Plymouth County Retirement System v. GTT Communications, Inc.
GTT Securities Litigation
Case No. 1:19-cv-00982-CMH-MSN

Frequently Asked Questions

 

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  • The Court directed that the Notice be mailed to you because you, someone in your family, or an investment account for which you serve as a custodian may have purchased or otherwise acquired GTT common stock during the Settlement Class Period.  The Court has directed us to send you the Notice because, as a potential Settlement Class Member, you have a right to know about your options before the Court rules on the proposed Settlement.  Additionally, you have the right to understand how this class action lawsuit may generally affect your legal rights.  If the Court approves the Settlement, and the Plan of Allocation (or some other plan of allocation), the claims administrator selected by Lead Plaintiff and approved by the Court will make payments pursuant to the Settlement after any objections and appeals are resolved.

    The purpose of the Notice 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 being sent to inform you of the terms of the proposed Settlement, and of a hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement, the proposed 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 77 of the Notice for details about the Settlement Hearing, including the date and location of the hearing.

    The issuance of the Notice is not an expression of any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement.  If the Court approves the Settlement and a plan of allocation, then payments to Authorized Claimants will be made after any appeals are resolved and after the completion of all claims processing.  Please be patient, as this process can take some time to complete.

  • The initial securities class action complaint in the Action was filed in this District by Plymouth County Retirement System on July 30, 2019, asserting claims of violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

    On January 7, 2020, the Court appointed City of Atlanta Police Pension Fund and City of Atlanta Firefighters Pension Fund as Lead Plaintiff pursuant to the requirements of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) and approved Lead Plaintiff’s selection of Saxena White P.A. as Lead Counsel and Cohen Milstein Sellers & Toll PLLC as Liaison Counsel.

    On February 28, 2020, Lead Plaintiff filed its Amended Class Action Complaint for Violations of the Federal Securities Laws and Jury Trial Demand (the “Amended Complaint”). The Amended Complaint alleged, among other things, that throughout the Settlement Class Period, Defendants made numerous false and misleading statements regarding GTT’s $2.3 billion acquisition and integration of Interoute Communications Holdings S.A. (“Interoute”), a European telecommunications company that was the largest acquisition in GTT’s history. Specifically, Plaintiff alleged that Defendants continuously falsely touted to investors that Interoute’s business was virtually identical to GTT’s and that the Company’s integration of Interoute was right “on track” when, in reality, the exact opposite was true. The Amended Complaint alleged that the accounts of 15 former high-level employees of both GTT and Interoute, as well as Defendants’ own admissions at the end of the Settlement Class Period, confirmed that Defendants knew that, before the time of the acquisition, Interoute had implemented a “strategic priority shift” to selling cloud services—a focus that Defendants admitted was an entirely “different business” than GTT’s business of selling cloud networking connectivity, and one which GTT did not maintain.  Moreover, the Amended Complaint alleged that the integration was an “absolute nightmare” and a “disaster” from day one and that the integration was so deficient that Interoute was not fully integrated even by the end of the Settlement Class Period.  The Amended Complaint alleged that Defendants’ alleged materially false and misleading statements and omissions artificially inflated GTT’s stock price during the Settlement Class Period and that GTT’s stock price declined substantially when the truth regarding Defendants’ alleged misrepresentations was revealed.

    On April 17, 2020, Defendants filed their motion to dismiss the Amended Complaint.  Lead Plaintiff filed its opposition on May 22, 2020, and on June 5, 2020, Defendants filed their reply.  On June 22, 2020, the Court entered an Order denying Defendants’ motion to dismiss the Amended Complaint.

    Following the Court’s Order denying Defendants’ motion to dismiss, the Parties commenced discovery, including by propounding document requests.  Lead Plaintiff sought discovery from Defendants, and a third-party valuation expert called CBIZ Inc.  Defendants sought discovery from Lead Plaintiff; Lead Plaintiff’s expert on market efficiency, damages and loss causation; and Lead Plaintiff’s third-party investment advisors, LMCG Investments, LLC (“LMCG”), Consequent Capital Management, and Marquette Associates.  With respect to expert discovery, Plaintiff submitted the expert report of Mr. Chad Coffman, which opined on loss causation and damages.

