3. How do I know if I am a member of Class?
The Court directed that everyone who fits the following description is a
Class Member: all Persons that purchased or otherwise acquired the publicly
traded securities of Apple, including purchasers of Apple call options and
sellers of Apple put options, during the period from November 2, 2018,
through January 2, 2019, inclusive, and who suffered damages by Defendants’
alleged violations of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934, except those Persons that are excluded.
Excluded from the Class are: (i) Apple and the Individual Defendants; (ii)
members of the families of each Individual Defendant; (iii) officers and
directors of Apple; and (iv) the legal representatives, heirs, successors,
or assigns of any such excluded party. Also excluded from the Class are
those Persons who timely and validly exclude themselves therefrom by
submitting a request for exclusion in accordance with the requirements set
forth by the Court.
Please Note: Receipt of the Notice does not mean that you are a Class
Member or that you will be entitled to receive a payment from the
Settlement. If you are a Class Member and you wish to be eligible to
participate in the distribution of proceeds from the Settlement, you are
required to submit the Proof of Claim that is available for downloading on
this website, and the required supporting documentation as set forth
therein received or submitted online on or before October 4, 2024.
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4. What does the Settlement provide?
The Settlement provides that, in exchange for the release of the Released
Claims (defined in the Notice) 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. The Plan of
Allocation is described in more detail at the end of the Notice.
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5. How much will my payment be?
Your share of the Net Settlement Fund will depend on several things,
including the total value of Apple securities represented by the valid
Proof of Claim forms that Class Members send in, compared to the value of
your claim, all as calculated under the Plan of Allocation discussed in the
Notice.
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6. How can I get a payment?
To be eligible to receive a payment from the Settlement, you must submit a
Proof of Claim form. A Proof of Claim form is available on this website.
Read the instructions carefully, fill out the Proof of Claim form, include
all the documents the form asks for, sign it, and mail or submit it online
so that it is received no later than October 4, 2024. The Proof of Claim
form may be submitted online by clicking the File Claim tab above.
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7. When would I get my payment?
The Court will hold a Settlement Hearing on September 17, 2024, at 2:00
p.m., to decide whether to approve the Settlement. If the Court approves
the Settlement, there might be appeals. It is always uncertain whether
appeals can be resolved, and if so, how long it would take to resolve them.
It also takes time for all the Proofs of Claim to be processed. Please be
patient.
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8. What am I giving up to get a payment or to stay in the Class?
Unless you timely and validly exclude yourself, you are staying in the
Class, and that means you cannot sue, continue to sue, or be part of any
other lawsuit against Defendants or their “Related Persons” about the
“Released Claims” in this case. It also means that all of the Court’s
orders will apply to you and legally bind you. If you remain a Class
Member, and if the Settlement is approved, you will give up all Released
Claims, including “Unknown Claims,” against the “Released Defendant
Parties,” all of which are defined in the Notice.
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9. How do I get out of the Class and the proposed Settlement?
To exclude yourself from the Class and the Settlement, you must send a
letter by First-Class Mail stating that you “request exclusion from the
Class in the In re Apple Inc. Securities Litigation, No.
4:19-cv-02033-YGR.” Your letter must include the number and type of Apple
publicly traded securities that you purchased, otherwise acquired, and/or
sold during the Class Period, including the number of shares, dates, and
prices for each such purchase, other acquisition, and sale. In addition,
you must include your name, address, telephone number, and your signature.
You must submit your exclusion request so that it is received no later than
August 18, 2024 to the address listed in the Notice.
If you ask to be excluded, you will not get any payment from the
Settlement, and you cannot object to the Settlement. You will not be
legally bound by anything that happens in this lawsuit, and you may be able
to sue the Defendants and the other Released Defendant Parties about the
Released Claims in the future.
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10. If I do not exclude myself, can I sue the Defendants and the other Released
Defendant Parties for the same thing later?
No. Unless you exclude yourself, you give up any rights you may potentially
have to sue the Defendants and the other Released Defendant Parties for any
and all Released Claims. If you have a pending lawsuit against the Released
Defendant Parties, speak to your lawyer in that case immediately. You must
exclude yourself from the Class in this Action to continue your own
lawsuit. Remember, the exclusion deadline is August 18, 2024.
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11. If I exclude myself, can I get money from the proposed Settlement?
No. If you exclude yourself, you should not send in a Proof of Claim to ask
for any money. But you may have the right to potentially sue or be part of
a different lawsuit against the Defendants and the other Released Defendant
Parties.
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12. Do I have a lawyer in this case?
The Court ordered that the law firm of Robbins Geller Rudman & Dowd LLP
represents the Class Members, including you. These lawyers are called Lead
Counsel. If you want to be represented by your own lawyer, you may hire one
at your own expense.
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13. How will the lawyers be paid?
Lead Counsel will apply to the Court for an award of attorneys’ fees not to
exceed twenty-five percent (25%) of the Settlement Amount and for expenses,
costs, and charges in an amount not to exceed $3,000,000 in connection with
prosecuting the Action, plus interest on such fees and expenses at the same
rate as earned by the Settlement Fund. One or more Representative Parties
may seek up to $73,000 in the aggregate for their time and expenses
incurred in connection with the Action pursuant to 15 U.S.C. §78u-4(a)(4).
