Note: The distribution motion was filed on October 14, 2022 and approved on November 18, 2022. The first distribution is scheduled to occur in December 2022.
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 Attorney's Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
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. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Status of the Settlement
The Notice relates to a Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants Spectrum, Old Spectrum, HRG, Andreas R. Rouvé, David M. Maura, and Douglas L. Martin violated the federal securities laws by making false and misleading statements regarding the consolidation of Spectrum’s distribution network. A more detailed description of the Action is set forth in paragraphs 11-27 in the Notice. The Settlement, resolves the claims of the Spectrum Class, as defined in paragraph 28 in the Notice.
Lead Plaintiffs, on behalf of themselves and the Spectrum Class, have settled the claims of the Spectrum Class in the Action in exchange for $32,000,000 in cash. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon 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 the Plan of Allocation approved by the Court, which is set forth in paragraphs 57-78 in the Notice.
On March 18, 2022, the Court held a hearing to consider final approval of the Settlement and related matters. On March 21, 2022, the Court entered a final Judgment approving the Settlement, an Order approving the Plan of Allocation for the proceeds of the Settlement, and an Order awarding attorney's fees and litigation expenses.
The deadline for submission of Claim Forms was January 25, 2022.
On October 14, 2022, Lead Plaintiffs filed an Unopposed Motion for Approval of Distribution Plan and are awaiting the Court’s decision on that motion. Upon approval of the motion, JND will proceed with the disbursement of the Net Settlement Fund to Court-approved Claimants.
PLEASE NOTE: You may have received notice of a previous proposed settlement of this Action in late 2020. That earlier proposed settlement was not approved by the Court due to the scope of the proposed settlement class. The prior settlement has been withdrawn. The previously proposed settlement included claims arising from purchases of Spectrum Brands Legacy, Inc. (“Old Spectrum”) common stock and Spectrum Brands Holdings, Inc. (“Spectrum”) common stock, as well as HRG Group, Inc. (“HRG”) common stock. As further described in the Notice, the new Settlement relates only to claims arising from the purchases of Old Spectrum or Spectrum common stock. The claims arising from purchases of HRG common stock will not be settled or released by this newly proposed Settlement. The claims arising from purchases of HRG common stock were transferred to a separate action led by a new lead plaintiff, Jet Capital Master Fund LP, which was appointed by the Court to serve as a representative for that group of investors in June 2021. That action is Jet Capital Master Fund, L.P. v. HRG Group Inc., No. 21-cv-552-jdp (W.D. Wis.). A settlement of the Jet Capital action, which is separate from the Settlement discussed in this Notice, has been reached and if you purchased HRG common stock during the Class Period you may also have received notice concerning that settlement.
If you are a Spectrum Class Member, your rights will be affected and you may be eligible for a payment from the Settlement.
The Spectrum Class consists of:
all persons and entities that: (i) purchased common stock of Old Spectrum from January 26, 2017 to July 13, 2018; and/or (ii) 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 (the “Spectrum Class”).
Certain persons and entities are excluded from the Spectrum Class by definition (see paragraph 28 of the Notice) or if they requested exclusion from the settlement class, A list of the persons and entities that requested exclusion is set forth here: Opt-Out List.
If you are a member of the Spectrum Class, your legal rights will be affected whether you act or do not act.
Please read the Notice to fully understand your rights and options.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-833-674-0176; or emailing Info@SpectrumBrandsSecuritiesLitigation.com or mailing a letter to:
Spectrum Brands Securities Litigation
c/o JND Legal Administration
PO Box 91362
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.