    While discovery was underway, on August 7, 2020, Lead Plaintiff filed its Motion for Class Certification, Appointment of Class Representatives and Appointment of Class Counsel.  In this motion, Plaintiff requested that the Court certify this Action as a class action, and appoint Lead Plaintiff as Class Representative, Saxena White P.A. as Class Counsel, and Cohen Milstein Sellers & Toll PLLC as Liaison Class Counsel.  In connection with its motion, Lead Plaintiff submitted another expert report by Mr. Chad Coffman, as evidence of market efficiency.

    On September 3, 2020 Defendants notified Lead Counsel that they would not oppose class certification.  Thus, on September 4, 2020 the Parties filed a joint stipulation and proposed order requesting that the Court certify this Action, as alleged in the Amended Complaint, and appoint Plaintiff as Class Representative, Saxena White P.A. as Class Counsel and Cohen Milstein Sellers & Toll PLLC as Liaison Class Counsel.  On September 10, 2020, the Court granted the Parties’ joint stipulation and proposed order, certifying this Action as a class action, among other things.

    On October 8, 2020, the Parties held their first remote, one-day mediation session before the Honorable Daniel Weinstein (Ret.) and Mr. Jed Melnick, both of whom are renowned mediators affiliated with JAMS.  In advance of this mediation session, the Parties submitted substantial materials in support of their respective positions.  After a full day of presentations by the Parties and discussions with the mediators, the mediation concluded without a resolution of the Action.  In connection with this mediation, Lead Plaintiff also notified Defendants of its intention to move for leave to file a second amended complaint (the “Second Amended Complaint” or “SAC”) and provided Defendants with a copy of the proposed SAC.  Thereafter, Defendants notified Lead Plaintiff that they would consent to Plaintiff’s filing of the SAC, but planned to move to dismiss the SAC.  As a result, the Parties agreed that, pursuant to the PSLRA, all remaining discovery should be stayed and all upcoming deadlines pursuant to the case schedule should be taken off calendar

    To that end, on October 12, 2020, the Parties field a Joint Motion for Leave to File a Second Amended Complaint and Amend Case Schedule along with a Proposed Order and Second Amended Complaint.  On October 16, 2020, the Court granted the Parties’ Joint Motion, thereby staying all further discovery, vacating the case schedule, permitting the SAC to become the operative complaint in this Action, and setting a briefing schedule for Defendants’ motion to dismiss the SAC.

    The SAC alleged the same claims of federal securities fraud against the same Defendants based on the same conduct alleged in the Amended Complaint on behalf of all persons or entities who purchased or otherwise acquired publicly traded common stock of GTT from February 26, 2018 to August 7, 2019, inclusive, and who were damaged thereby (the “Settlement Class”). The SAC also alleged that  Defendants had made additional alleged misrepresentations regarding the financial statements GTT issued during the Settlement Class Period, as well as its statements concerning the effectiveness of its internal control over financial reporting, based upon filings the Company made with the SEC in August and September 2020.

    Specifically, on August 10, 2020, GTT filed a notification of a late filing on Form 12b-25 stating that the filing of its Form 10-Q for the quarter ending June 30, 2020 had been delayed and that “the Company identified certain issues related to the recording and reporting of Cost of Telecommunications services and related internal controls.” GTT also stated that its management and the Audit Committee of its Board of Directors, with assistance from outside counsel and consultants, were conducting a review of these accounting issues. On September 15, 2020, GTT stated in a Form 8-K that this accounting review had “identified a number of issues in connection with the Company’s previously issued financial statements,” including that the Company had made “adjustments ... without adequate support to Cost of Telecommunications Services” that had “the effect of removing expenses from the Company’s income statement.”  The Company also stated that, during the years ending December 31, 2017 and 2018, GTT failed “to recognize certain expenses on the Company’s income statement by recording such expenses to goodwill and thereby attributing such expenses to pre-acquisition accruals, without adequate support, for companies that had been acquired.”   GTT further disclosed that it was “reassessing its previous conclusions regarding the effectiveness of its internal control over financial reporting” and expected “to identify material weaknesses in the Company’s internal control over financial reporting.”  In the same Form 8-K, the Company also stated that GTT and Daniel M. Fraser (GTT’s principal accounting officer, Senior Vice President, and Corporate Controller) had mutually agreed to terminate Mr. Fraser’s employment.  The SAC alleged that the Company had engaged in an accounting fraud to, among other things, hide the negative impact of the Interoute integration.

