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Kirby McInerney LLP Announces Proposed Settlement of Class Action Lawsuit Involving Purchasers of Quantum Common Stock

NEW YORK, Aug. 16, 2019 /PRNewswire/ --

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA

STEVEN LAZAN,

Case No.  3:18-cv-00923-RS



Plaintiff,

Hon. Richard Seeborg

v.



Class Action

QUANTUM CORPORATION, et. al.,                      




Defendants.




ALEXANDER E. NABHAN,




Plaintiff,


v.




QUANTUM CORP., et al.,




Defendants.




SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT;
(II) SETTLEMENT FAIRNESS HEARING;
AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND
REIMBURSEMENT OF LITIGATION EXPENSES

TO:     All Persons who purchased Quantum Corporation ("Quantum") common stock during the period from April 18, 2016 through February 8, 2018, inclusive, and who were damaged thereby (collectively, the "Settlement Class")

THIS NOTICE WAS AUTHORIZED BY THE COURT.  IT IS NOT A LAWYER SOLICITATION.  PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Action has reached a proposed settlement of the Action for $8,150,000 in cash (the "Settlement"), that, if approved, will resolve all claims, both known and unknown, in the Action.

A hearing will be held on November 14, 2019, at 1:30 p.m., before the Honorable Richard Seeborg at the United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, Courtroom 3, 17th Floor, 450 Golden Gate Avenue, San Francisco, CA 94102, to determine, among others: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation of Settlement dated June 28, 2019 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. The Notice and Proof of Claim and Release Form ("Claim Form"), can be downloaded from the website maintained by the Claims Administrator, www.quantumsecuritieslitigation.com. You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at Quantum Securities Litigation, Case No. 3:18-cv-00923-RS, c/o A.B. Data, Ltd., P.O. Box 173071, Milwaukee, WI 53217, or by calling toll-free at 1-866-905-8124.

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than December 13, 2019. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than October 24, 2019, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court such that they are received no later than October 24, 2019, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Quantum, or its counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

KIRBY McINERNEY LLP
Ira M. Press, Esq.
Christopher Studebaker, Esq.
250 Park Avenue, Suite 820
New York, NY 10177
Tel: (212) 371-6600

Requests for the Notice and Claim Form should be made to:

Quantum Securities Litigation 
c/o A.B. Data, Ltd.
P.O. Box 173071
Milwaukee, WI 53217
Telephone: 1-866-905-8124
www.quantumsecuritieslitigation.com

DATED: August 16, 2019                  

BY ORDER OF THE DISTRICT COURT





UNITED STATES DISTRICT COURT FOR THE NORTHERN





DISTRICT OF CALIFORNIA

 

Cision

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