In re Hewlett-Packard Company Securities Litigation, No. 8:2011cv01404 - Document 165 (C.D. Cal. 2014)
Court Description: REVISED FINAL JUDGMENT AND ORDER by Judge Andrew J. Guilford. (see document for details). (dro)
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In re Hewlett-Packard Company Securities Litigation 1 2 3 4 5 Doc. 165 ISAACS FRIEDBERG & LABATON LLP Mark Labaton (Bar No. 159555) mlabaton@iflcounsel.com 555 South Flower Street, Suite 4250 Los Angeles, California 90071 Telephone: (213) 929-5550 Facsimile: (213) 955-5794 6 7 8 9 10 11 12 MOTLEY RICE LLC Gregg S. Levin (pro hac vice) glevin@motleyrice.com 28 Bridgeside Boulevard Mt. Pleasant, South Carolina 29464 Telephone: (843) 216-9000 Facsimile: (843) 216-9450 LABATON SUCHAROW LLP Jonathan Gardner (pro hac vice) jgardner@labaton.com 140 Broadway New York, New York 10005 Telephone: (212) 907-0700 Facsimile: (212) 818-0477 Attorneys for Lead Plaintiff Institutional Investor Group and Co-Lead Counsel for the Settlement Class 13 14 15 16 17 18 UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA SOUTHERN DIVISION IN RE HEWLETT-PACKARD COMPANY SECURITIES LITIGATION Case No. SACV 11-1404 AG (RNBx) REVISED] FINAL JUDGMENT AND ORDER 19 20 21 22 Judge: Hon. Andrew J. Guilford Dept.: Courtroom 10D Hearing Date: September 15, 2014 Hearing Time: 10:00 a.m. 23 24 25 26 27 28 REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 1 Dockets.Justia.com 1 WHEREAS, this matter came before the Court for a hearing pursuant to the 2 Order of this Court entered on May 5, 2014 (the “Preliminary Approval Order”), 3 on the application of the Settling Parties for approval of the Settlement set forth in 4 the Stipulation and Agreement of Settlement (the “Settlement Agreement”), 5 executed as of March 31, 2014 and filed with the Court on March 31, 2014; 6 7 8 9 10 11 WHEREAS, all capitalized terms used herein have the meanings set forth and defined in the Settlement Agreement; WHEREAS, the Court has received declarations attesting to the mailing of the Notice and publication of the Summary Notice in accordance with the Preliminary Approval Order; WHEREAS, due and adequate notice having been given to the Settlement 12 Class as required by the Preliminary Approval Order, and the Court having 13 considered all papers filed and proceedings in this Action and otherwise being 14 fully informed of the matters herein, and good cause appearing therefore; 15 IT IS HEREBY ORDERED, ADJUDGED AND DECREED as follows: 16 1. This Court has jurisdiction over the subject matter of this Action, 17 including the terms and conditions of the Settlement Agreement and all exhibits 18 thereto and the Plan of Allocation of the Net Settlement Fund, and over all parties 19 to the Action and all Settlement Class Members. 20 2. The Court hereby finally certifies the following class for the purposes 21 of Settlement only (the “Settlement Class”), pursuant to Rules 23(a) and Rule 22 23(b)(3) of the Federal Rules of Civil Procedure: all persons and entities that, 23 during the period from November 22, 2010 to and through August 18, 2011 (the 24 “Class Period”), purchased or otherwise acquired shares of Hewlett-Packard 25 Company’s publicly traded common stock in the open market, and were damaged 26 thereby. Excluded from the Settlement Class are: the Defendants; members of the 27 Immediate Families of the Individual Defendants; all of HP’s subsidiaries and 28 affiliates; any person who is or was an officer or director of HP or any of HP’s [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 2 1 subsidiaries or affiliates during the Class Period; any entity in which any 2 Defendant has a controlling interest; and the legal representatives, heirs, 3 successors, and assigns of any such excluded person or entity. Also excluded from 4 the Settlement Class are those persons and entities listed on Exhibit A hereto who 5 submitted valid and timely requests for exclusion from the Settlement Class in 6 accordance with the requirements set forth in the Notice. 3. 7 The Court hereby affirms its appointment of Lead Plaintiffs Arkansas 8 Teacher Retirement System, Union Asset Management Holding AG, Labourers’ 9 Pension Fund of Central and Eastern Canada, LIUNA National (Industrial) Pension 10 Fund and LIUNA Staff & Affiliates Pension Fund as Class Representatives for the 11 Settlement Class and Labaton Sucharow LLP and Motley Rice LLC as Class 12 Counsel for the Settlement Class. 4. 