    After the October 8 mediation session, the Parties remained in dialogue with the mediators by telephone and email about a potential resolution of the Action. On November 6, 2020, the Parties participated in a second remote, full day mediation session before the Hon. Weinstein (Ret.) and Mr. Melnick, during which the Parties agreed in principle to settle this Action for $25 million, subject to execution of the Stipulation and to Court approval of the proposed Settlement.

    Based on their investigation, discovery, prosecution and mediation of the case, Lead Plaintiff and Lead Counsel have concluded that the terms and conditions of the Stipulation are fair, reasonable, and adequate to Lead Plaintiff and the other members of the Settlement Class, and in their best interests.  Based on Lead Plaintiff’s oversight of the prosecution of this matter and with the advice of Lead Counsel, Plaintiff has agreed to settle and release the claims alleged in the Second Amended Complaint or otherwise raised in the Action pursuant to the terms and provisions of the Stipulation, after considering, among other things, (a) the substantial financial benefit that Lead Plaintiff and the other members of the Settlement Class will receive under the proposed Settlement; (b) the significant risks and costs of continued litigation and trial; and (c) the desirability of permitting the proposed Settlement to be consummated as provided by the terms of the Stipulation.

    The Stipulation and the Settlement constitute a compromise of matters that are in dispute among the Parties and shall not be in any way referred to for any reason against any of the Defendant Releasees or Plaintiff Releasees in any other civil, criminal, or administrative action or proceeding. Defendants expressly deny that the claims asserted against them in the Action have merit, and deny any and all of fault, liability, wrongdoing, or damages whatsoever arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in the Action, and the Settlement and Stipulation shall in no event be construed or deemed to be evidence of or an admission, presumption, or concession on the part of any of the Defendants. The Stipulation and the Settlement also shall in no event be construed or deemed to be evidence of or an admission, presumption, or concession on the part of Lead Plaintiff of an infirmity in any of the claims asserted in the Action, or an admission, presumption, or concession that any of the Defendants’ defenses to liability had any merit.

    On  January 28, 2021, the Court preliminarily approved the Settlement, authorized the Notice to be disseminated to potential Settlement Class Members, and scheduled the Settlement Hearing to consider, among other things, whether to grant final approval to the Settlement.

  • If you are a member of the Settlement Class, you are subject to the Settlement, unless you timely request to be excluded.  The Settlement Class consists of:

    All persons or entities who purchased or otherwise acquired publicly traded common stock of GTT from February 26, 2018 to August 7, 2019, inclusive, and who were damaged thereby.

    Excluded from the Settlement Class are Defendants, the Officers and directors of GTT at all relevant times, and all such excluded persons’ Immediate Family members, legal representatives, heirs, agents, affiliates, predecessors, successors and assigns, and any entity in which any excluded person has or had a controlling interest.  Also excluded from the Settlement Class are those persons who file valid and timely requests for exclusion in accordance with the Preliminary Approval Order.  See “What If I Do Not Want To Be A Member Of The Settlement Class?  How Do I Exclude Myself?” on page 21 of the Notice.

    PLEASE NOTE:  RECEIPT OF THE NOTICE DOES NOT MEAN THAT YOU ARE A SETTLEMENT CLASS MEMBER OR THAT YOU WILL BE ENTITLED TO RECEIVE PROCEEDS FROM THE SETTLEMENT.  IF YOU ARE A SETTLEMENT CLASS MEMBER AND YOU WISH TO BE POTENTIALLY ELIGIBLE TO PARTICIPATE IN THE DISTRIBUTION OF PROCEEDS FROM THE SETTLEMENT, YOU ARE REQUIRED TO SUBMIT THE CLAIM FORM THAT IS BEING DISTRIBUTED WITH THE NOTICE AND THE REQUIRED SUPPORTING DOCUMENTATION AS SET FORTH THEREIN POSTMARKED OR SUBMITTED ONLINE AT THE "FILE A CLAIM" PAGE OF THIS WEBSITE NO LATER THAN JUNE 6, 2021.

