Pomerantz LLP Announces Proposed Settlement in the Symbol Technologies Securities Litigation

CENTRAL ISLIP, N.Y., June 11, 2018 (GLOBE NEWSWIRE) -- The following statement is being issued by Pomerantz LLP regarding the Symbol Technologies Securities Litigation:

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK

SUMMARY NOTICE OF PROPOSED
SETTLEMENT OF CLASS ACTION

TO:  ALL PERSONS WHO PURCHASED THE COMMON STOCK OF SYMBOL TECHNOLOGIES, INC. (“SYMBOL”) BETWEEN MARCH 12, 2004 AND AUGUST 1, 2005.

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 Eastern District of New York, that the Court-appointed Lead Plaintiff, Ironworkers Local #580 Pension Fund, on behalf of itself and Class Members, has reached a proposed settlement of a Class Action pending against Symbol, Salvatore Iannuzzi, Todd Abbott, James M. Conboy, William R. Nuti and Mark T. Greenquist. A hearing will be held on October 30, 2018 at 1:30 p.m. before the Honorable Denis R. Hurley, United States District Judge of the Eastern District of New York, 100 Federal Plaza, Central Islip, NY 11722 (the “Settlement Hearing”):

1. to determine whether the Settlement, including a payment of $15,000,000 (Fifteen Million Dollars) in cash, subject to certain terms and conditions, should be approved by the Court as fair, reasonable, and adequate;
2. to determine finally whether the Order and Final Judgment as provided under the Stipulation and Agreement of Settlement (“Stipulation”) should be entered, dismissing the operative Second Consolidated Amended Class Action Complaint (“Complaint”) on the merits and with prejudice, and to determine whether the release by the Class of the Released Persons as set forth in the Stipulation, should be ordered, along with a permanent injunction barring efforts to bring any Released Claims extinguished by the Settlement against any Released Persons;
3. to determine finally whether the proposed Plan of Allocation for the distribution of the Net Settlement Fund is fair and reasonable and should be approved by the Court;
4. to consider the application of Lead Plaintiff’s Counsel for an award of Attorneys’ Fees in an amount not to exceed 30% of the Gross Settlement Fund and an award of expenses of not more than $1,350,000, and for a Compensatory Award to Lead Plaintiff Ironworkers Local #580 Pension Fund of no more than $15,000 in the aggregate;
5. to consider Class Members’ objections to the Settlement, if any; and
6. to rule upon such other matters as the Court may deem appropriate.

If you purchased common stock of Symbol between March 12, 2004 and August 1, 2005, your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Proposed Settlement of Class Action (the “Notice”) and a copy of the Proof of Claim and Release Form (the “Proof of Claim”), you may obtain them free of charge by writing to Symbol Technologies Securities Litigation, c/o KCC Class Action Services, P.O. Box 404059, Louisville, KY 40233-4059, by calling toll-free 1-866-650-3813, or by obtaining one on the internet at www.SymbolTechnologiesSecuritiesLitigation.com.

If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim to the Claims Administrator no later than November 29, 2018, establishing that you are entitled to recovery. As further described in the Notice, unless you previously submitted a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you submit a Proof of Claim.

Any objection to the Settlement, Plan of Allocation, Lead Plaintiff’s Counsel’s request for an award of Attorneys’ Fees and Expenses, or request for a Compensatory Award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and postmarked no later than October 9, 2018, to each of the following:

In addition, by the same date, October 9, 2018, you must file any objections with the Clerk of the Court, identifying this Action and stating fully the basis of your objection, at the following address: Clerk of the Court, U.S. District Court, Eastern District of New York, 100 Federal Plaza, Central Islip, NY 11722.

If you have any questions about the Settlement, you may call or write to the Claims Administrator or Lead Plaintiff’s Counsel:

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.