13 This Court finds that the distribution of the Notice, the publication of 14 the Summary Notice, and the notice methodology all were implemented in 15 accordance with the terms of the Settlement Agreement and the Court’s 16 Preliminary Approval Order, and: (a) 17 18 constituted the best practicable notice to Settlement Class Members under the circumstances of the Action; (b) 19 were reasonably calculated, under the circumstances, to apprise 20 Settlement Class Members of: (i) the proposed Settlement of this class action; (ii) 21 their right to exclude themselves from the Settlement Class; (iii) their right to 22 object to any aspect of the proposed Settlement; (iv) their right to appear at the 23 Settlement Hearing, either on their own or through counsel hired at their own 24 expense, if they are not excluded from the Settlement Class; and (v) the binding 25 effect of the proceedings, rulings, orders, and judgments in this Action, whether 26 favorable or unfavorable, on all persons who are not excluded from the Settlement 27 Class; 28 [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 3 (c) 1 2 were reasonable and constituted due, adequate, and sufficient notice to all persons entitled to be provided with notice; and (d) 3 fully satisfied all applicable requirements of the Federal Rules 4 of Civil Procedure (including Rules 23(c) and (d)), the United States Constitution 5 (including the Due Process Clause), Section 21D(a)(7) of the Securities Exchange 6 Act of 1934, 15 U.S.C. §78u-4(a)(7), as amended by the Private Securities 7 Litigation Reform Act of 1995 (the “PSLRA”), the Rules of the Court, and any 8 other applicable law. 9 5. In light of the benefits to the Settlement Class, the complexity, 10 expense and possible duration of further litigation against the Defendants, and the 11 risks of establishing liability and damages, pursuant to Rule 23 of the Federal 12 Rules of Civil Procedure, the Court hereby fully and finally approves the 13 Settlement as set forth in the Settlement Agreement, and finds that the Settlement 14 is, in all respects fair, reasonable and adequate, and in the best interests of Lead 15 Plaintiffs, the Settlement Class, and the Settlement Class Members. This Court 16 further finds the Settlement set forth in the Settlement Agreement is the result of 17 arm’s-length negotiations between experienced counsel representing the interests 18 of Lead Plaintiffs, the Settlement Class, and the Defendants. The objections to 19 the Settlement is hereby overruled. The Settlement shall be consummated in 20 accordance with the terms and provisions of the Settlement Agreement. 21 6. The Second Amended Class Action Complaint for Violations of the 22 Federal Securities Laws, filed in this Action on October 19, 2012, is hereby 23 dismissed with prejudice. The Settling Parties are to bear their own costs, except 24 as otherwise provided in the Settlement Agreement or this Judgment. 25 7. Upon the Effective Date, Lead Plaintiffs and each and every 26 Settlement Class Member, other than those listed in Exhibit A hereto, on behalf of 27 themselves and each of their respective heirs, agents, representatives, attorneys, 28 subsidiaries, affiliates, executors, trustees, administrators, predecessors, successors, [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 4 1 assigns, any trust of which any Lead Plaintiff or Settlement Class Member is the 2 settlor or is for the benefit of a member of their immediate family, and any entity 3 acting on behalf of a Lead Plaintiff or Settlement Class Member, in their capacity as 4 a Lead Plaintiff or Settlement Class Member, shall: (i) be deemed to have fully, 5 finally and forever waived, released, discharged and dismissed each and every one 6 of the Released Claims, as against each and every one of the Released Defendant 7 Parties; (ii) be barred and enjoined from commencing, instituting, prosecuting or 8 maintaining any of the Released Claims against any of the Released Defendant 9 Parties; and (iii) be deemed to have covenanted not to sue any Released Defendant 10 Party on the basis of any Released Claims or, unless compelled by operation of law, 11 to assist any person in commencing or maintaining any suit relating to any Released 12 Claim against any Released Defendant Party. The foregoing release is given 13 regardless of whether such Lead Plaintiffs or Settlement Class Members have: (i) 14 executed and delivered a Proof of Claim; (ii) received the Notice; (iii) participated 15 in the Settlement Fund; (iv) filed an objection to the Settlement, the proposed Plan 16 of Allocation, or any application by Plaintiffs’ Counsel for attorneys’ fees and 17 expenses; or (v) had their claims approved or allowed. Nothing contained herein 18 shall, however, bar any action or claim to enforce the terms of the Settlement 19 Agreement or this Judgment. 