     

  • Based upon their investigation and prosecution of the case, Lead Plaintiff and Lead Counsel believed that the claims asserted in the Action have merit and that the evidence developed in discovery further supports those claims.  They recognized, however, the expense and length of continued proceedings necessary to pursue their claims against Defendants through further motion practice, trial and appeals, as well as the very substantial risks they would face in establishing liability and damages.  Lead Plaintiff has also taken into account the uncertain outcome and risk of any litigation, especially in complex actions such as this Action, as well as the difficulties and delays of such litigation.  Lead Plaintiff is also mindful of the inherent difficulties of proof associated with, and possible defenses to, the securities law violations asserted in the Action.  For example, among other things, Defendants likely would assert that their alleged misrepresentations were not materially false or misleading, and that even if they were, they were not made with the requisite state of mind to support the securities fraud claim alleged.  Even if the hurdles to establishing liability were overcome, the amount of damages that could be attributed to the allegedly false statements would be hotly contested.  In addition, Defendants maintain that they have meritorious defenses to all claims in the Action.  Defendants continue to believe the claims asserted against them in the Action are without merit.  Lead Plaintiff would have to prevail at several stages – including, without limitation, class certification, summary judgment and trial, and if they prevailed on those, on the appeals that were likely to follow.  Thus, there were very significant risks attendant to the continued prosecution of the Action.

    In light of these risks, the amount of the Settlement, and the immediacy of recovery to the Settlement Class, Lead Plaintiff and Lead Counsel believe that the proposed Settlement is fair, reasonable, and adequate and in the best interests of the Settlement Class.  Lead Plaintiff and Lead Counsel believe that the Settlement provides a substantial benefit to the Settlement Class, namely $25,000,000 (less the various deductions described in the Notice), as compared to the risk that the claims in the Action would produce a smaller, or no, recovery after resolution summary judgment, trial and appeals, possibly years in the future.

  • If there were no Settlement and Lead Plaintiff failed to establish any essential legal or factual element of its claims against Defendants, neither Lead Plaintiff nor any other members of the Settlement Class would recover anything from Defendants.  Also, if Defendants were successful in proving any of their defenses, either at summary judgment, at trial or on appeal, the Settlement Class could recover substantially less than the amount provided in the Settlement, or nothing at all.

  • As a Settlement Class Member, you are represented by Lead Plaintiff and Lead Counsel, unless you enter an appearance through counsel of your own choice at your own expense.  You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf and must serve copies of his or her appearance on the attorneys listed in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?” on page 22 of the Notice.

    If you are a Settlement Class Member and do not wish to remain a Settlement Class Member, you may exclude yourself from the Settlement Class by following the instructions in the section entitled, “What If I Do Not Want To Be A Member Of The Settlement Class?  How Do I Exclude Myself?” on page 21 of the Notice.

    If you are a Settlement Class Member and you wish to object to the Settlement, the Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses, and if you do not exclude yourself from the Settlement Class, you may present your objections by following the instructions in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?” on page 22 of the Notice.

    If you are a Settlement Class Member and you do not exclude yourself from the Settlement Class, you will be bound by any orders issued by the Court.  If the Settlement is approved, the Court will enter a judgment (the “Judgment”).  The Judgment will dismiss with prejudice the claims alleged in the Second Amended Complaint against the Defendant Releasees (as defined in paragraph 35 of the Notice) and will provide that, upon the Effective Date of the Settlement, Lead Plaintiff and each of the other Settlement Class Members, on behalf of themselves, and their respective Related Persons, heirs, executors, administrators, predecessors, successors, and assigns, in their capacities as such, shall be deemed to have, and by operation of the Stipulation, of law, and of the Judgment shall have, fully, finally and forever compromised, settled, released, resolved, relinquished, waived, dismissed, and discharged each and every one of the Released Plaintiff’s Claims against the Defendants and the other Defendant Releasees, and shall forever be barred and enjoined from commencing, instituting, prosecuting, or maintaining any or all of the Released Plaintiff’s Claims against any of the Defendant Releasees, whether or not such Settlement Class Member executes and delivers a Proof of Claim Form, seeks or obtains a distribution from the Settlement Fund, is entitled to receive a distribution under the Plan of Allocation approved by the Court, or has objected to any aspect of the Stipulation or the Settlement, the Plan of Allocation, or Lead Counsel’s application for an award of attorneys’ fees or Litigation Expenses.  This release shall not apply to any Settlement Class Member who timely and properly excludes himself, herself or itself from the Settlement Class.  

