Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Joy Global Securities Litigation

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Joy Global Securities Litigation:

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF WISCONSIN MILWAUKEE DIVISION

                                 
STEVEN DUNCAN, et al., Individually and on                              
Behalf of All Others Similarly Situated,
Plaintiffs, Civil No. 2:16-cv-01229-PP
vs.

CLASS ACTION

JOY GLOBAL INC., et al.,
Defendants.                                

SUMMARY NOTICE

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TO:

       

ALL PERSONS WHO PURCHASED, SOLD OR HELD JOY GLOBAL INC. (JOY GLOBAL) COMMON STOCK DURING THE PERIOD FROM AND INCLUDING SEPTEMBER 1, 2016, THE RECORD DATE FOR JOY GLOBALS SPECIAL STOCKHOLDER MEETING REGARDING THE ACQUISITION OF JOY GLOBAL BY KOMATSU LTD. AND CERTAIN OF ITS SUBSIDIARIES (THE ACQUISITION), THROUGH AND INCLUDING APRIL 5, 2017, THE DATE THE ACQUISITION CLOSED

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of Wisconsin, Milwaukee Division, that a hearing will be held on December 20, 2018, at 2:00 p.m., before the Honorable Pamela Pepper at the United States District Court for the Eastern District of Wisconsin, Milwaukee Division, United States Federal Building and Courthouse, 517 E. Wisconsin Ave., Milwaukee, Wisconsin 53202, for the purpose of determining: (1) whether the proposed Settlement of the Litigation for $20 million should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice should be entered by the Court dismissing the Litigation with prejudice and releasing the Released Claims; (3) whether the Plan of Allocation for the Net Settlement Fund is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys fees and any award to Lead Plaintiffs pursuant to 15 U.S.C. §78u-4(a)(4) should be approved.

IF YOU PURCHASED, SOLD OR HELD JOY GLOBAL COMMON STOCK DURING THE PERIOD FROM AND INCLUDING SEPTEMBER 1, 2016 THROUGH AND INCLUDING APRIL 5, 2017 (THE CLASS PERIOD), YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR HOLDINGS OF JOY GLOBAL COMMON STOCK DURING THE CLASS PERIOD. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (Notice) and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Joy Global Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 404067, Louisville, KY 40233-4067, or on the Internet at www.JoyGlobalSecuritiesLitigation.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail postmarked no later than January 14, 2019, or online at www.JoyGlobalSecuritiesLitigation.com no later than January 14, 2019, establishing that you are entitled to recovery.

If you purchased, sold or held Joy Global common stock during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than November 29, 2018, in the manner and form explained in the detailed Notice referred to above. All Members of the Class who do not timely and validly request exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the Stipulation of Settlement.

Any objection to the Settlement, the Plan of Allocation, Lead Counsels request for attorneys fees, and Lead Plaintiffs request for time and expenses must be received by each of the following recipients no later than November 29, 2018:

Court:

 

CLERK OF THE COURT

UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF WISCONSIN

MILWAUKEE DIVISION

United States Federal Building and Courthouse

517 E. Wisconsin Ave.

Milwaukee, WI 53202

      Lead Counsel:

 

ROBBINS GELLER RUDMAN & DOWD LLP

David A. Knotts

655 West Broadway, Suite 1900

San Diego, CA 92101

      Counsel for Defendants:

 

ARNOLD & PORTER KAYE SCHOLER LLP

Vincent A. Sama

250 West 55th Street

New York, NY 10019

 

FOLEY & LARDNER LLP

Bryan B. House

777 East Wisconsin Avenue

Milwaukee, WI 53202

 

WACHTELL, LIPTON, ROSEN & KATZ

Peter C. Hein

51 West 52nd Street

New York, NY 10019

PLEASE DO NOT CONTACT THE COURT OR THE CLERKS OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above.

DATED: September 14, 2018                                    

BY ORDER OF THE COURT UNITED STATES DISTRICT COURT EASTERN DISTRICT OF WISCONSIN MILWAUKEE DIVISION

 

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