20 8. Upon the Effective Date, the Defendants, on behalf of themselves and 21 each of their respective heirs, agents, representatives, attorneys, affiliates, 22 executors, trustees, administrators, predecessors, successors and assigns shall: (i) be 23 deemed to have fully, finally and forever waived, released, discharged and 24 dismissed each and every one of the Released Defendants’ Claims, as against each 25 and every one of the Released Plaintiff Parties; (ii) be barred and enjoined from 26 commencing, instituting, prosecuting or maintaining any of the Released 27 Defendants’ Claims against any of the Released Plaintiff Parties; and (iii) be 28 deemed to have covenanted not to sue any Released Plaintiff Party on the basis of [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 5 1 any Released Defendants’ Claim or, unless compelled by operation of law, to assist 2 any person in commencing or maintaining any suit relating to any Released 3 Defendants’ Claim against any Released Plaintiff Party. Nothing contained herein 4 shall, however, bar any action or claim to enforce the terms of the Settlement 5 Agreement or this Judgment. 6 9. All Persons whose names appear on Exhibit A hereto are hereby 7 excluded from the Settlement Class, are not bound by this Judgment, and may not 8 make any claim with respect to or receive any benefit from the Settlement. 9 10. Neither the Settlement Agreement nor the terms of the Settlement 10 Agreement shall be offered or received into any action or proceeding for any 11 purpose, except: (i) in an action or proceeding arising under the Settlement 12 Agreement or arising out of this Judgment; (ii) in any action or proceeding where 13 the releases provided pursuant to the Settlement Agreement may serve as a bar to 14 recovery; or (iii) in any action or proceeding to determine the availability, scope, or 15 extent of insurance coverage (or reinsurance related to such coverage) for the sums 16 expended for the Settlement and defense of the Action. 17 11. This Judgment, the Settlement Agreement, and any of their respective 18 provisions, and any negotiations, proceedings or agreements relating to the 19 Settlement Agreement and the Settlement, and any matters arising in connection 20 with settlement negotiations, proceedings or agreements, and all acts performed or 21 documents executed pursuant to or in furtherance of the Settlement Agreement, 22 shall not be offered or received against the Released Parties for any purpose, and in 23 particular, do not: 24 (a) constitute, and shall not be offered or received against the 25 Released Defendant Parties as evidence of, or construed as, or deemed to be 26 evidence of any presumption, concession or admission by the Released Defendant 27 Parties with respect to the truth of any fact alleged by Lead Plaintiffs and the 28 Settlement Class or the validity of any claim that has been or could have been [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 6 1 asserted in the Action or in any action or other proceeding, including but not limited 2 to the Released Claims, or of any liability, damages, negligence, fault or 3 wrongdoing of the Released Defendant Parties; (b) 4 constitute, and shall not be offered or received against the 5 Released Defendant Parties as evidence of a presumption, concession or admission 6 of any fault, misrepresentation or omission with respect to any statement or written 7 document approved or made by the Released Defendant Parties, or against the 8 Released Defendant Parties, Lead Plaintiffs or any other members of the Settlement 9 Class as evidence of any infirmity in the claims or defenses that have been or could 10 have been asserted in the Action; (c) 11 constitute, and shall not be offered or received against the 12 Released Parties, as evidence of a presumption, concession or admission with 13 respect to any liability, damages, negligence, fault, infirmity or wrongdoing, or in 14 any way referred to for any other reason against any of the Released Parties, in any 15 other civil, criminal or administrative action or proceeding, other than such 16 proceedings as may be necessary to effectuate the provisions of the Settlement 17 Agreement or this Judgment; 18 (d) constitute, and shall not be construed against the Released 19 Parties, as an admission or concession that the consideration to be given hereunder 20 represents the amount which could be or would have been recovered after trial; and (e) 21 constitute, and shall not be construed as or received in evidence 22 as, an admission, concession or presumption against Lead Plaintiffs or any other 23 members of the Settlement Class or any of them that any of their claims are without 24 merit or infirm, that a Settlement Class should not be certified, or that damages 25 recoverable under the Complaint would not have exceeded the Settlement Amount. 