    “Released Plaintiff’s Claims” means any and all claims, demands, losses, rights, liability, or causes of action, in law or in equity, accrued or unaccrued, fixed or contingent, direct, individual or representative, of every nature and description whatsoever, whether known or unknown, or based on federal, state, local, statutory or common law or any other law, rule or regulation, (including the law of any jurisdiction outside the United States), that were or could have been asserted in the Action or could in the future be asserted in any forum, whether foreign or domestic, against Defendant Releasees by Class Representative or any member of the Settlement Class, or their successors, assigns, executors, administrators, representatives, attorneys and agents in their capacity as such, which arise out of, are based upon, concern or relate in any way to (i) any of the allegations, facts, transactions, events, matters, occurrences, acts, disclosures, oral or written statements, representations, omissions, failures to act, filings, publications, disseminations, press releases, or presentations involved, related to, set forth, alleged or referred to in the Action; or (ii) the purchase, acquisition, holding, sale, or disposition of any GTT securities during the Settlement Class Period.  “Released Plaintiff’s Claims” shall not include any claims to enforce this Settlement, or any claims of any person or entity who or which submits a request for exclusion from the Settlement Class that is accepted and approved by the Court.

    “Defendant Releasees” means each and all Defendants, Defendants’ Counsel, and their respective Related Persons.

    “Related Persons” means (i) with respect to Defendants, Defendants’ Counsel, and each of their respective current and former, Officers, directors, agents, parents, affiliates, subsidiaries, insurers, reinsurers, successors, predecessors, assigns, assignees, employees, and attorneys, in their capacities as such; and (ii) with respect to the Individual Defendants, their respective spouses, Immediate Family members, heirs, successors, executors, estates, administrators, attorneys, agents, accountants, insurers or reinsurers, personal representatives, trusts, community property, and any other entity in which any of them has a controlling interest, and as to such entities, each and all of their predecessors, successors, past, present or future parents, subsidiaries, affiliates, and each of their respective past or present officers, directors, shareholders, agents, partners, principals, members, employees, attorneys, advisors, trustees, auditors and accountants, insurers and reinsurers.

    “Unknown Claims” means any Released Plaintiff’s Claims that Lead Plaintiff or any other Settlement Class Member does not know or suspect to exist in his, her, or its favor at the time of the release of such claims, and any Released Defendants’ Claims that any Defendant or any other Defendant Releasee does not know or suspect to exist in his, her, or its favor at the time of the release of such claims, which, if known by him, her, or it might have affected his, her, or its settlement with and release, or might have affected his, her or its decision(s) with respect to this Settlement, including but not limited to, whether or not to object to this Settlement or to the release of any Released Claims. With respect to any and all Released Claims, the Parties stipulate and agree that, upon the Effective Date of the Settlement, Lead Plaintiff and Defendants shall expressly waive, and each of the other Plaintiff Releasees and Defendant Releasees shall be deemed to have waived, and by operation of the Judgment, shall have expressly waived, any and all provisions, rights, and benefits conferred by California Civil Code §1542 and any law of any state or territory of the United States, or principle of common law or foreign law, which is similar, comparable, or equivalent to California Civil Code §1542, which provides:

    A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

    The Releasees acknowledge that they may hereafter discover facts in addition to or different from those which he, she, it or their counsel now knows or believes to be true with respect to the subject matter of the Released Claims, but they are notwithstanding this potential entering into the Stipulation and intend it to be a full, final and permanent resolution of the matters at issue in this Action.  Lead Plaintiff and Defendants acknowledge, and each of the other Settlement Class Members and each of the other Plaintiff Releasees and Defendant Releasees shall be deemed by operation of law to have acknowledged, that the foregoing waiver was separately bargained for and a key element of the Settlement.

    The Judgment will also provide that, upon the Effective Date of the Settlement, Defendants, on behalf of themselves, and their respective heirs, executors, insurers administrators, predecessors, successors, and assigns, in their capacities as such, shall be deemed to have, and by operation of the Stipulation, of law, and of the Judgment shall have, fully, finally, and forever compromised, settled, released, resolved, relinquished, waived, and discharged each and every Released Defendants’ Claim (as defined in paragraph 39 of the Notice) against any of the Plaintiff Releasees (as defined in paragraph 40 of the Notice), and shall forever be barred and enjoined from prosecuting any or all of the Released Defendants’ Claims against any of the Plaintiff Releasees. This release shall not apply to any person or entity who or which submits a request for exclusion from the Settlement Class that is accepted by the Court.