Such sums as may be approved by the Court will be paid from the Settlement
Fund.
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14. How do I tell the Court that I object to the proposed Settlement?
Any Class Member who does not request exclusion may object to the
Settlement, the Plan of Allocation, or Lead Counsel’s request for an award
of attorneys’ fees and expenses. You can ask the Court to deny approval by
filing an objection. You cannot ask the Court to order a different
settlement; the Court can only approve or reject the Settlement. If the
Court denies approval, no settlement payments will be sent out and the
lawsuit will continue. If that is what you want to happen, you must object.
Any objection to the proposed Settlement must be in writing. You must
include your name, address, email address, telephone number, and your
signature (even if you are represented by counsel). If you file a timely
written objection, you may, but are not required to, appear at the
Settlement Hearing, either in person or through your own attorney. If you
appear through your own attorney, you are responsible for hiring and paying
the attorney. All written objections and supporting papers must: (a)
clearly identify the case name and number (In re Apple Inc. Securities
Litigation, No. 4:19-cv-02033-YGR), (b) be submitted to the Court either by
mailing them to the Clerk of the Court, United States District Court for
the Northern District of California, 1301 Clay Street, Oakland, CA 94612,
or by filing them in person at any location of the United States District
Court for the Northern District of California, and (c) be filed or received
on or before August 18, 2024.
The notice of objection must include documentation establishing the
objecting Person’s membership in the Class, including the date(s),
price(s), and number and type of Apple publicly traded securities you
purchased or otherwise acquired and sold during the Class Period, and state
with specificity your comments or the reasons why you object to the
proposed Settlement, Plan of Allocation, and/or fee and expense
application, including any legal and evidentiary support for such
objection. Any objection must state whether it applies only to the
objector, to a specific subset of the Class, or to the entire Class. You
must also identify all other class action settlements in which you or your
counsel have filed objections in the past two years. You must also include
copies of documents demonstrating all of your purchase(s), acquisitions,
and/or sale(s) of Apple publicly traded securities during the Class Period.
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15. What is the difference between objecting and excluding?
Objecting is simply telling the Court that you do not like something about
the Settlement. You can object only if you stay in the Class.
Excluding yourself is telling the Court that you do not want to recover
money from the Settlement and do not want to release any claims you think
you may have against Defendants and their Related Persons. If you exclude
yourself, you cannot object to the Settlement because it does not affect
you.
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16. When and where will the Court decide whether to approve the proposed
Settlement?
The Court will hold a Settlement Hearing at 2:00 p.m., on September 17,
2024, in the Courtroom of the Honorable Yvonne Gonzalez Rogers, at the
United States District Court for the Northern District of California,
Courtroom 1 – 4th Floor, 1301 Clay Street, Oakland, CA 94612. At the
hearing, the Court will consider whether the Settlement and the Plan of
Allocation are fair, reasonable, and adequate. If there are objections, the
Court will consider them, even if you do not ask to speak at the hearing.
The Court will listen to people who have asked to speak at the hearing. The
Court may also decide how much Lead Counsel will be paid and how much
Representative Parties will be awarded pursuant to 15 U.S.C. §78u-4(a)(4).
After the Settlement Hearing, the Court will decide whether to approve the
Settlement and the Plan of Allocation. We do not know how long these
decisions will take. You should be aware that the Court may change the date
and time of the Settlement Hearing without another notice being sent to
Class Members. If you want to attend the hearing, you should check with
Lead Counsel or this website beforehand to be sure that the date and/or
time has not changed.
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17. Do I have to come to the hearing?
No. Lead Counsel will answer questions the Court may have. But, you are
welcome to come at your own expense. If you send an objection, you do not
have to come to Court to talk about it. As long as you mailed your written
objection on time, the Court will consider it. You may also pay your own
lawyer to attend, but it is not necessary. Class Members do not need to
appear at the hearing or take any other action to indicate their approval
of the Settlement.
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18. May I speak at the hearing?
If you object to the Settlement, the Plan of Allocation, and/or the fee and
expense application, you may ask the Court for permission to speak at the
Settlement Hearing. To do so, you must include with your objection (see
question 16 in the Notice) a statement saying that it is your “Notice of
Intention to Appear in In re Apple Inc. Securities Litigation, No.
4:19-cv-02033-YGR.” Persons who intend to object to the Settlement, the
Plan of Allocation, and/or any awards to Lead Counsel or Representative
Parties and desire to present evidence at the Settlement Hearing must
include in their written objections the identity of any witnesses they may
call to testify and exhibits they intend to introduce into evidence at the
Settlement Hearing. Your Notice of Intention to Appear must be filed with
the Court no later than August 18, 2024.
You cannot speak at the hearing if you exclude yourself from the Class.
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19. What happens if I do nothing?
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 Related Persons about the Released Claims in this
case.
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