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Berger Montague Announces Proposed Settlement in the Precision Castparts Corp. Securities Litigation

·5 min read

PHILADELPHIA, Feb. 5, 2021 /PRNewswire/ -- The following statement is being issued by Berger Montague regarding the Precision Castparts Corp. Securities Settlement:

A national class action and commercial litigation law firm with nationally known attorneys highly sought after for their legal skills. (PRNewsFoto/Berger Montague)
A national class action and commercial litigation law firm with nationally known attorneys highly sought after for their legal skills. (PRNewsFoto/Berger Montague)

UNITED STATES DISTRICT COURT
DISTRICT OF OREGON
PORTLAND DIVISION

NECA-IBEW PENSION TRUST FUND (The Decatur Plan), and ANN F. LYNCH, AS TRUSTEE FOR THE ANGELA LOHMANN REVOCABLE TRUST, Individually and on Behalf of All Others Similarly Situated,

Plaintiffs,

vs.

PRECISION CASTPARTS CORP., MARK DONEGAN, DON R. GRABER, LESTER L. LYLES, DANIEL J. MURPHY, VERNON E. OECHSLE, ULRICH SCHMIDT, RICHARD L. WAMBOLD and TIMOTHY A. WICKS,

Defendants.


No. 3:16-cv-01756-YY

CLASS ACTION

SUMMARY NOTICE


TO: ALL PERSONS WHO PURCHASED, SOLD, OR HELD PRECISION CASTPARTS CORP. ("PRECISION") COMMON STOCK DURING THE PERIOD FROM AND INCLUDING OCTOBER 9, 2015, THE RECORD DATE FOR PRECISION'S SPECIAL MEETING REGARDING THE SALE OF PRECISION TO BERKSHIRE HATHAWAY INC. (THE "MERGER"), THROUGH AND INCLUDING THE CONSUMMATION OF THE MERGER ON JANUARY 29, 2016 (THE "CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Oregon, Portland Division, that a hearing will be held on May 7, 2021, at 1:00 p.m., before the Honorable Youlee Yim You at the United States District Court for the District of Oregon, Portland Division, United States Federal Building and Courthouse, 1000 S.W. Third Ave., Portland, Oregon 97204, for the purpose of determining: (1) whether the proposed Settlement[1] of the Litigation for $21 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 expenses and any award to Lead Plaintiffs pursuant to 15 U.S.C. §78u-4(a)(4) should be approved.[2]

IF YOU PURCHASED, SOLD OR HELD PRECISION COMMON STOCK DURING THE PERIOD FROM AND INCLUDING OCTOBER 9, 2015 THROUGH AND INCLUDING JANUARY 29, 2016, 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 PRECISION 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 Precision Shareholder Litigation, c/o Gilardi & Co. LLC, Claims Administrator, P.O. Box 43365, Providence, RI 02940-3365, or on the Internet at www.PrecisionShareholderLitigation.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 May 6, 2021), or online at www.PrecisionShareholderLitigation.com no later than May 6, 2021, establishing that you are entitled to recovery.

If you purchased or acquired Precision 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 postmarked no later than April 16, 2021, 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 Counsel's request for attorneys' fees and expenses, or Lead Counsel's request for time and expenses must be received by each of the following recipients no later than April 16, 2021:

CLERK OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF OREGON
PORTLAND DIVISION
United States Federal Building and Courthouse
1000 S.W. Third Avenue
Portland, OR 97204

Lead Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP
A. Rick Atwood, Jr.
Esther Lee Bylsma
655 West Broadway, Suite 1900
San Diego, CA 92101

BERGER MONTAGUE PC
Lawrence Deutsch
1818 Market Street, Suite 3600
Philadelphia, PA 19103

Counsel for Defendants:
CRAVATH, SWAINE & MOORE, LLP
Justin C. Clarke
825 Eighth Avenue
New York, NY 10019-7475

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 Lead Counsel at the address listed above.

DATED: January 15, 2021

BY ORDER OF THE COURT


UNITED STATES DISTRICT COURT


DISTRICT OF OREGON

Please contact:
Jacob M. Polakoff
Senior Counsel
Berger Montague
(215) 875-5816
jpolakoff@bm.net

1 Capitalized terms not otherwise defined herein have the meaning given to them in the Stipulation of Settlement.
2 In light of the outbreak of the Coronavirus (COVID-19), the Court may decide to conduct the Final Approval Hearing by video or telephone conference, or otherwise allow Class Members to appear at the hearing by telephone or video without further notice to the Class. No further notice of such decision will be provided to the Class. In order to determine whether the date and time of the Final Approval Hearing have been changed, or whether Class Members must or may participate by phone or video, it is important that you monitor the Settlement website, www.PrecisionShareholderLitigation.com, before making any plans to attend the Final Approval Hearing. Any updates will be posted to the Settlement website.

Cision
Cision

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SOURCE Berger Montague