    “Released Defendants’ Claims” means all claims, demands, losses, rights, liability, or causes of action, in law or in equity, accrued or unaccrued, fixed or contingent, direct, individual or representative, of every nature and description whatsoever, whether known or unknown, or based on federal, state, local, statutory or common law or any other law, rule or regulation, (including the law of any jurisdiction outside the United States), that were or could have been asserted in the Action or could in the future be asserted in any forum, whether foreign or domestic, against Plaintiff Releasees by Defendants or any member of Defendant Releasees, or their successors, assigns, executors, administrators, representatives, attorneys and agents in their capacity as such, which arise out of, relate to, or are based upon, the institution, prosecution, or settlement of the claims asserted in the Action against the Defendants.  Released Defendants’ Claims do not include any claims relating to the enforcement of the Settlement and any claims against any person or entity who or which submits a request for exclusion from the Settlement Class that is accepted by the Court.

    “Plaintiff Releasees” means Lead Plaintiff, all other plaintiffs in the Action, Plaintiff’s Counsel, and all other Settlement Class Members, as well as each of their respective current and former Officers, directors, agents, parents, affiliates, subsidiaries, successors, predecessors, assigns, assignees, employees, and attorneys, in their capacities as such.

    The Judgment will also provide that, upon the Effective Date, to the extent allowed by law, the Stipulation shall operate conclusively as an estoppel and full defense in the event, and to the extent, of any claim, demand, action, or proceeding brought by a Settlement Class Member against any of the Defendant Releasees with respect to any Released Plaintiff’s Claim, or brought by a Defendant against any of the Plaintiff Releasees with respect to any Released Defendants’ Claim.

    The Judgment shall, among other things, provide for the dismissal with prejudice of the Action against the Defendant Releasees, without costs to any Party or Related Persons except for the payments expressly provided for in the Stipulation.

  • To be potentially eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form with adequate supporting documentation postmarked or submitted online on the "File a Claim" page of this website no later than June 6, 2021.  A Claim Form is included with the Notice, or you may obtain one from the "Important Documents" page of this website maintained by the Claims Administrator for the Settlement, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll free at 888-906-0555.  Please retain all records of your ownership of and transactions in GTT common stock, as they may be needed to document your Claim.  If you request exclusion from the Settlement Class or do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund.

  • At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.

    Pursuant to the Settlement, Defendants shall pay or cause their insurers to pay twenty-five million dollars ($25,000,000.00).  The Settlement Amount will be deposited into an escrow account.  The Settlement Amount plus any and all interest earned thereon is referred to as the “Settlement Fund.”  If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; and (c) any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.

    The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal or review, whether by certiorari or otherwise, has expired.

    No Defendant Releasee or any person or entity that paid any portion of the Settlement Amount on Defendants’ behalf are entitled to get back any portion of the Settlement Fund once the Court’s order or judgment approving the Settlement becomes Final.  Defendants shall not have any liability, obligation, or responsibility for the administration of the Settlement, the disbursement of the Net Settlement Fund, or the Plan of Allocation.  In no instance shall any Defendant Releasee be required to pay any amount other than as expressly provided for in the Stipulation.

    Approval of the Settlement is independent from approval of a plan of allocation.  Any determination with respect to a plan of allocation will not affect the Settlement, if approved.

    Unless the Court otherwise orders, any Settlement Class Member who fails to submit a Claim Form postmarked or submitted online on the "File a Claim" page of this website on or before June 6 , 2021, shall be fully and forever barred from receiving payments pursuant to the Settlement, but will in all other respects remain a Settlement Class Member and be subject to the provisions of the Stipulation, including the terms of any Judgment entered and the releases given.  This means that each Settlement Class Member releases the Released Plaintiff’s Claims (as defined in paragraph 34 of the Notice) against the Defendant Releasees (as defined in paragraph 35 of the Notice) and will be forever barred and enjoined from commencing, instituting, prosecuting, or maintaining any of the Released Plaintiff’s Claims against any of the Defendant Releasees whether or not such Settlement Class Member submits a Claim Form.

    The Court has reserved jurisdiction to allow, disallow, or adjust on equitable grounds the Claim of any Settlement Class Member.

    Each Claimant shall be deemed to have submitted to the jurisdiction of the Court with respect to his, her, or its Claim Form.

    Only Settlement Class Members, i.e., persons and entities who purchased or otherwise acquired GTT common stock during the Settlement Class Period and were damaged as a result of such purchases or acquisitions, will be potentially eligible to share in the distribution of the Net Settlement Fund.  Persons and entities that are excluded from the Settlement Class by definition or that exclude themselves from the Settlement Class pursuant to request will not be eligible to receive a distribution from the Net Settlement Fund and should not submit Claim Forms.  The only security that is included in the Settlement is GTT common stock.