26 12. A separate order shall be entered regarding Plaintiffs’ Counsel’s 27 application for attorneys’ fees and reimbursement of expenses as allowed by the 28 Court. A separate order shall be entered regarding the proposed Plan of Allocation [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 7 1 for the Net Settlement Fund. Such orders shall in no way disturb or affect this 2 Judgment and shall be considered separate from this Judgment. 3 13. This Court finds that Lead Plaintiffs and Co-Lead Counsel adequately 4 represented the Settlement Class under Rules 23(a)(4) and (g) of the Federal Rules 5 of Civil Procedure for the purpose of negotiating, entering into, and implementing 6 the Settlement and at all times during the pendency of this Action. 7 14. This Court finds that during the course of the litigation, Lead 8 Plaintiffs, Plaintiffs’ Counsel, Defendants, and Defendants’ Counsel at all times 9 complied with the requirements of Rule 11 of the Federal Rules of Civil Procedure. 10 15. Nothing in this Judgment constitutes or reflects a waiver, release or 11 discharge of any rights or claims of Defendants against their insurers, or their 12 insurers’ subsidiaries, predecessors, successors, assigns, affiliates, or 13 representatives. 14 16. The Settling Parties are hereby authorized, without further approval of 15 the Court, to unanimously agree to and adopt in writing such amendments, 16 modifications, and expansions of the Settlement Agreement and all exhibits 17 attached thereto, provided that such amendments, modifications, and expansions of 18 the Settlement Agreement are done in accordance with the terms of Paragraph 53 19 of the Settlement Agreement, are not materially inconsistent with this Judgment, 20 and do not materially limit the rights of Settlement Class Members under the 21 Settlement Agreement. 22 17. Without further order of the Court, the Settling Parties may agree to 23 reasonable extensions of time to carry out any of the provisions of the Settlement 24 Agreement. 25 18. In the event that the Settlement does not become effective in 26 accordance with the terms of the Settlement Agreement, then this Judgment shall 27 be rendered null and void to the extent provided by and in accordance with the 28 Settlement Agreement and shall be vacated, and in such event, all orders entered [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 8 1 and releases delivered in connection herewith shall be null and void to the extent 2 provided by and in accordance with the Settlement Agreement. 3 19. Without affecting the finality of this Judgment in any way, this Court 4 hereby retains continuing jurisdiction over: (a) implementation of the Settlement 5 and any award or distribution from the Settlement Fund, and interest earned 6 thereon; (b) disposition of the Net Settlement Fund; (c) hearing and determining 7 applications for attorneys’ fees, costs, interest and reimbursement of expenses in 8 the Action; and (d) all Settling Parties for the purpose of construing, enforcing and 9 administering the Settlement. 10 20. The provisions of this Judgment constitute a full and complete 11 adjudication of the matters considered and adjudged herein, and the Court 12 determines that there is no just reason for delay in the entry of judgment. The 13 Clerk is hereby directed to immediately enter this Judgment. 14 15 SO ORDERED this 15th day of September, 2014. 16 17 18 19 ________________________________ ANDREW J. GUILFORD UNITED STATES DISTRICT JUDGE 20 21 22 23 24 25 26 27 28 [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 9 EXHIBIT A 1 2 3 Exclusion No. 1 Ingebord Schuster Dresher, PA 4 5 2 College Station, TX 6 3 Robert A. Crandell and Mary Jane Crandell Ronald L. Tooker, Jr. San Diego, CA 7 4 Antoinette M. Gretler Costa Mesa, CA 8 10 Angela M. Ferraina Chicago, IL 9 11 Imelda Pace Riverhead, NY 10 12 W.G. Gilbert, III Dillon, MT 11 13 Ernest W Hauser Elmwood Park, IL 12 16 Charles Bernard Mount Santee, CA 13 18 Trinh Thi Vu Redmond, WA 14 19 Patti Johnstone 20 David R. Megerlin Kagawong, Ontario, Canada Charleston, SC 21 Karen Peterson Saint Louis, MO 22 John Francis Green 23 Javier Fernandez De Benito Malvern East, Victoria, Australia Galapagar, Madrid, Spain 26 Mary A. Hatch McMurray, PA 30 Helsinki, Finland 31 Seligson & Co North American Index Fund David E. Delwiche 33 Herve Bardisbanian 34 Chickasaw Foundation Andernos-Les-Bains, France Ada, OK 15 16 17 Name 18 19 20 21 22 23 24 25 City, State San Jose, CA 26 27 28 [PROPOSED REVISED] FINAL JUDGMENT AND ORDER CASE NO. SACV 11-1404 AG (RNBx) 10
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