The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Litigation Expenses (the "Notice"). Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
In this securities class action (the "Action"), the Court-appointed Lead Plaintiffs, the Public School Teachers’ Pension and Retirement Fund of Chicago and the Cambridge Retirement System (collectively, “Lead Plaintiffs”) allege that defendants Spectrum Brands Holdings, Inc. (“Spectrum” or the “Company”), Spectrum Brands Legacy, Inc. (formerly known as Spectrum Brands Holdings, Inc.) (“Old Spectrum”), HRG Group, Inc. (“HRG”), Andreas R. Rouvé, David M. Maura, and Douglas L. Martin (collectively, “Defendants”) made a series of materially misleading statements and omissions regarding the Company’s operations and financial results during the Class Period (January 26, 2017 to November 19, 2018). Lead Plaintiffs further allege that the Settlement Class (defined below) suffered damages when the alleged truth regarding these matters was publicly disclosed.
Lead Plaintiffs, on behalf of themselves and the Settlement Class, have reached a proposed settlement of the Action for $39,000,000 in cash (the “Settlement”). If approved by the Court, the Settlement will resolve all claims in the Action.
The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (i) any Taxes; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; (iv) any attorneys’ fees awarded by the Court; and (v) any other costs or fees approved by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court. The proposed plan of allocation (the “Plan of Allocation”) is set forth in paragraphs 51-74 of the Notice.
If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement.
The Settlement Class consists of:
all persons and entities that: (i) purchased common stock of HRG from January 26, 2017 to July 13, 2018; (ii) purchased common stock of Old Spectrum from January 26, 2017 to July 13, 2018; and (iii) purchased common stock of Spectrum from July 13, 2018 to November 19, 2018 (January 26, 2017 to November 19, 2018, the “Class Period”) and were damaged thereby, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in paragraph 23 of the Notice.
Please read the Notice to fully to understand your rights and options.
If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment from the Settlement, you must submit a Claim Form with adequate supporting documentation by mail postmarked no later than February 25, 2021 or online no later than February 25, 2021 using the File a Claim page of this website.
If the Settlement is approved by the Court, payments to eligible claimants will be made only after the completion of all claims processing. Please be patient, as this process will take some time to complete.
|IMPORTANT DATES AND DEADLINES:
|SUBMIT A CLAIM FORM BY MAIL POSTMARKED NO LATER THAN FEBRUARY 25, 2021 OR ONLINE NO LATER THAN FEBRUARY 25, 2021.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 33 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 34 of the Notice), so it is in your interest to submit a Claim Form.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 8, 2021.
||If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 8, 2021.
||If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for an award of attorneys’ fees and Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.
|PARTICIPATE IN A HEARING ON JANUARY 29, 2021 AT 3:00 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JANUARY 8, 2021.
||Filing a written objection and notice of intention to appear by January 8, 2021 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses. In the Court’s discretion, the January 29, 2021 hearing may be conducted by telephone or video conference (see paragraphs 82-83 of the Notice). If you submit a written objection, you may (but you do not have to) participate in the hearing and, at the discretion of the Court, speak to the Court about your objection.
||If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
How do I obtain more information?
More detailed information about the Action and the Settlement is contained in the Notice. If you have questions, you may contact the Claims Administrator by calling toll-free 1-833-674-0176; emailing info@SpectrumBrandsSecuritiesLitigation.com; or mailing a letter to:
Spectrum Brands Securities Litigation
c/o JND Legal Administration
P.O. Box 91362
Seattle, WA 98111
Inquiries should NOT be directed to the Court, the Clerk of the Court, Defendants, or their counsel.