  • Plaintiff’s Counsel have not received any payment for their services in pursuing claims against the Defendants on behalf of the Settlement Class, nor have Plaintiff’s Counsel been reimbursed for their out-of-pocket expenses.  Before final approval of the Settlement, Lead Counsel will apply to the Court for an award of attorneys’ fees for all Plaintiff’s Counsel in an amount not to exceed one-third (33⅓%) of the Settlement Fund.  At the same time, Lead Counsel also intends to apply for reimbursement of Litigation Expenses in an amount not to exceed $600,000.00, which may include an application for reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff directly related to their representation of the Settlement Class.  The Court will determine the amount of any award of attorneys’ fees or reimbursement of Litigation Expenses.  Such sums as may be approved by the Court will be paid from the Settlement Fund.  Settlement Class Members are not personally liable for any such fees or expenses.

  • Each Settlement Class Member will be bound by all determinations and judgments in this Action, whether favorable or unfavorable, unless such person or entity mails or delivers a written request for exclusion from the Settlement Class, addressed to GTT Securities Litigation, EXCLUSIONS, c/o JND Legal Administration PO Box 91247, Seattle, WA 98111.  The exclusion request must be received no later than  April 2, 2021.  You will not be able to exclude yourself from the Settlement Class after that date.  Each request for exclusion must (a) state the name, address, and telephone number of the person or entity requesting exclusion, and in the case of entities the name and telephone number of the appropriate contact person; (b) state that such person or entity “requests exclusion from the Settlement Class in Plymouth County Retirement System v. GTT Communications, Inc. et al., 1:19-cv-00982-CMH-MSN (E.D. Va.) (c) state the number of GTT common stock shares that the person or entity requesting exclusion purchased/acquired and sold during the Settlement Class Period, as well as the dates and prices of each such purchase/acquisition and sale, and the number of shares held at the beginning of the Settlement Class Period; and (d) be signed by the person or entity requesting exclusion or an authorized representative.  A request for exclusion shall not be effective unless it provides all the information called for in this paragraph and is received within the time stated above, or is otherwise accepted by the Court.

    If you do not want to be part of the Settlement Class, you must follow these instructions for exclusion even if you have pending, or later file, another lawsuit, arbitration, or other proceeding relating to any Released Plaintiff’s Claim against any of the Defendant Releasees.

    If you ask to be excluded from the Settlement Class, you will not be eligible to receive any payment out of the Net Settlement Fund.

    GTT has the right to terminate the Settlement if valid requests for exclusion are received from persons and entities entitled to be members of the Settlement Class in an amount that exceeds an amount agreed to by Lead Plaintiff and GTT as set forth in a confidential Supplemental Agreement.

  • Settlement Class Members do not need to attend the Settlement Hearing.  The Court will consider any submission made in accordance with the provisions below even if a Settlement Class Member does not attend the hearing.  You can participate in the Settlement without attending the Settlement Hearing.

    The Settlement Hearing will be held on April 23, 2021 at 10:00 a.m., before the Honorable Claude M. Hilton at the United States District Court for the Eastern District of Virginia, Albert V. Bryan United States Courthouse, 401 Courthouse Square, Room 800, Alexandria, VA 22314.  The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing with such modification(s) as may be consented to by the Parties to the Stipulation and without further notice to the members of the Settlement Class.

    Any Settlement Class Member who or which does not request exclusion may object to the Settlement, the proposed Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses.  Objections must be in writing.  You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk’s Office at the United States District Court for the Eastern District of Virginia at the address set forth below on or before April 2, 2021.  You must also serve the papers on Lead Counsel and on Defendants’ Counsel at the addresses set forth below so that the papers are received on or before April 2, 2021.

    Clerk’s Office
    Albert V. Bryan
    U.S. Courthouse
    401 Courthouse Square
    Alexandria, VA 22314

    Lead Counsel
    Saxena White P.A.
    Lester R. Hooker, Esq.
    7777 Glades Road
    Suite 300
    Boca Raton, FL 33434
    Office: (561) 206-6708
    Fax: (561) 394-3382
    lhooker@saxenawhite.com

    Defendants' Counsel Representatives
    Cravath, Swaine & Moore LLP
    J. Wesley Earnhardt
    825 Eighth Ave.
    New York, NY 10019
    Office: (212) 474-1138
    Fax: (212) 474-3700
    wearnhardt@cravath.com

    Any objection (a) must state the name, address, and telephone number of the person or entity objecting and must be signed by the objector; (b) must contain a statement of the Settlement Class Member’s objection or objections, and the specific reasons for each objection, including any legal and evidentiary support the Settlement Class Member wishes to bring to the Court’s attention; and (c) must include documents sufficient to prove membership in the Settlement Class, including the number of shares of GTT common stock that the objecting Settlement Class Member purchased/acquired and sold during the Settlement Class Period, as well as the dates and prices of each such purchase/acquisition and sale, and the number of shares held at the beginning of the Settlement Class Period.  You may not object to the Settlement, the Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and reimbursement of Litigation Expenses if you exclude yourself from the Settlement Class or if you are not a member of the Settlement Class.

