Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the Parametric Settlement

LAS VEGAS–(BUSINESS WIRE)–The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Parametric Settlement:

EIGHTH JUDICIAL DISTRICT COURT

CLARK COUNTY, NEVADA

 

In re PARAMETRIC SOUND CORPORATION

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Lead Case No. A-13-686890-B

SHAREHOLDERS’ LITIGATION

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Dept. No. XI

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This Document Relates To:

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CLASS ACTION

ALL ACTIONS.

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SUMMARY NOTICE

TO:

 

ALL PERSONS AND/OR ENTITIES THAT HELD SHARES OF PARAMETRIC SOUND CORPORATION (“PARAMETRIC”) COMMON STOCK ON JANUARY 15, 2014, AT THE TIME PARAMETRIC ISSUED SHARES IN THE MERGER PURSUANT TO THE AGREEMENT AND PLAN OF MERGER, WHETHER BENEFICIALLY OR OF RECORD, INCLUDING THE LEGAL REPRESENTATIVES, HEIRS, SUCCESSORS-IN-INTEREST, TRANSFEREES, AND ASSIGNEES OF ALL SUCH FOREGOING HOLDERS, BUT EXCLUDING DEFENDANTS, EXECUTIVE OFFICERS OF PARAMETRIC AS OF JANUARY 15, 2014, AND THEIR LEGAL REPRESENTATIVES, HEIRS, SUCCESSORS-IN-INTEREST, TRANSFEREES, AND ASSIGNEES

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Eighth Judicial District Court for the State of Nevada, Clark County, that a hearing will be held on May 18, 2020, at 9:00 a.m., before the Honorable Elizabeth Gonzalez of the Eighth Judicial District Court of Clark County, Nevada, 200 Lewis Avenue, Las Vegas, Nevada, Courtroom 3E, for the purpose of determining: (1) whether the proposed settlement of the Litigation for $9,650,000.00 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 and the Settled Defendants’ Released Claims; (3) whether the Plan of Allocation for the Net Settlement Fund is fair, reasonable, and adequate and should be approved; (4) whether the application of Co-Lead Counsel for the payment of attorneys’ fees and expenses should be approved; and (5) whether any application for reimbursement of time and expenses by Plaintiffs should be approved.

IF YOU HELD SHARES OF PARAMETRIC COMMON STOCK ON JANUARY 15, 2014, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR OWNERSHIP OF PARAMETRIC COMMON STOCK. If you have not received a detailed Notice of Proposed Settlement of Class and Derivative Action (“Notice”) and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Parametric Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 43342, Providence, RI 02940-3342, or on the Internet at www.ParametricShareholderLitigation.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 June 3, 2020), or online at www.ParametricShareholderLitigation.com no later than June 3, 2020, establishing that you are entitled to a recovery.

If you held shares of Parametric common stock on January 15, 2014 and you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than May 4, 2020, 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. If there are objections, the Court has ruled that it will conduct a hearing on that particular objection within three (3) days of when the objection is filed. Any such objector shall have an additional five (5) days after the relevant objection hearing to submit a request for exclusion.

Any objection to the Settlement, the Plan of Allocation, and/or Co-Lead Counsel’s request for attorneys’ fees and expenses, must be received by each of the following recipients no later than May 4, 2020:

CLERK OF THE COURT

Co-Lead Counsel:

Defendants’ Counsel:

Department XI

David Knotts

John P. Stigi III

Eighth Judicial District Court

ROBBINS GELLER RUDMAN

SHEPPARD, MULLIN, RICHTER &

Clark County, Nevada

& DOWD LLP

HAMPTON LLP

200 Lewis Avenue

655 West Broadway, Suite 1900

1901 Avenue of the Stars, Suite 1600

Las Vegas, NV 89101

San Diego, CA 92101

Los Angeles, CA 90067

 

 

Joshua D. N. Hess

DECHERT LLP

1900 K Street, NW

Washington, DC 20006-1110

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

DATED: January 17, 2020

BY ORDER OF THE COURT

EIGHTH JUDICIAL DISTRICT COURT

CLARK COUNTY, NEVADA

 

Contacts

Robbins Geller Rudman & Dowd LLP

Shareholder Relations

Rick Nelson

1- 619-231-1058

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