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Levy v. Gutierrez, et al., United States District Court for the District of New Hampshire, Case No. 1:14-cv-00443-JL (GTAT Securities Litigation) (the "Action").
Overview
Court-appointed Lead Plaintiff Douglas Kurz and plaintiff Palisade Strategic Master Fund (Cayman) Limited, on behalf of themselves and the Court-certified Class, have reached a settlement with defendant Apple Inc. (“Apple”) for $3.5 million in cash (the “Apple Settlement”), which was finally approved by the Court on August 27, 2020. The Apple Settlement is in addition to two other partial settlements with the GTAT Individual Defendants and Underwriter Defendants previously approved by the Court in July 2018 totaling $36.7 million in cash (the “Earlier Settlements”), resulting in an aggregate recovery in this Action of $40.2 million in cash.
The Class consists of:
all persons and entities who or which from November 5, 2013 through 9:40 a.m. Eastern Standard Time on October 6, 2014, inclusive (the “Class Period”) purchased or otherwise acquired publicly traded GTAT common stock (“GTAT Common Stock”) and/or publicly traded GTAT 3.00% Convertible Senior Notes Due 2020 (“GTAT Senior Notes”), purchased or otherwise acquired publicly traded call options on GTAT common stock (“GTAT Call Options”), and/or sold (wrote) publicly traded put options on GTAT common stock (“GTAT Put Options”), and were damaged thereby.
The claims administration has now concluded. On February 20, 2020, pursuant to the Court’s January 13, 2020 Order Approving Distribution Plan, payments from the Net Settlement Funds recovered from the Earlier Settlements were made to all Authorized Claimants whose claims were approved by the Court for payment subject to the requirements set forth in the Order. The second distribution occurred in July 2021.
We filed the distribution motion for the Apple Settlement on May 4, 2021 and it was approved by the Court on May 25, 2021. The initial distribution occurred on July 20, 2021.