    You may file a written objection without having to appear at the Settlement Hearing.  You may not, however, appear at the Settlement Hearing to present your objection unless you first file and serve a written objection in accordance with the procedures described above, unless the Court orders otherwise.

    If you wish to be heard orally at the hearing in opposition to the approval of the Settlement, the Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and if you timely file and serve a written objection as described above, you must also file a notice of appearance with the Clerk’s Office and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth above so that it is received on or before April 2, 2021.  Persons who intend to object and desire to present evidence at the Settlement Hearing must include in their written objection or notice of appearance the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the hearing.  Such persons may be heard orally at the discretion of the Court.

    You are not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Hearing.  However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth in paragraph 78 of the Notice so that the notice is received on or before April 2, 2021.

    The Court may adjourn the Settlement Hearing or any adjournment thereof without further written notice of any kind to the Settlement Class.  Settlement Class Members should check this Settlement website, the Court’s PACER site (defined in paragraph 86 of the Notice) or contact Lead Counsel at the address in paragraph 86 of the Notice.

    Unless the Court orders otherwise, any Settlement Class Member who does not object in the manner described above will be deemed to have waived any objection and shall be forever foreclosed from making any objection to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses.  Settlement Class Members do not need to appear at the Settlement Hearing or take any other action to indicate their approval of the Settlement.

  • If you purchased or otherwise acquired GTT common stock during the Settlement Class Period for the beneficial interest of persons or organizations other than yourself, you must either (a) within ten (10) business days of receipt of the Notice, request from the Claims Administrator sufficient copies of the Notice and Claim Form (the “Notice Packet”) to forward to all such beneficial owners, and within ten (10) business days of receipt of those Notice Packets forward them to all such beneficial owners; or (b) within ten (10) business days of receipt of the Notice, provide a list of the names and addresses of all such beneficial owners to GTT Securities Litigation, c/o JND Legal Administration, PO Box 91247, Seattle, WA 98111.  If you choose the second option, the Claims Administrator will send a copy of the Notice and the Claim Form to the beneficial owners.  Upon full compliance with these directions, such nominees may obtain reimbursement of their reasonable expenses incurred, by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought.  Copies of the Notice and the Claim Form may also be obtained from the "Important Documents" page of this website maintained by the Claims Administrator or by calling the Claims Administrator toll-free at 888-906-0555.

  • The Notice contains only a summary of the terms of the proposed Settlement.  For more detailed information about the matters involved in this Action, you are referred to the papers on file in the Action, including the Stipulation, which are available by accessing the Court docket in this case, for a fee, through the Court’s Public Access to Court Electronic Records (PACER) system at https://ecf.vaed.uscourts.gov/, or by visiting the Office of the Clerk, United States District Court for the Eastern District of Virginia, Albert V. Bryan United States Courthouse, 401 Courthouse Square, Alexandria, VA 22314 which may be inspected during regular office hours.  Additionally, copies of the Stipulation and any related orders entered by the Court will be posted on the "Important Documents" page of this website maintained by the Claims Administrator.

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

    GTT Securities Litigation
    c/o JND Legal Administration
    P.O. Box 91247
    Seattle, WA 98111
    www.GTTSecuritiesLitigation.com
    info@GTTSecuritiesLitigation.com
     

    and/or
     

    SAXENA WHITE P.A.
    Lester R. Hooker, Esq.
    7777 Glades Rd., Suite 300
    Boca Raton, FL 33434
    (561) 206-6708
    lhooker@saxenawhite.com 
     

    DO NOT CALL OR WRITE THE COURT, THE OFFICE OF THE CLERK OF THE COURT, DEFENDANTS, OR THEIR COUNSEL REGARDING THE NOTICE.

For More Information

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Mail

GTT Securities Litigation
c/o JND Legal Administration
PO Box 91247
Seattle, WA 98111