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 approved Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The purpose of the Notice and this website is to inform you of the existence of this case, that it is a class action, how you might be affected, and how to exclude yourself from the Settlement Class if you wish to do so. It is also to inform you of the terms of the Court-Approved Settlement, and of a hearing that was held by the Court to consider the fairness, reasonableness, and adequacy of the Court-Approved Settlement, the Court-Approved Plan of Allocation and the motion by Lead Counsel for an award of attorneys’ fees and reimbursement of Litigation Expenses (the “Settlement Hearing”). See paragraph 90 of the Notice for details about the Settlement Hearing, including the date and location of the hearing.
The Notice relates to a Court-Approved Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants LSB Industries, Inc. (“LSB”) and Barry H. Golsen, Mark T. Behrman, Tony M. Shelby, Harold L. Rieker, Jr., and Jack Golsen (collectively, the “Individual Defendants,” and, together with LSB, the “Defendants”) violated the federal securities laws by making false and misleading statements regarding LSB. A more detailed description of the Action is set forth in the Notice. The approved Settlement will settle claims of the Settlement Class, as defined in paragraph 29 of the Notice.
Subject to Court approval, Plaintiffs, on behalf of themselves and the Settlement Class, have agreed to settle the Action in exchange for a settlement payment of $18,450,000 in cash (the “Settlement Amount”) to be deposited into an escrow account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class. The Court has approved the Settlement and the Plan of Allocation.
The Settlement Class consists of:
All persons or entities that purchased or otherwise acquired LSB Common Stock or LSB Call Options, or sold LSB Put Options between November 7, 2014 and November 5, 2015, inclusive (the “Class Period”), and were damaged thereby.
If you are a member of the Settlement 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.
If you are a Settlement Class Member and you wish to be eligible to participate in the distribution of proceeds from the Settlement, you are required to submit the Claim Form postmarked or submitted online by July 23, 2019. The deadline to file a Claim has passed.
Payments to eligible claimants will be made only if the Court approves the Settlement and a plan of allocation, and only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete. The Court has approved the Settlement and the Plan of Allocation.
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YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT
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SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN JULY 23, 2019. Deadline has passed.
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This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Approved Settlement by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 38 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in ¶ 39 of the Notice), so it is in your interest to submit a Claim Form.
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EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN JUNE 7, 2019.Deadline has passed.
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If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This was the only option that would have allowed you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims.
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OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN JUNE 7, 2019. Deadline has passed.
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If you did not like the Settlement, the Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you would have written to the Court and explained why you do not like them. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and did not exclude yourself from the Settlement Class.
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THE HEARING WAS HELD ON JUNE 28, 2019 AT 10:00 A.M., AND THE DEADLINE TO FILE A NOTICE OF INTENTION TO APPEAR HAS PASSED.
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Deadline has passed to file a written objection and notice of intention to appear. If you submitted a written objection, you could have (but you did not have to) attended the hearing and, at the discretion of the Court, speak to the Court about your objection.
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DO NOTHING.
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If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
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How do I obtain more information?
Detailed information about the Action and the approved Settlement is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-833-402-1726; or emailing info@LSBSecuritiesLitigation.com; or mailing a letter to:
Wilson v. LSB Industries, Inc., et al.
c/o JND Legal Administration
P.O. Box 91236
Seattle, WA 98111-9336
Inquiries should NOT be directed to the Court or the Clerk of the Court.
© JND Legal Administration. All rights reserved.
